Kazakhstan Makes $4B Loan For Caspian Sea Oil Drilling

Law360, New York (February 29, 2012, 1:20 PM EST) -- Kazakhstan's government on Wednesday approved a $4 billion loan to state-owned oil and gas company KazMunaiGaz NOP to help develop an offshore Caspian Sea oilfield whose massive oil reserves could be headed to China by the end of the year.

The national development fund will issue bonds to help KazMunaiGaz finance its drilling in the Kashagan field, where huge oil reserves were discovered in 2000. The financing will take place in two segments, one in 2013 and one in 2015, according to a statement posted on...
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