KazMunaiGas Exploration Production (KMG EP) has completed the sale of a 51% stake in Kazakhstan Petrochemical Industries (KPI) for a total value of $33.5m.

KMG EP’s board of directors has approved the deal.

KPI operates the construction of the first integrated petrochemical complex in Atyrau region.

The sale of the stake in KPI is part of the company’s strategy to divest non-core assets, including those related to petrochemicals by 2020.