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Kazakhstan's KazMunayGas almost doubles its y-o-y revenue

Kazakhstan Materials 23 November 2022 11:16 (UTC +04:00)
Kazakhstan's KazMunayGas almost doubles its y-o-y revenue
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, November 23. Kazakhstan's KazMunayGas company’s revenue from January through September 2022 increased by 47.4 percent, Trend reports, citing the company’s financial highlights.

According to the report, KazMunayGas’s revenue in the reporting period of 2022 totaled 6.7 billion Kazakh tenge ($14.7 million), while 4.5 billion Kazakh tenge ($10.8 million) was recorded over the first 9 months of 2021.

“The revenue dynamics were positively affected by a 55.4 percent year-on-year increase in the average Brent crude oil price and weakening of the average exchange rate of the tenge against the US dollar by 8 percent,” the company said.

At the same time, the share in the income of joint ventures and associates in the reporting period of 2022 also grew by 67.7 percent to 779 billion Kazakh tenge ($1.6 billion), mainly due to an increase in profits of “Tengizchevroil” LLP by 287 billion Kazakh tenge ($574 million), and Caspian Pipeline Consortium by 25 billion Kazakh tenge ($45 million).

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