Mangistaumunaigas (Kazakhstan) plans to produce 4.15 mln tons of oil in year 2000

/IRBIS, June 5, 00/ - The president of "Mangistaumunaigas" - Kazakhstan's oil-mining company, Sagyn Krymkulov, informed REUTERS that the company plans to produce 4.15 mln tons of oil in the current year. The same number for the previous year exceeds 3 mln tons. According to his data, the five months' volume amounted 1.666 mln tons, that is higher by 56.6 th tons in comparison with the same period of previous year. Half of produced oil, company exports to non-CIS countries. The volume of investments planned for this year is $100 mln. The president also reported that company has not made any large-scale investments in 1999. In the fourth quarter, there was only $13 mln of investments. The reasons for positive investment forecast in this year are favorable world's conjuncture and positive production conditions. Mangistaumunaigas controls a number of perspective oil fields on the West of Kazakhstan, such as Kalamkas and Jetybai. The oil fields of Mangistau region, including Uzen, Kalamkas, Northern Buzachi and Karajhanbas, could provide 8 mln tons of oil annually. He also added that residual recoverable resources amount 800-1000 mln of tons. The company is included in government program of "blue chips" privatization. The controlling block of company's shares (60%) belongs to Indonesian Central Asia Petroleum company. The state represented by Kazakhoil holds 30% of shares and the rest are distributed among company's personnel. The government has planned to put on sale its block of 30% shares through the Exchange or distribute it among strategic investors. Mr. Krymkulov made it clear that he prefers the last option as the Indonesian company has solved a number social issues. "We do not have any wage arrears. Moreover, while on January 1, 1999, average wage was KZT23 th, at present, it amounts to KZT33-36 th", - he added. According to the company's reports, in January-April 2000, the amount of accounts receivable has increased to KZT30.254 bln in comparison with KZT16.79 bln for the same period of 1999. For the same time, accounts payable decreased to KZT14.014 bln from KZT17.579 bln.