KazMunayGaz Head forecasts rise in prices for oil

ASTANA. KAZINFORM - Chairman of the Board of "KazMunayGaz" JSC Sauat Mynbayev forecasts a rise in prices for oil because production of oil becomes more and more expensive.

"In general, speaking of cheap oil we can say this era is gone, the level of expenses for production of oil will sooner or later will impact its prices. The prices will rise. However, nobody knows when it is going to happen, and we all expect the prices to remain the same for at least some lengthy time. Based on this scenario we build our plans and investment program," Sauat Mynbayev told at the KAZENERGY Eurasian Forum.

He also informed that "KazMunayGaz" JSC reduced the amount of investments by 130 bln tenge. "It is a big amount of money for us. We have not reduced the amount of oil production so far. The issue of efficiency of expenses regulation is really critical now," he added.