Astana, Kazakhstan, Oct.21
By Daniyar Mukhtarov - Trend:
The director general of KazTransOil Kazakh oil transportation company Kayrgeldy Kabildin announced reasons for the decline of the value of shares for the last month.
"There are two reasons: changes in supply routes of exported oil to the domestic market and the devaluation," he said at a briefing in the office of the central communications under the president of Kazakhstan.
Kabildin said that there is a decrease tendency in all areas of financial markets due to the events on the global financial market and changes in the geopolitical situation.
"Probably no shares of any company in the world have a constant upward trend," said the CEO.
"Therefore shares fall is the influence of the external market, but not the activities of our company."
Kabyldin said that since 2014 in connection with the termination of deliveries of Russian oil, the company increased deliveries to the domestic market - Pavlodar and Shymkent refinery in the amount of 7 million metric tons, but at different rates.
"The devaluation also had a huge impact on us," he said. "There are two enterprises in our assets - Kazakhstan-China Pipeline Plant and MunaiTas. They borrowed funds in dollars from international banks one time for the construction of the Kazakhstan-China oil pipeline, and we get earnings in tenge."
The devaluation of the national currency, tenge, was held in Kazakhstan in February 2014. As a result of the devaluation, the dollar rose by 19 percent in terms of the tenge.
It was mentioned in the previous report released by the Kazakhstan Stock Exchange (KASE) that the price per share of KazTransOil October 15 ranged from 1010 to about 1020 tenge (181.5 tenge = 1 dollar).
Translated by EA
Edited by CN