Management Board changed in Kazakh KazMunaiGas Exploration Production

Oil&Gas Materials 1 October 2013 14:46 (UTC +04:00)

Azerbaijan, Baku, Oct. 1 / Trend E. Kosolapova/

The management board was changed in Kazakh KazMunaiGas Exploration Production company, the company reported on Tuesday.

Bakhyt Imanbayev, the company's Deputy General Director for Production, member of the Management Board has resigned.

Kairbek Eleusinov has been appointed as a new Deputy General Director for Production.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2012 was 12.2 million tons (an average of 247,000 barrels of oil per day) of crude oil, including the company's share in Kazgermunai, CCEL and PKI. The total volume of proved and probable reserves, as of late 2011 was 226 million tons (1.7 billion barrels), including shares in the associates of about 2.1 billion barrels. The company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on the London Stock Exchange. The company raised over $2 billion in its IPO in September 2006. The international rating agency Standard & Poor's (S&P) confirmed KMG EP's "BBB-" corporate credit rating in December 2011.

Kairbek Eleusinov graduated from the Gubkin Moscow University of Oil and Gas, faculty of field development and operation. He has been working in the industry since 1977. He worked at "Ozenmunaigas" and "Embamunaigas" and held a position of the first Vice-president of JSC "Karazanbasmunai".