ASTANA, Kazakhstan, August 25. KazMunayGas, Kazakhstan's national oil and gas company, has experienced a decline in revenue over the first half of the current year due to a 26.2-percent decrease in Brent crude oil price, Trend reports.
This was reported by Diana Aryssova, Deputy Chairperson of the Management Board of KazMunayGas.
"Despite the growth in production indicators, several financial results of the company showed a decline due to a 26% decrease in oil prices. Additionally, besides the unfavorable price situation, regular disruptions in power supply at the production assets affected the performance of KazMunayGas," she said.
Aryssova noted that, overall production results of the company during the first half of 2023 showed positive dynamics.
On August 23, 2023, KazMunayGas held its Issuer's Day in an online format on the platform of the Kazakhstan Stock Exchange (KASE), presenting operational and financial results for the first half of 2023.
In June of the reporting year, the Company paid record dividends to its shareholders for the 2022 results, amounting to 300 billion tenge ($649.3 million).
It was announced that the company's revenue for the period amounted to 3 billion tenge ($8 million), which is 15 percent lower than the results of the first half of 2022.
The share of profit from joint ventures and associated companies decreased by 26 percent to 400 billion tenge ($885 million), mainly as a result of a decrease in profit from Tengizchevroil by 139 billion tenge ($310 million), Mangistau Investments BV by 20 billion tenge ($45 million), and Caspian Pipeline Consortium by 18 billion tenge ($40 million).