NC?KazMunayGas? investment program for 2009 amounts to KZT 696 bln
10:23, 22 January 2009
ASTANA. January, 22. KAZINFORM /Zauresh Balkenova/ National Company ?KazMunayGas? JSC plans in 2009 to implement an investment program that includes 65 projects worth 696 billion tenge. Head of the Company Kairgeldy Kabyldin informed of it yesterday at the Board of the Ministry of Energy and Mineral Recourses, Kazinform reports.
According to the President of the Company ?investment portfolio of the oil-and-gas company was ranked and different versions were considered? on the basis of financial conditions. Today, the budget, which was approved by the Board of Directors is based on calculations of oil prices at $ 40 per barrel», said K. Kabyldin.
However, the Head of the national oil-and-gas company emphasized that in a crisis the Company ?imposed thorough selection of investment projects? and its efforts directed mainly to the ?preserving of current capacity of oil-and-gas sector, avoidance of social conflicts and job cuts?.
According to the Head of the Company the prime cost of sales and general administrative expenses were reduced by 44 per cent and 16 per cent respectively. In addition, K. Kabyldin did not exclude possible cut of the investment program to KZT 5 bln.