KazMunaiGaz Exploration Production Makes Changes to Its Regulations
Kazakhstan, Astana, 10 Dec/ Trend corr K. Konirova/ KazMunaiGaz Exploration Production held special meeting of shareholders where changes and supplements to the regulations of the company were approved, press service of KMG said.
"According to changes in legislation of Kazakhstan, a clarity has been introduced to chapters of the company's regulations entitled General Meeting of Shareholders, Board of Directors, Management of Company, and Disclosure of Information by Company and Documents of Company," according to press release of the company.
An item entitled preparation, retraining and raising skills of staff has been added to the chapter Goals and Focus of Company because of necessity to create company's own staff training center.
KazMunaiGaz Exploration Production is one of the three largest companies for the volume of production in Kazakhstan. The volume of production of the company totaled 10.6mln tons day (215,000 barrels a day) in 2007 including shares in Kazgermunai and CCEL (Karazhanbasmunai).
As of end of 2007, proved and estimated reserves of KMG totaled to 240mln tons (1.8bln barrels) and over 2bln barrels including shares of independent companies. Shares of the company were data-sheeted in Kazakhstan Stock Exchange and global depository receipts in London Stock Exchange. The company attracted over $2bln during IPO in Sept 2006. Standard & Poor's (S&P) awarded the company with rating of corporate governance 5+ and approved credit rating at BB+.
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