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KazMunaiGas Kashagan gets $0.6 billion advance from Vitol

Reuters - UK Focus

By Alla Afanasyeva

MOSCOW, Sept 22 (Reuters) - KazMunaiGas Kashagan (KMGK), a subsidiary of Kazakhstan's state oil company KazMunaiGas, has extended a deal with international trader Vitol on pre-export financing of oil supplies from the Kashagan field with an additional prepayment of $600 million, the subsidiary's press-service reported

KMGK is using the funds to pay for its 8.48 percent stake in Kashagan, which it acquired in 2008.

KazMunaiGas (KMG) increased its share in the Kashagan project in 2008 by 8.48 percent to 16.81 percent after equity participation of other consortium shareholders decreased in exchange for the government's permission to extend the budget and project time frame.

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"KMGK received an additional prepayment on August 10, 2017 for the amount of $600 mln and made early repayment of the second instalment … for a total sum of $804.4 mln," KMGK said on its website. KMGK didn’t disclose how much oil Vitol will receive for the prepayment.

Vitol won a tender in 2016 for the right to make prepayment for KMGK's share in oil supplies from the Kashagan oil field worth $1 billion over five years.

KMGK said at the time that "the volume of oil supplies from Kashagan to Vitol will depend on global oil prices."

Kashagan oil field is operated by North Caspian Operating Company (NCOC), made up of Italy's Eni (Euronext: ENI.NX - news) >, US Exxon Mobil, China's CNPC, Anglo-Dutch Royal Dutch Shell (LSE: RDSB.L - news) , France's Total (LSE: 524773.L - news) , Japan's Inpex Holdings Inc and Kazakhstan's KazMunaiGas. (Writing by Anna Bakhtina, Editing by Kevin O'Flynn)