First President outlines effectiveness of economic and social policies of KMG

NUR-SULTAN. KAZINFORM – On June 3 the First President of the Republic of Kazakhstan-Elbasy Nursultan Nazarbayev chaired a meeting of the Management Board of the National Welfare Fund «Samruk-Kazyna», Kazinform correspondent reports.

Speaking at the session, Nursultan Nazarbayev praised the actions of the management of the JSC National Company KazMunayGas.

Elbasy outlined that JSC NC KazMunayGas managed to maintain uninterrupted production process and avoid reducing operational workforce amid economic fallout from the coronavirus pandemic.

According to KMG, during the first quarter of 2020 revenue amounted to 1,376 bln tenge (USD 3,513 mln), down by 22.0% year-on-year largely due to a 19.7% decline in average Brent price and the decrease in KMG International’s (KMG I) crude oil sales volume, which was slightly offset by higher gas exports and Tenge devaluation against the US Dollar. Crude oil and oil products sales of KMG I decreased by 44.1% and 30.5% year-on-year to 236 bln tenge (USD 602 mln) and 267 bln tenge (USD 681 mln), respectively. Gas export revenues increased by 15.3% and amounted to 206 bln tenge (USD 527 mln) on the back of increase in export volumes.

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