KAZAKHSTAN SELLS KMG
Stubbornly low oil prices and delays on a mammoth offshore project have prompted Kazakhstan's national wealth fund to sell a 10 percent stake in the state energy company to the National Bank, the country's top fiscal institution.
The sale – ordered by government decree on July 29 – amounts to the state selling itself shares for $4 billion in cash and is sparking questions about how well Kazakhstan is coping with a slowdown in economic growth.
"The share acquisition is a highly unorthodox move for a central bank, although the National Bank does already control the state pension fund," Alex Nice, a Kazakhstan…
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