Baku, Azerbaijan, July 24
By Leman Zeynalova – Trend:
Kazakhstan’s KazMunaiGas JSC has increased the volume of oil and gas condensate production in 2017, the company said in its financial report published on Kazakhstan Stock Exchange (KASE).
"Despite the volatility of the markets over the past year, the company has increased production of both oil and gas condensate by three percent compared to 2016. This is while the natural gas and associated gas production by KazMunaiGas rose by 8 percent," the report said.
In addition, the report said that transit and export of gas abroad accounted for the major part of the company’s revenues in 2017, when the volume of gas transportation rose by 15 percent.
The company said its net profit for 2017 amounted to 519.5 billion tenges, or 44 percent more compared to 360.2 billion tenges in 2016.
Production expenses of KazMunaiGas stood at 318.5 billion tenges in 2017, or 16 percent higher than in 2016, said the report. "It is primarily the result of increased staff costs, environmental obligations, as well as increased costs for repair and maintenance of equipment.”
KazMunaiGas JSC is the operator for exploration, production, processing and transportation of hydrocarbons.
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