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China Investment Corporation (CIC) has continued it’s spending spree by paying US$939 million for a 11% stake in KazMunaiGas Exploration and Production (KMGEP).
In a statement released on its website the Chinese sovereign wealth fund purchased the stake of the Kazakh upstream operator through it’s wholly-owned subsidiary company Fullbloom Investment Corporation.
“[KMGEP] Production is a Kazakh oil and gas corporation. Its shares are listed on the Kazakhstan Stock Exchange and its Global Depositary Receipts are listed on the main market of the London Stock Exchange,” the statement said.
“The transaction was started from 14 July, 2009, and all necessary registration processes have now been completed in respect of the transaction,” it added.
CIC has made a number of high profile investments across various commodities sectors including hydrocarbons and mining as it seeks to ensure the future energy security of China.
