Kazgermunay LLP in year 2007 intends to increase the extraction of oil by 5.8% - akimat of the region

/INTERFAX-KAZAKHSTAN, Kyzylorda, April 18, 07, title by IRBIS/ - Kazgermunay LLP plans to extract in year 2007 3.051 m. tons, is noted in the message of akimat (administration) of Kyzylorda region of Kazakhstan (on the South), spread on Wednesday. In the past year this company had extracted 2.883 m. tons. In the press-release is also informed that that day akim (the head of administration) of Kyzylorda region Mukhtar kul-Mukhammed, the financial director of Kazgermunay LLP Zhen Lisin and technical director of the company Isturgan Baymukhanov had signed the memorandum about cooperation in social-economical development of Kyzylorda region for year 2007. "Company extracts into the corporate fund of assistance to the regional development and social responsibility of businessmen of Kyzylorda region Igilik the sum, equivalent to $3 m., during the year for financing of projects, directed on development of health care, education and sport in the region, support of different social, ecological, cultural and sport actions", - is said in the message. On financing of social projects in the region the company last year had extracted KZT156,884,375 (current 122.02/$1). Kazgermunay LLP was created in year 1993 and owns the licenses on exploration and production of oil and gas fields Akshabulak, Nurali and Aksay, located in Turgayskiy oil and gas basin in Kyzylorda region of Kazakhstan. The proved and probable reserves of the company as of end of September 2006 made approximately 40.7 m. tons (310 m. barrels). Currently by the noted JV on the parity basis own PetroKazakhstan and national oil gas company KazMunayGas. In the end of July of the last year KazMunayGas had finished the deal on purchasing of 50% stake in JV Kagermunay from RWE Dea AG, EEG - Erdgas Erdol GmbH (daughter company of Gaz de France) - and International financial corporation (IFC). Sum of deal made $1 bn. Meanwhile the given stake is purchasing from KazMunayGas by its daughter - Exploration Production KazMunayGas JSC. Earlier the sum of deal was announced at 133.3 m. Purchasing of 50% stake in JV Kazgermunay will let Exploration Production KazMunayGas JSC to enter the second place in extraction of oil in Kazakhstan. Exploration Production KazMunayGas JSC was created in March 2004 as the result of joining of two daughter companies of KazMunayGas - Embamunaygas and Uzenmunaygas, extracting 188 th. barrels of oil per 24 hours. The company is the third largest producer of oil in Kazakhstan and as of data on the end of year 2005 had obtained the reserves of 1.515 bn. barrels. During IPO in September 2006 the company had borrowed about $2 bn. [2007-04-19]