``Today there is no question of selling a share in TCO,'' he told a news briefing in the capital Astana.

The former Soviet Republic had invited a number of foreign oil companies to negotiate for a 5-10 per cent share in the venture, representing 20-40 per cent of its 25 per cent stake.

The venture groups Chevron and Mobil of the United States, with 45 and 25 per cent respectively, Kazakhstan, and a joint venture between US firm Arco and Russia's LUKoil which owns the remaining five per cent.

Yesenbayev made no further comment on the controversial sale, which was strongly opposed by senior officials in the government and by Nurlan Kapparov, former head of the state oil company Kazakhoil which manages government oil stakes.

Kapparov was removed from his position in August, officially because of his objection to the sale.

Kazakhoil could not be reached for immediate comment on Yesenbayev's statement.

The sale proposal triggered heated political debate in a country where opposition to selling stakes in the most promising oil, gas and metal ventures to foreign firms has grown.

Mass privatisation since independence in 1991 has left most of the big oil and gas projects in multinationals' hands.

Struggling to raise cash to make ends meet in 1999, the Kazakh government offered for sale a share in Tengizchevroil, which taps the giant onshore Tengiz oilfield and accounts for one-third of the country's oil production.But the government is increasingly confident that it now has the means to meet interest payments on foreign debt, protect the tenge currency and pay off pension and wage arrears without having to go through with the unpopular plan.

Talks last month with the International Monetary Fund brought a deal on a new lending programme closer, possibly bringing in $350-400 million extra funds. Central Bank reserves have been edging up, and now total $1.846 billion.

An IMF deal would in turn free up World Bank loans, which Yesenbayev said totalled $175 million for 1999.