State-owned KMG is the central Asian nation’s third largest oil producer and has stakes in all major Kazakh projects including the giant Kashagan oil field. It is Shell’s partner in several joint ventures.
Samruk-Kazyna, the Kazakh sovereign fund, plans to float KMG next year as part of the government’s privatization program.
The fund owns a 90 percent stake in the company and Kazakhstan’s central bank holds the remaining 10 percent.
The central bank took a stake after effectively printing $4 billion to help KMG pay off its debt after the oil price crash.A source close to KMG said Shell has been offered the chance to buy a stake of up to 20 percent, which could include the central bank’s stake.