ConocoPhillips (NYSE:COP): Closing price $61.82
The Kazakh government will exercise its option of first refusal, and purchase the interest held by ConocoPhillips in that country’s largest oil field, squeezing out Oil & Natural Gas Corp. The Kazakh Oil and Gas Ministry has advised ConocoPhillips that it will acquire its 8.4 percent interest in the Caspian Sea oil project, according to a statement emailed on Tuesday. KazMunaiGaz National Co. will conduct the purchase on behalf of the government. Laws of Kazakhstan allow the country to exercise an option to move in and acquire that stake in place of the Indian company.
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