The last attractive asset
The future of Mangistaumunaygas, the attractive petroleum asset, is likely to become apparent in late March of this year. The announcement of the new shareholder of the private company, the reserves of which are estimated at 129 million tons of crude oil, is expected at that time. details >>
KMG makes business plans revision
At US$40 per barrel, KMG will be maintaining the production rate at that level, which it has reached by now, till the good times on the financial market. If the price falls lower than US$40, the company will have to reduce production. details >>
KMG EP reduces production
The accumulated funds, which KMG EP has, will allow it to finance such acquisitions, a source in the company said. At the same time, the company is considering the options of project cutting or delays in some investment projects in case of sharp decline of oil prices. details >>
LEGISLATION
New Tax Code came into effect
The new Tax Code excludes the provision on the tax treatment stability of contracts for all subsoil users, except for the contract between Kazakhstan and TCO and the PSAs in effect. details >>
Kazakhstan abolished customs duty on exports
Companies, which operate under PSA concluded before January 1, 2009, and those operating under the subsoil use contracts approved by the President of the RK, which provide for the exemption from payment of customs duties on crude oil exports, are now also exempted from payment of customs duty on exports. details >>
ENVIRONMENT
Taxes instead of environmental payments
Kazakhstan intends to toughen its environmental legislation by bringing it to the level of world standards. This is the main outcome of the extended meeting of the Environmental Ministry Board that took place in January. details >>
