energy
KazMunaiGas EP defers acquisitions ahead of Kazakh tax changes
KazMunaiGas Exploration & Production, the Kazakh oil producer, said it has put off acquisition plans ahead of planned tax changes in Kazakhstan.
According to Thomson Financial News, that the company has postponed plans to buy three assets, until details of the new tax measures are published.
KMG E&P planned to acquire 33 percent of PetroKazakhstan, which produced 6.8 million tonnes of oil and booked $1.5 billion net profit in 2007, and 51 percent of Kazakhturmunai and 50 percent of Kazakhoil Aktobe.
Acquisitions are crucial to the group’s growth ambitions, as output from KMG EP’s major fields, Uzen and Emba, has been on a gradual decline for the past few years. In 2008, they are expected to pump around 9.50 million tonnes, slightly below last year’s 9.548 million tonnes.
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