Kazakh KazMunaiGas expects revenue to increase by end of 2013

Astana, Kazakhstan, Dec.26
By Daniyar Mukhtarov - Trend:

The total revenue of the Kazakh national oil and gas company KazMunaiGas in the first 11 months of 2013, amounted to 3.072.2 billion tenge ($1 - 153.88 tenge) which is six per cent more than the same period of 2012, Managing Director of Samruk-Kazyna, Malik Salimgereyev said at a press conference in Astana on Dec.25.

At the same time, the total expenditure for the current activities increased by eight per cent compared to the same period of 2012 and amounted to 2.873.1 billion tenge.

The consolidated net income in the first 11 months of 2012 increased by one per cent compared to the same period of 2012 and amounted to 437.1 billion tenge, Salimgereyev said.

The assessment of the consolidated net income for 2013 is 433 billion tenge which is 17 per cent higher than in 2012, according to the managing director. According to KazMunaiGas JSC NC's development plan, the forecasted consolidated net income for 2014 will be 334 billion tenge.

According to the estimates, KazMunaiGas JSC NC will transfer 941 billion tenge including the share of participation in jointly controlled companies, to the budget of taxes as of 2013. This means the coefficient of the tax burden for the company for 2013 will be 28 per cent being the ratio of the amount of taxes to total income from the main activity and the tax burden of subsoil companies remains high.

"As is known, the rate of export customs duty increased from $40 to $60 per ton in April. The increase of export customs duty affected the oil companies which included the group of companies of KazMunaiGas JSC NC, in particular KazMunaiGas Exploration Production JSC (UzenMunaiGas JSC, EmbaMunaiGas JSC), Karazhanbasmunai JSC, KazGerMunai LLP, PetroKazakhstan Inc., Mangistaumunaigas JSC, KazahOylAktobe LLP and Kazakhturkmunai LLP. Also affected is Tengizshevroil LLP. H

However, according to the tax regime of the subsoil use contract, Tengizshevroil LLP compensates the payment of the export customs duty by reducing royalty payments," Salimgereyev said.

However he stressed that the stability of the tax regime of production sharing agreements on large oil and gas projects Karachaganak and Kashagan is being observed.

The practice shows that the high tax burden reduces the development of production capacity.

According to the data, the investments in the KazMunaiGas group of companies amounted to 495 billion tenge for the same 11 months of 2013. According to the estimates, investments will amount to 785 billion tenge in 2013. As of 2014, the plan for investment projects and capital investments on productive asset maintenance will be 741 billion tenge.

"According to the asset restructuring plans, the total number of subsidiaries and associated companies in KazMunaiGas will be reduced from 234 to 167 by 2016," Salimgereev said.

Translated by L.Z. and N.H.

Edited by S.M.

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