Chinese PE Firm Puts Down $75M For Kazakh Oil, Gas Assets

Law360, New York (November 1, 2013, 5:55 PM EDT) -- Tethys Petroleum Ltd. has agreed to sell half of its oil and gas assets in Kazakhstan to a HanHong Private Equity Group subsidiary for $75 million up front, with options for incremental payouts as discoveries are made, Tethys announced Friday.

SinoHan Oil and Gas Investment BV will own 50 percent of Tethys Kazakhstan SPRL if local authorities approve the deal, and will fund more exploration and extraction in the country. Tethys will continue to operate the business on the ground.

Kazakhstan is a major oil and...
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