KazMunaiGas to boost financing of innovation projects 100 times by 2015

KazMunaiGas National O&G Company will increase financing of innovation projects 100 times (to $75.3 million) by 2015, the Company’s Head Kairgeldy Kabyldin told journalists June 16 at an oil and gas conference focused on the Caspian shelf, Novosti Kazakhstan . “Currently we spend about $0.68 million on R&D. We plan to increase the figure almost 100 times by 2015. There are many innovation programs to develop oilfields, raise oil recovery, and introduce digital modeling (…)”, he said. “Due to the innovation projects we plan to raise labor efficiency almost twofold”, he said. June 1 Mr. Kabylin reported on the Company's progress to President Nazarbayev. “Last year the Company reached all the targets in terms of production output and financial indicators. Oil processing at the three refineries reached its peak level since independence, making up 13.7 million tons. The Company’s profit totaled over $2 billion, 2.5 times up against 2009. Tax proceeds from the Company made up $2.8 billion. The Company allocated a total of $1.3 million for social projects”, Press Service of the President quoted Kairgeldy Kabyldin as saying.