energy

KMG net profit falls 70 percent in Jan-Sep

By SRI ⋅ November 18, 2009 ⋅ Email This Post Email This Post ⋅ Print This Post Print This Post ⋅ Post a comment

(SRI) - KazMunaiGas, the state oil and gas company, reported a net profit of KZT107 billion ($718 million) in January through September 2009, a 70-percent fall compared to the same period last year.

“The oil price is the key reason,” Reuters quoted a KazMunaiGas spokesperson as saying.

KazMunaiGas plans to produce 18.6 million tons of oil this year, up from 18.0 million tons in 2008.

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