By Lucian Kim and Nariman Gizitdinov
Sept. 16 (Bloomberg) -- KazMunaiGas Exploration Production, a unit of Kazakhstan's state energy company, said second-quarter profit more than doubled after acquisitions boosted output and oil prices rose.
Net income climbed to 84.1 billion tenge ($700 million) from 34.2 billion tenge a year earlier, the Astana-based company said today in a statement distributed by the Regulatory News Service. Sales advanced 73 percent to 193.5 billion tenge.
Kazakhstan, the second-largest oil producer in the former Soviet Union, plans to boost crude output by a fifth next year. KazMunaiGas EP, which listed in London in September 2006, is buying stakes in smaller oil companies from its parent KazMunaiGaz National Co. to offset depletion at its own fields.
KazMunaiGas increased crude production 19 percent to 5.9 million tons in the first half after acquisitions last year.
To contact the reporter on this story: Lucian Kim in Moscow at lkim3@bloomberg.net; Nariman Gizitdinov in Almaty, through the Moscow newsroom at ngizitdinov@bloomberg.net
Tuesday, September 16, 2008
KazMunaiGas EP Profit Doubles on Greater Output, High Oil Price
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