Kazakhstan, Astana, Sept 1 /Trend D.Mukhtarov/
KazMunaiGas reduced the total cost of production in the Rompetrol by nearly $200 million in 2008-2011, Chairman of the Board of JSC NC KazMunaiGas Lazzat Kiinov.
"We plan to continue to reduce costs in 2012. Only by such strong measures, the company will be able to achieve the main goal - further reduce the total cost by 150 million in 2012," Kiinov said in an interview to Kazakh newspaper Liter.
A difficult situation is remained in the European oil refining market. A major European oil holdings Petroplus Holdings AG have suffered due to significantly low refining margins.
In December 2011, the company was forced to close three of the five existing plants in Belgium, France and Switzerland. And at the moment it is in the process of bankruptcy. Other major refiners, presented at the European market, also suffer significant losses.
"In this regard, and given the expected slowdown in the global markets, we are taking steps of brutal economy, and consider all possible reserves to reduce costs in order to improve the quality of the company," he said.
He added that at present the company is at a key stage, when the most of the planned investments aimed at implementing vital projects in order to increase productivity and efficiency, and improve product quality is completed.
Almost completed process of the Petromidia refinery program modernization (currently about 90 percent of the work has been done, the end of the project is scheduled for autumn 2012), and successfully completed project for the construction of a marine oil terminal Bui are among the most important of them," Kiinov said.