Kazakhstan Approves KazStroyService's Bid to Buy 27% Stake in Zhaikmunai

Kazakhstan’s competition watchdog approved a bid by KazStroyService Global BV, an affiliate of an oil and gas construction company, to acquire 27 percent of the London-traded crude producer Zhaikmunai LP.

Zhaikmunai, which operates fields in northwestern Kazakhstan, expects KazStroyService to complete the purchase “shortly,” the company said in a statement today.

Claremont Holdings Ltd., controlled by Zhaikmunai’s chairman, Frank Monstrey, agreed to sell the stake for $200 million to the affiliate of JSC OGCC KazStroyService, a construction company building a gas treatment plant for the oil producer, Zhaikmunai said in November.

Timur Kulibayev, President Nursultan Nazarbayev’s son-in- law, was part-owner of the construction company at least as of June 2008, according to a statement at the time through Securities and Exchange Board of India.

Zhanna Utarbayeva, an Almaty-based spokeswoman for the construction company, declined to comment on its ownership when called by Bloomberg News.

Kulibayev is a deputy chief executive officer of Kazakhstan’s National Wellbeing Fund Samruk-Kazyna, which owns the state energy company, KazMunaiGaz National Co.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

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