SK head: KMG, SK may disagree on investment projects

Oil&Gas Materials 27 January 2011 18:44 (UTC +04:00)

Kazakhstan, Astana, Jan. 27 / Trend A.Maratov /

The leaderships of the Kazakh National Company KazMunayGas (KMG) and the Samruk - Kazyna National Welfare Fund (SK) may have different viewpoints on the investment projects carried out abroad, SK head Kairat Kelimbetov told Trend.

"The structures may disagree on the investment realized abroad. I think that there's nothing wrong with that," Kelimbetov said. He commented on the purchase of assets by KMG abroad, which is opposite to the national company's policy.

Earlier, Kelimbetov said that KMG's purchase of assets abroad, particularly purchase of the Rompetrol oil company in Romania and the assets in Georgia, was a mistake.

At the same time, KMG Board Chairman Kairgeldy Kabyldin explained that the acquisition of assets in Romania meets the company's strategy for entering international markets, not only with its own raw materials, but also with goods of higher value - that is, oil products.

Kelimbetov reminded that SK does not interfere in the operational activities of the company, and it is a shareholder of the national companies and periodically reviews their activities.

"We do not directly control; the company has its own board of directors and its management who are responsible for those actions, including investment projects which they realize," he said.

However, he expressed his own point of view in this regard.

"In my opinion, not as the SK chairman, I believe that if we have made more investment in the country in 2003-2007, which are only now begun to put into practice, we would be in a more stable situation at a time of crisis," Kelimbetov said.

According to him, the country is a little bit overdue with modernization of Kazakhstan's three refineries, as well as the construction of gas-chemical complex in Atyrau.

"But each national company has the right to take appropriate action," he noted.