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Gold/Mining/Energy : Petrokazakhstan Inc. -- Ignore unavailable to you. Want to Upgrade?

To: forecaster who wrote (1713)	7/14/2001 10:37:14 AM
From: cooliemon	Read Replies (1) \| Respond to of 2357

forecaster: OT i'm definitely a french oil baron...unless phillipine insurgents are near my retreat btw, kaztransoil is building the pipeline right next to the nelson oilfields with the $150mil they just raised in their eurobond offering....i love hurricane, but nelson will be the big winner in the long run au revoir, cooliebayev

To: forecaster who wrote (1713)	7/16/2001 10:41:48 AM
From: cooliemon	Respond to of 2357

forecaster: even money says hhla and nlg will join forces....cooliebayev Hurricane`s Finest Hour, Thwarting Kazak Takeover, May Be Short-Lived Kazakhstan, July 16, 2001 [ 19:23 ] By Paul Sampson, The Oil Daily ASTANA. Hurricane Hydrocarbons, one of the largest independent oil producers in Kazakstan, fought off an audacious takeover bid by its largest shareholder, Kazak-owned Central Asia Industrial Holdings (CAIH), but the Canadian company faces an uphill battle in its bid to build up its presence in the republic. CAIH - the Netherlands Antilles-based affiliate of the Kazkommertsbank group - backed down on Jul. 5 when it withdrew its hostile $125 million bid for 23% of Hurricane, which would have given it de facto control of the Toronto-listed company (OD Jul.6,p8). It had become clear that Hurricane would never accept CAIH's offer of C$10.25 (US$6.60) for each Hurricane share, which is less than half the range of C$21.50-$23.50 set down in a recent independent evaluation. Hurricane Chief Executive Bernard Isautier told EIG that he would only consider a bid for 100% of the company. As CAIH mulls a fresh plan of action, a new Kazak shareholder in Hurricane has emerged in the form of Korinth Trade and Investment, a financial vehicle for former state savings bank Halyk, which recently acquired around 5% from a group of private shareholders. Industry sources say the share purchase was approved by Hurricane's top management, which was keen to get a new player on board to provide a counterweight to CAIH. But Korinth is a player to be reckoned with. Korinth is controlled by Kazakstan oil industry heavyweight Timur Kulibaev, head of state pipeline monopoly Transneftegas and one of the three sons-in-law of Kazak President Nursultan Nazarbaev. Korinth is already a major presence in the upstream through its 35% stake in Nelson Resources, another Toronto-listed company that has a 50-50 joint venture with state oil company Kazakoil to develop the onshore Alibekmola field. And Korinth's partner in Nelson is none other than CAIH, which also holds a 35% stake in the company. Although it was unable to confirm the exact size of Korinth's equity, Hurricane views its involvement as "positive" and says the presence of Kulibaev "adds credibility to future growth." Kulibaev and his team have a major hand in exporting Hurricane's Kumkol crude, which is railed at a rate of more than 150,000 tons per month from facilities outside Hurricane's Shymkent (Shnos) refinery to ports on the Black Sea. In another ominous sign, however, authorities in the Kzyl-Orda region last week reopened an antitrust suit against the Shymkent refinery. Shnos has come under fire for having a monopoly position in southeastern Kazakstan and unfairly raising prices.