Kazakhstan decreased forecast of oil extraction by 67.6 m. tons for year 2008

/REUTERS, Astana, Raushan Nurshaeva, May 21, 08/ - Kazakhstan, the major producer of hydrocarbons in Central Asia, decreased forecast of oil extraction from 70.0 m. tons to 67.6 m. tons for year 2008, Bahyt Sultanov, the Minister ofEconomic and Budget Planning, said to journalists on the briefing. "Taking into account planned repair work and extracted volumes for 4 months, they (the Ministry of Energy) specified the forecast to 67.6 m. tons' - the minister said on Wednesday. Sultanov didn't explain according to what reasons the Ministry of Energy decreased suggested volume of oil extraction on Kazakhstan oilfield. "There are certainly restrictions in transport component...Through the narrow neck of bottle you can pour out as much liquid as it permits". -he added. Earlier this year Kazakhstan introduced oil export duty in the amount of $109.91 per ton for 38 companies, in the number of which half state company Exploration Production KazMunayGaas, PetroKazakhstan, Zhaikmunay entered. "Even considering the export custom duty, selling on international markets will be profit enough operation" - Sulyanov said. According to Kazakhstan government forecast, in 2008 incomes in republican budget from duty introducing is expected in the amount of KZT159.9 bn. ($1.325 bn.). The forecast has been reviewed lately. "The government made up budget refinement, based on world price $95 per barrel...previous indexes of budget were calculated based on $60 per barrel" - Sultanov said. Extraction of oil and gas condensate in 2007 increased by 67.5 m. tons from 65.0 m. tons a year earlier. In 2010, according to government forecasts, the volume of oil extraction in Kazakhstan will increase by 80 m. tons. [2008-05-21]