KMG failed to produce over 1 million tons of oil in Zhanaozen strikes

KazMunaiGas failed to produce over 1 million tons of oil because of Zhanaozen strikes in 2011, Tengrinews.kz reports citing the company’s Managing Director Daniyar Berlibayev. “Consolidated production of oil and gas condensate made 21.1 million tons in 2011, which is 5 percent less the plan and 4 percent less than in 2010. According to the Minister, this is mainly related to the strikes in Ozenmunaigas. The company failed to produce 1.2 million tons,” Managing Director of KazMunaiGas Daniyar Berlibayev said on February 2. He said that 66.9 million tons of oil were transportation through oil pipelines in 2011, which exceeded the plans for the year. The company also met the year's target amount in oil processing at Kazakhstan refineries. “Consolidated revenues of the company in 2011 made 2.8 trillion tenge ($18.8 billion), its expenses made 2.7 trillion tenge ($18.2 billion): the target profit was exceeded. According to preliminary information, the final profit will make 379 billion tenge ($2.6 billion) or 15% percent more than planed for the year. 2011 profit exceeded that of 2010 by 24 percent,” Berlibayev said.