(MENAFN - Trend News Agency) Baku, Azerbaijan, Apr. 2
By Rashid Shirinov â€' Trend:
Kazakhstan's national oil company KazMunayGas (KMG) has announced the sale of its 100-percent stake in KMG-Retail LLP, which owns a chain of gas stations under the KazMunayGas brand, Trend reports via Kazakh media.
The sale price amounted to 60.5 billion tenge.
In December 2018, electronic bidding for the sale of the share was held on the website of the state property register web portal. In February this year, an agreement was signed with the winner of the tender, Petro-Retail LLP, on the sale of the 100-percent stake in KMG-Retail.
From April 1, the agreement between KMG-Retail and KazMunayGas Onimderi, a subsidiary of KMG, on the lease and operation of the gas station chain, was terminated
Now the gas station chain is being operated by the new owner, Petro-Retail. According to the terms of the tender and the contract of sale, the KazMunayGas gas station chain trading name will be valid until the end of this year.
KMG noted that the privatization of the gas station chain is in line with the company's development strategy and is carried out within the framework of the program to reduce the share of the quasi-public sector in the economy of Kazakhstan.
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