Baku, Azerbaijan, Sept. 11
By Leman Zeynalova - Trend:
For the first half of 2018, revenue of JSC National Company KazMunayGas (KMG), Kazakhstan’s vertically integrated oil and gas company, increased by 62 percent year-on-year to $10.279 million, reads the company’s report on financial and operating results for the first half of 2018.
The increase is mainly due to higher global oil prices along with increase in KMG International’s sale of crude oil and hydrocarbon, according to the report.
“KMG I’s sale of crude oil and hydrocarbons amounted to $2.619 million and $3.279 million, respectively,” the report said. “Sales volumes of crude oil and LPG pursuant to TCO Advanced Oil Sale transaction amounted to $2.384 million. Gas export to China started in October 2017 reflected an increase of gas sales for the first half of 2018, and amounted to $709 million.”
For the six months of 2018, KMG’s operating profit increased by 21 percent year-on-year to $885 million, according to the report.
Net profit increased by 32 percent year-on-year to $1.102 million vs. $854 million.
In the first half of 2018, capital expenditures were reduced by 33 percent, to $542 million due to completion of intensive capital investments.
JSC National Company KazMunayGas (KMG) is Kazakhstan’s leading vertically integrated oil and gas company, operating assets across the entire production cycle from the exploration and production of hydrocarbons to transportation, refining and specialized services.
Established in 2002, the company represents the government’s interests in the national oil and gas industry.
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