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Article: Kazakh state energy firm repays US$1 billion early
- Article from:
- AP Worldstream
- Article date:
- October 2, 2008
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Kazakhstan's state energy company said Thursday that it has paid off a US$1 billion loan ahead of time to help restructure its sizable debt.
KazMunaiGas has borrowed heavily as part of an ambitious investment strategy aimed at boosting its share in the energy-rich nation's oil output _ now about 25 percent _ and improving its refining capacity.
The company took out the loan in September 2007 to help finance its development of the vast Kashagan field, which project operator Agip KCO estimates may hold about 9 billion barrels of recoverable reserves.
The syndicated loan was originally agreed for a 15-month period and was organized ...