New CEO appointed at Kazmunaigas EP

Kurmangazy Iskaziev has been appointed the new General Director (CEO) of Kazmunaigas Exploration and Production, Tengrinews reports citing the press office of the company.

"By the decision of the Board of Directors, Kurmnagazy Iskaziev has been appointed General Director of the company. Earlier, Iskaziev worked as General Director of Embamunaigas (EMG), a company fully owned by KMG EP," the company said.

Chairman of the Board of Directors Christopher Hopkinson introduced the new CEO at the Board meeting. "Mr Iskaziev has extensive experience in applying new technologies and increasing production efficiency. He has been successfully implementing new projects in his position of CEO of EMG over the past 8 months. We look forward to seeing Mr Iskaziev use his experience and apply his professional skills for the benefit of KMG EP Group," Hopkinson said.

Chairman of the Management Board of NC KazMunayGas Sauat Mynbayev introduced Mr Iskaziev to the company employees the same day. The new CEO declared his commitment to increasing "the operational and financial performance of the Company".

KMG EP is one the top three Kazakhstani oil producers. Its production in 2014 amounted to 12.3 million tonnes of crude oil. It fully owns Ozenmunaigas, Embamunaigas and KMG EP Exploration Ventures, holds a third in PetroKazakhstan, 35% in White Bear, a half in Karazhanbasmunai, Kazgermunai and Ural Group Limited each and 51% in Karpovskiy Severnliy.  The total consolidated volume of proved and probable reserves including shares in the associates, as at the end of 2014 was 177 million tonnes. KMG EP is listed on the Kazakhstan Stock Exchange (KASE), while its GDRs are traded on the London Stock Exchange. In September 2006, KMG EP raised over US$2 billion in the initial public offering (IPO).

By Gyuzel Kamalova, editing by Tatyana Kuzmina