Group Led by Eni, BG May Sell Kazakhstan Project Stake in `Next Few Weeks'

A group led by Eni SpA and BG Group Plc are in talks to sell a stake in the Karachaganak oil and gas project to Kazakhstan, Eni Chief Executive Officer Paolo Scaroni said today.

The stake sale “may be concluded in the next few weeks,” Scaroni said in an interview in Rimini, Italy. The size of the stake and the conditions of the sale “are not yet clear.”

Kazakh state-owned energy company KazMunaiGaz National Co. said June 3 it was seeking to acquire 10 percent of the Karachaganak project. BG and Eni are the largest shareholders in the Karachaganak venture, each holding a 32.5 percent, while Chevron Corp. has a 20 percent stake and OAO Lukoil holds 15 percent.

Kazakhstan has 3 percent of the planet’s oil and is the world’s fourth-fastest growing supplier of the fuel.

-- With reporting by Jeff Donovan in Rome. Editors: Will Kennedy, Randall Hackley.

To contact the reporters on this story: Alessandra Migliaccio in Rome at amigliaccio@bloomberg.net

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