Oil group to sell Kazakh stake for $1bn and cancellation of taxes

AN international oil group led by BG Group and Eni is likely to sign an agreement with Kazakhstan this week in a deal that would cancel a claim for back taxes and see the central Asian state take a 10 per cent stake in the Karachaganak oilfield.

Consortium members, also including Chevron and LUKOIL, will sell stakes on a pro-rata basis in the estimated $1bn (£638.8m) sale.

The signing is expected to be timed for this week, the 20th anniversary of Kazakhstan’s independence from the Soviet Union.

Eni and BG did not comment.