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KazMunayGas Suspends Construction of Ceyhan and Batumi Refinery Projects

BANGALORE, INDIA--January 6, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--Kazakhstan's state-owned oil company KazMunayGas JSC (KMG) (Astana, Kazakhstan) has announced that the company will not be going ahead with the construction of refineries in Ceyhan and Batumi. KMG has listed economic feasibility and the current financial crisis as reasons for discontinuing the projects. The economic slowdown has led KMG to review and prioritize investments on projects and divert funds to domestic refineries.

Companies featured: ENI S.p.A. (NYSE:E)

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Industry Segment: Petroleum Refining
Word Count: 702 Words

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