/KASE, January 30, 08/ - Exploration Production KazMunayGas JSC
(Astana), shares of which are traded in Kazakhstan stock exchange's
(KASE) category "A" official list, had spread the press-release in which the
following is informed:
Quotation begin
Astana, January 29, 2008, In connection to many questions, coming to
Exploration Production KazMunayGas JSC (EP KMG, Company) relative to
possible changes of tax and customs regime, applied to activity of the
company in Kazakhstan, EP KMG considers as necessary to make the next
explanations.
- Currently the Company is charging and paying taxes and other
compulsory payments in accordance with acting contracts for entrails
using. Nothing compulsory for execution decisions of state bodies,
supposing changes of tax and customs regime in relation to EP KMG
compared to acting on year 2007, was accepted currently. Along with it,
by messages of Mass media, Government considers the possibility of
change of compulsory payment regime, paid by oil companies, in
particular by introduction of export customs since January 1, 2009;
- It is supposed that customs for oil export, in case of their introduction,
won't speared on contracts in which there is clause about stability of tax
regime. In particular contracts of Kazgermunay and Karazhanbasmunay,
in which EP KMG has 50%-ge stakes are supposing the stability of both
tax and customs regime.
In main contracts of EP KMG, including contract for development of Uzen
field, there is no evident clause about stability of customs payments.
Nevertheless, application of export customs, changing the balance of
economic interest of entrails' user and state to these contracts need
additional juridical expertise. Company intends to hold such expertise within
nearest time.
Total volume of export of oil by EP KMG in year 2007 without considering
stakes of Kazgermunay and Karazhanbasmunay, made 7.4 m. tons (148 th.
barrels per 24 hours).
- Main taxes, paid by EP KMG currently are royalty, corporate income tax,
tax for super-profits and number of other taxes, indicated in contracts of
entrails user. In accordance with Kazakhstan legislation, tax terms of
contracts for oil extracting, signed before January 1, 2004 are stable. It
means, that tax terms of such contracts may be changed only by mutual
agreement of entrails user and state. All contracts for entrails using, by
which currently EP KMG is extracting the oil, and also contracts of
Kazgermunay and Karazhanbasmunay were signed before January 1,
2004, so the clause about tax stability is spread on them.
- EP KMG intends to undertake needed steps for maintain of constructive
dialog with the government, directed for setting of stable and fair level of
taxation, letting the Company to develop successfully in interests of all its
shareholders. Along with it, determination of taxation level, and also
other aspects of regulating of oil field are the prerogative of state and EP
KMG will undeviatingly observe all applicable requirements of legislation
and regulating bodies.
EP KMG JSC, Public relations (+7 7172 977 600, +7 7172 977 924)
Zukhra Sultanova e-mail: pr@kmgep.kz
EP KMG JSC, Institution investors connection (+7 7172 975 433)
Alexander Gladyshev e-mail: ir@kmgep.kz
WMC Communications Ltd/Pelham PR (+44 203 178 44 18)
Elena Dobson e-mail: Elena.dobson@wmccommunications.com
Quotation end
Full version of press-release of Exploration Production KazMunayGas JSC is
available on KASE's web site at:
-
http://www.kase.kz/emitters/scan/rdgz/rdgz_reliz_290108k.pdf - in
Kazakh language;
-
http://www.kase.kz/emitters/scan/rdgz/rdgz_reliz_290108.pdf - in
Russian language;
-
http://www.kase.kz/emitters/scan/rdgz/rdgz_reliz_290108e.pdf - in
English language.
[2008-01-30]