Kazkommertsbank (Kazakhstan) launches mortgage loan program for Agip KCO employees

/KASE, October 29, 09/ - Kazkommertsbank (Almaty), a company listed on Kazakhstan Stock Exchange (KASE), issued a statement today: Quotation begins Kazkommertsbank became a partner of an oil producer Agip KCO through implementing a mortgage loan program of its employees after the bank had won a tender among second-tier banks. "We, likely, have the biggest expertise in mortgage lending, since Kazkom was the first Kazakh bank to issue long-term loans. Besides, we have a huge presence in the regions where Agip KCO is operating (Atyrau, Aktau, Almaty, Astana), which is why we are confident, our cooperation will be mutually beneficial", - Tatiana Belova, Director of Business Development, said. The Agip KCO mortgage program is a part of strategy for local personnel, covering over 2,000 company employees. Under the program Agip KCO is a guarantor and will cover a substantial part of costs for servicing its employees' mortgage loans. Apart from the mortgage program, the bank will service Agip KCO and its employees in other areas: consumer crediting, deposits, cash service and payment cards. Cooperation between the two accords with the initiative proposed by the government and the president regarding more active cooperation of foreign companies with Kazakhstan banks with a purpose of support of banking industry and Kazakhstan economy. Reference: Agip KCO N.V. (Agip) - is Eni S.p.A subsidiary that performs operations under Agip KCO N.V. is an Eni S.p.A subsidiary that performs operations under the North Caspian Sea Production Sharing Agreement dated as of 1997 under an agency agreement with North Caspian Operating Company B.V. Agip KCO N.V. is responsible for the execution of Phase I (Experimental Program) of Kashagan offshore oil field development including achieving first commercial production, complying with the strictest international standards for safety and environmental responsibility. In addition, Agip KCO N.V. is responsible for the project execution for the onshore facilities of Phase II of the Kashagan development. In January 2009 Joint operating company "Nord Caspian Operating Company" (NCOC) assumed functions, which were exercised by Agip. NCOC is controlling the entire project, planning, coordination, modeling collectors, researching, initial development planning and cooperation with state agencies on behalf of the entire company. Through Agip, which is an agent of NCOC, Eni is retaining its responsibility for the First Phase of the Experimental Program on the Kashagan deposit. At the Second Phase the responsibility will be divided between shareholders for the project management in the following manner: Shell - sea complex, Eni - land plant, Exxon - drilling. Contact: Sergey Chikin, Public Relations Tel.: +7 (727) 258-53-92, E-mail: schikin@kkb.kz Ends [2009-10-29]