KazMunaiGas EP boosts 2010 profit 12% on higher oil prices

ALMATY. March 4. KAZINFORM KazMunaiGas Exploration Production (RDGZ) increased 2010 profit by 12 percent because of increased oil prices and a higher share of income from ventures, Kazinform refers to Nariman Gizitdinov, Bloomberg.

Earnings rose to 234.5 billion tenge ($1.6 billion), the Astana-based Kazakh energy company said today in a statement.

Profit growth was partially offset by the absence of a repeat of the foreign exchange gain that amounted to 89.5 billion tenge in 2009, the company said. Excluding the foreign exchange gain, KazMunaiGas EP's profit after tax increased by 72 percent compared with 2009, it said.

KazMunaiGaz National Co., Kazakhstan's state energy company, plans to raise $500 million by selling a 5 percent stake in KazMunaiGas EP to citizens of the Central Asian country. State-owned KazMunaiGaz holds 61.4 percent of is London-listed unit's ordinary shares, according to the Kazakhstan Stock Exchange website.

KazMunaiGas EP boosted 2010 operating profit 21 percent to 187 billion tenge, the company said.

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