In case of introduction of export customs for oil cost of shares of Exploration Production KazMunayGAs may decrease 2 times - head of state holding Samruk

/INTERFAX-KAZAKHSTAN, Astana, January 29, 08/ - In case of introduction in Kazakhstan of export customs for oil cost of shares of Exploration Production KazMunayGas JSC (oil extracting daughter of national oil-gas company KazMunayGas) may decrease 2 times, informed the chairman of board of Kazakhstan holding for state assets' management Samruk Kanat Bozumbayev. "In case of introduction of export customs, net income of Exploration Production KazMunayGas may decrease and make KZT41 bn. Price of share on free market makes 29-30 dollars. By opinion of number of expert, with which we had conversed, in case of introduction of export customs cost of shares will decrease form 30 to 50% and may make 15-20 dollars", - he told on the session of government on Tuesday in Astana. Current rate is 120.19/$1. "At that it should be understandable, that p[art of shareholding of this company costs about 7 bn. dollars for today. Two times' decrease of cost of shares will give the decrease of our shareholding cost to 3 bn. dollars. If we'll introduce the customs at the level of 103 dollars, our budget will receive 1.3 bn. dollars, but at that we'll loose at cost of shares about 2.2-3 bn. dollars. Such risks are exist", - K.Bozumbayev considers. As it was informed, ministry of energy and mineral resources of Kazakhstan suggested since January 1, 2009 to introduce export customs for oil to entrails' users, in contracts for which is not fixed the stable tax regime. By its turn participated in the session minister of energy and mineral resources Sauat Mynbayev announced, that according to prognosis, income of Exploration Production KazMunayGas JSC in year 2008 will make KZT121 bn. Along with it in case of introduction of export customs will take place the "significant correction of investment plans of the company", he stressed. As it was informed, in year 2006 Exploration Production KazMunayGas JSC received net income in size of KZT122.6 bn., which is by 180.1% more than in year 2005. Exploration Production KazMunayGas JSC was created in March 2004 as result of uniting of daughter companies of KazMunayGas - Embamunaygas and Uzenmunaygas, extracting 188 th. barrels per 24 hours. Company without consideration of last purchasing is the third largest oil producer in Kazakhstan and by data as of end of year 2006 it had proved and possible reserves in amount of 1.5 bn. barrels. During IPO in September 2006 the company borrowed about $2 bn. [2008-01-30]