Norton Rose advises JSC National Company KazMunaiGas on establishment of a joint venture vehicle with China National Petroleum Company to acquire JSC Mangistaumunaigas

28 April 2009

Contacts

International legal practice Norton Rose LLP is advising JSC National Company KazMunaiGas (KMG), the Kazakh State oil company, on the establishment of a Dutch joint venture vehicle with China National Petroleum Company (CNPC) and the acquisition by the joint venture of one of Kazakhstan's largest oil companies, JSC Mangistaumunaigas (MMG). Norton Rose LLP advised on and participated in negotiations of the complex acquisition, shareholder and financing documentation. A financing package for the joint venture from The Export-Import Bank of China has been negotiated.

This deal is of strategic importance for both China and Kazakhstan and the financing is part of a larger financing package provided to Kazakhstan by China to further encourage and develop the Kazakh oil and gas industry and financial sector.

Completion of the acquisition of MMG is conditional on, inter alia, approval of the European Commission, on which the Norton Rose competition team is providing advice.

Lead corporate finance partner, Simon FT Cox commented:

“This transaction reflects the importance with which we regard China and Kazakhstan. At Norton Rose LLP, we were able to align our cross-border expertise and knowledge in these jurisdictions, to complete this transaction effectively and successfully.”

Norton Rose LLP has a large team involved in this transaction, including teams from the London, Amsterdam, Hong Kong, Shanghai and Beijing offices. The Norton Rose LLP team is led by corporate finance partner Simon FT Cox, assisted by Anna Nerush, Aliya Aralbayeva, Ksusha Maiorova, Thomas Fairley and Esther Yee. Partner John Challoner is advising on tax matters, assisted by Kristy Cooper. Partner Mark Jones is advising on competition matters assisted by Joosje Hamilton and Susanna Rogers. Partner Tak Matsuda is advising on financing aspects assisted by Alexandra Kent and Jaqueline Heng. Advice on Netherlands law is being provided by partners Wouter Hertzberger and Remco Smorenburg, assisted by Saskia Blokland.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP is advising the seller and Dewey & LeBoeuf LLP is advising CNPC.

For further information please contact:

Nicole Sharp