Cabinet to prevent significant decline in oil production - B.Sagintayev

ASTANA. KAZINFORM - Kazakhstan's Government will prevent significant decline in oil production, said First Deputy Prime Minister Bakhytzhan Sagintayev at a press conference in CCS.

According to his words, the Government and Kazenergy have carried out in-depth analysis of 57 oil and gas producing companies. As a result there were selected 39 marginally profitable ones. He informed that the Government plant to reduce the severance tax of the above mentioned 39 companies before October 1. He noted that this will reduce the overall tax burden on the oil production companies by 8% or 146 billion tenge.