News and analysis from Kazakhstan - Dec 05th 2008
energy
KazMunaiGas E&P Q1 profit soars on high oil prices
London-listed Kazakh oil producer KazMunaiGas Exploration and Production (KMG E&P) (KMGq.L: Quote, Profile, Research) reported a 166 percent jump in first-quarter net income on Wednesday on the back of acquisitions.
It said net income was $526.8 million in the first quarter, adding that oil output rose 26.4 percent to 2.9 million tonnes due to its purchase of 50 percent stakes in two smaller Kazakh producers Kazgermunai and CITIC Canada Energy Limited (CCEL).
(Reuters)
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