Kazakhstan Muscles In On $5B ConocoPhillips Stake Sale

Law360, New York (July 2, 2013, 4:45 PM EDT) -- Kazakhstan informed ConocoPhillips on Tuesday that it will exercise its right to buy a $5 billion Kazakh oil field stake, sinking a deal ConocoPhillips had struck with India's Oil & Natural Gas Corp. Ltd and reportedly looking to flip the stake to China’s state-owned oil giant.

Triggering a provision in a production-sharing agreement for the Kashagan oil field, the Kazakh Ministry of Oil and Gas confirmed it would preempt the proposed sale of an 8.4 percent interest to ONGC Videsh Ltd. It will also designate state-owned...
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