KazMunayGas posts €2.1bn net loss for Jan-Sep

By bne IntelliNews October 28, 2015

Kazakhstan's national oil and gas company KazMunayGas reported a net loss of KZT665.4bn (€2.1bn at the current exchange rate) in January-September 2015, according to the company’s financial statement published by the Kazakhstan Stock Exchange (KASE). In the same period of the previous year, the company’s net loss stood at KZT52.4bn. This means that the company's net losses skyrocketed by more than 10 times.

A decrease in revenue to KZT246bn from KZT356bn in the same period of the previous year is blamed on the sharp fall in the price of oil this year compared to 2014. At the same time, the company’s operating costs more than doubled to KZT789.4bn.

In 2014, the company’s net profit halved to KZT207.4bn because of the drop in the oil price. At the same time, oil production went down by 1% to 22.5mn tonnes. Similar reasons are behind bad results for this year.

KazMunayGas is presently looking for ways to decrease its indebtedness. The company is finalising the sale of half of its 16.81% stake in the Kashagan oil project to Samruk-Kazyna national wealth fund for $4.7bn. The payment is expected by the end of the year. KazMunayGas’s debts stood at $18bn as of end-2014.

KazMunayGas is the state’s agent in the oil and gas sector. The company owns 44 oilfields in the country and holds stakes in all large projects that are being realised in Kazakhstan (Tengiz, Kashagan and Karachaganak oil and gas fields). 

Related Articles

Romania's Transgaz to open branch in Moldova to speed up pipeline construction

Romanian natural gas transport company Transgaz will soon open an office in Chisinau to speed up the construction of Ungheni-Chisinau pipeline that will bring Romanian gas to Moldova’s main ... more

Russia's Rosneft sets foot in Mediterranean with $1.125bn Eni deal

Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more

Polish anti-trust office clears PGE to take over EDF’s local energy assets

The Polish anti-monopoly body UOKiK has cleared the state-controlled power conglomerate PGE to take over the Polish assets of French peer EDF on condition that power from one acquired ... more

Dismiss