KazMunayGas commented on the publications in the telegram channel of Mr. Kozachkov, who criticized the activities of KMG's subsidiary OzenMunayGas.
“In connection with numerous media requests to comment on Kozachkov's publications on the financial position of OzenMunayGas, we report the following. The information that the annual income of OzenMunayGas from the sale of raw materials is 2 trillion tenge does not correspond to reality. Thus, annually, depending on the price quotes for energy resources, the share of deliveries to the domestic market (in order to maintain stable prices for fuel and lubricants) and production volumes, the company's income does not exceed 1 trillion tenge. For example, in 2020, the proceeds from the sale of oil amounted to 477 billion tenge, in 2022 901 billion tenge,” the publication says.
In addition, KMG noted the unreliability of information on the cost structure of OzenMunayGas. In 2022, OzenMunayGas spent 93 billion tenge on drilling wells, or about 10% of total expenses, expenses on well maintenance 14 billion tenge, or about 1%, purchase of tubing 21 billion tenge, or about 2%, respectively. The blogger claimed that drilling and well workover costs amounted to 20-25% of the total costs.
The company reported that in January-April, the net profit of OzenMunayGas amounted to 14 billion tenge.
“Despite this result, due to the presence of a number of items of investment costs for the renewal of the well stock, the fleet of special equipment, underground equipment and other indicators for net cash (flow. Italic) formed at the level of minus 40 billion tenge. The company expects to receive positive flows from investments in the future,” the report says.
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