MangistauMunaiGas more than doubled its Q1 profit

energy

MangistauMunaiGas more than doubled its Q1 profit

By SRI ⋅ July 2, 2008 ⋅

MangistauMunaiGas generated a net profit of 52.655 billion tenge ($440 million) in the first three months of 2008, the company said in a press release published on the website of the Kazakhstan Stock Exchange (KASE). In the same period last year, the company earned 23.99 billion tenge (200 million).

The revenue earned in the first three months was 160.799 billion tenge ($1.34 billion) compared 110.808 billion tenge ($0.92 billion) in the same period last year, while the costs were 74.752 billion tenge ($640 million) and 64.519 billion tenge ($540 million), respectively.

MangistauMunaiGas is a large oil producing company in Kazakhstan incorporated in 1995. In June 1996 the company received licenses from the Kazakh government to produce hydrocarbons at the Asar, Burmasha, Kalamkas, East Zhetybai, Alatobe, North Asar, Zhetybai, Oimasha and South Zhetybai fields.
As at October 1, 2007 the majority of ordinary shares of MangistauMunaiGas were owned by Central Asia Petroleum Ltd, a Jakarta, Indonesia registered company. On December 2005, KazMunaiGas, the Kazakh national oil company signed an agreement with MangistauMunaiGas to acquire a majority stake in the company.