Kazakhstan’s sovereign wealth fund has offered to Shell up to a 20 percent stake in KazMunayGas (KMG) in a bid raise the value of the state oil company ahead of a planned listing, Reuters reported on Tuesday, citing two sources familiar with the discussions. Kazakhstan’s wealth fund Samruk-Kazyna holds 90 percent in KMG, while the central bank, the National Bank of the Republic of Kazakhstan, owns 10 percent plus 1 share. Kazakhstan’s fund has plans for an initial public offering (IPO) of KazMunayGas at some point after 2018, as part of a government privatization program. KMG has stakes in all major projects in Kazakhstan, including in the North Caspian Operating Company that manages the giant Kashagan oil field, in which Shell is also a co-venturer alongside other oil majors such as ExxonMobil, Total, Eni, CNPC, and Inpex. Shell is also a minority shareholder in the Caspian Pipeline Consortium that […]