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Consolidated income of KazMunayGaz doubled in 2008

Oil&Gas Materials 25 February 2009 18:41 (UTC +04:00)

Kazakhstan, Astana, Feb. 25 / Trend , K. Konirova / Oil and gas condensate volume of KazMunayGaz OSC (KMG) made up over 18 million tons in 2008, company's president Kairgeldi Kabildin said at an annual report conference on Feb. 25. 

"Upon 2008, the consolidated volume of oil and gas condensate made up over 18 million tons or increased by 8.2 percent compared to 2007," Kabildin said.

According to Kabildin, the consolidated oil refining hit 10.3 million tons in 2008 which is by 1.8 times more than 2007. Oil transportation volume through main pipelines comprised 60.6 million tons in 2008 or 19.2 percent more than in 2007. Gas transportation volume hit 114.9 million cubic meters in 2008 or 0.6 percent more than in 2007.

"The consolidated income of the KMG made up 2.9 trillion tenge which is twice more than in 2007. The consolidated profit hit 318 billion tenge," Kabildin said.

The company head said over 536 million tenge were transferred to the public budget which is 1.7 times more than in 2007.

The investment volume of the KMG comprised nearly 613 billion tenge in this period which is 2.6 times more than the figure in 2007.

Kabaldin said KazMunayGaz doesn't intend to estimate results of financial and economic activity in 2008. It is necessary to focus on the solution of existing problems in terms of tough economical situation, the company's president said.

"Among significant events in 2008, I would like to mention an agreement on increasing shares of the KMG in South- Caspian project by 16.8 percent under the support of the government and change of the project's operational model. Agreements were signed on fields Jambil, Urikhtau, Dead Kultuk and project "N". On Jan. 12, an agreement was signed on acquisition of 50 percent shares plus shares with voting right of MangistauMunayGaz," Kabildin said.

KazMunayGaz OSC is a Kazakh national operator on exploration, production, refining and transportation of hydrocarbons representing interest of the government in oil and gas sector of Kazakhstan. The company's 100 percent of shares belong to National Prosperity Fund Samruk-Kazina.

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