Results of NOC Kazakhoil CJSC subsidiaries in 2000

/KASE, March 20, 01/ - NOC Kazakhoil CJSC (Astana, official list of the securities, category "A") provided the Kazakhstan Stock Exchange (KASE) non-consolidated financial statements for the year 2000 (balance sheet, income and cash flow statements), as well as major indicators for the year 2000 of main subsidiaries: Uzenmunaigas OJSC, Kazakhoil-Emba OJSC and Atyrau NPZ OJSC. Based on presented documents main indicators of NOC Kazakhoil CJSC and its three subsidiary companies were as follows for the year 2000 (mln KZT, unless otherwise indicated): ------------------------------------------------------------------ Change, % Indicator 2000* 1999 ------------------------------------ ------- ------- ---------- NOC Kazakhoil CJSC ------------------------------------ ------- ------- ---------- Sales (works done, services) 35,476 5,785 +513.2 Production expenses 4,856 4,435 +9.4 Net income (loss) 25,747 714 +3,506.0 Average listed number of workers 302 234 +29.0 Payments made to budgetary and off-budgetary funds 6,574 2,534 +159.4 Accounts receivable 6,715 7,754 -13.3 Accounts payable 3,722 6,028 -38.2 including budgetary payments 2,595 3,365 -22.8 Capital investments 2,309 1,506 +53.3 ------------------------------------ ------- ------- ---------- Uzenmunaigas OJSC ------------------------------------ ------- ------- ---------- Extraction volume, th tons 3,645.3 3,238.4 +12.5 Average price per ton of oil, KZT 17,048 9,276 +83.7 Extraction cost of 1 ton of oil, KZT 6,623 3,150 +110.2 Sales (works done, services) 64,700 31,677 +104.2 Production expenses 43,083 21,720 +98.3 Net income (loss) 14,252 6,970 +104.4 Average listed number of workers 6,637 6,237 +6.4 Payments made to budgetary and off-budgetary funds 11,646 3,087 +277.2 Accounts receivable 2,000 5,834 -65.7 Accounts payable 5,721 6,246 -8.4 including budgetary payments 3,147 2,673 +17.7 Capital investments 14,378 2,231 +544.4 ------------------------------------ ------- ------- ---------- Kazakhoil-Emba OJSC ------------------------------------ ------- ------- ---------- Extraction volume, th tons 2,291.7 2,289.7 +0.1 Average price per ton of oil, KZT 16,540 10,064 +64.3 Extraction cost of 1 ton of oil, KZT 5,074 2,709 +87.3 Sales (works done, services) 36,712 24,982 +46.9 Production expenses 21,875 17,047 +28.3 Net income (loss) 9,839 4,399 +123.6 Average listed number of workers 6,455 6,211 +3.9 Payments made to budgetary and off-budgetary funds 10,316 4,935 +109.0 Accounts receivable 1,253 1,225 +2.2 Accounts payable 1,650 4,559 -63.8 including budgetary payments 203 1,860 -89.0 Capital investments 8,955 2,382 +275.9 ------------------------------------ ------- ------- ---------- Atyrau NPZ OJSC ------------------------------------ ------- ------- ---------- Processing volume, th tons 2,191.2 1,884.3 +16.2 Sales (works done, services) 6,413 4,641 +38.1 Production expenses 4,719 4,449 +6.0 Net income (loss) 1,426 147 +870.0 Average listed number of workers 1,715 1,669 +2.7 Payments made to budgetary and off-budgetary funds 4,311 3,939 +9.4 Accounts receivable 1,431 708 +102.1 Accounts payable 419 1,000 -58.1 including budgetary payments 167 781 -78.6 Capital investments 844 570 +48.0 ------------------------------------------------------------------ * - initial data not consolidated. Coupon bonds of NOC KAZAKHOIL CJSC (KZ72LAG56A20, trade code - KZOLb) were entered into official list of the Exchange under category "A" on May 19, 2000. The issue volume - $25.0 mln, face value of the bond - $100, coupon rate - 9% APR, payment frequency - 2 times a year, circulation term - 2 years. Uzenmunaigas OJSC (stake of NOC KAZAKHOIL CJSC - 90%) - oil and gas producer, which develops 2 oil and 6 gas fields, including Karamandybas and Uzen, the third largest field in Kazakhstan. As of Jan 1, 2000, 268 mln tons of oil was extracted, which is 58% of initial extractable reserves. Residual geological and extractable reserves are 789 and 198 mln tons, respectively. Total number is 5,537 wells. Daily oil extraction is 8,282 tons. Kazakhoil-Emba OJSC (stake of NOC KAZAKHOIL CJSC - 85%) - oil and gas producer, which was established in June 1999 by merging Embamunaigas JSC and Tengismunaigas JSC. There are six divisions that are engaged in oil and gas extraction: Jaikneft, Dossorneft, Makatneft, Kainarmunaigas, Kulsaryneft, Prorvaneft, which develop 33 oil and gas condensate fields. Residual extractable oil reserves are 87.9 mln tons as of Jan 1, 00, and 29.9 bln cubic meters of gas, liquefied gas - 5.4 bln cubic meters, condensate - 1.51 mln tons. Atyrau NPZ OJSC (stake of NOC KAZAKHOIL CJSC - 86%) - the oldest of all three refineries of Kazakhstan. Production capacity is 5 mln tons a year at 59% processing degree. During the last 2 years the plant's loading fell to 40%. In 1999 the refinery processed 1.9 mln tons of oil. On August 10, 2000 NOC KAZAKHOIL CJSC and Japanese Marubeni Corporation signed a framework agreement "On reconstruction of Atyrau refinery". The cost of the project is $308 mln, excluding fees and taxes. This year the government intends to put the matter on providing a guarantee for the Japanese loan onto the budget 2001.