"KazMunaiGas" Survey Extraction" JSC established

A general shareholders meeting of "KazMunaiGas" NC" CJSC - "Ozenmunaigas" OJSC and "Embamunaigas" OJSC, has taken place today, on 31 March, in Astana. Main organizational issues related with a new joint stock company "KazMunaiGas" Survey Extraction", established by means of a merger between the abovementioned KMG branches have been reviewed at the meeting, KZ-today correspondent has been advised in the PR department of "KazMunaiGas" NC" CJSC.

The company charter and board of directors have been approved. The size of the authorised capital stock of "KazMunaiGas" Survey Extraction" JSC will total in 10 billion 340 million 268 thousand 750 tenge. The number of stated shares is 41 million 361 thousand 75, of which: 37 million 224 thousand 968 simple shares, 4 million 136 thousand 107 privileged shares. The nominal price of one share - 250 tenge.

Uzakbai Karabalin, president of "KazMunaiGas" NC" CJSC, has observed that the merger of the two companies and the establishment of new "KazMunaiGas" Survey Extraction" JSC is an event of big importance for the oil & gas industry of the republic. "Its main objective is to increase the extraction, enter new fields and projects. We must become equals among the strong," - the head of national companu has stated.

Zhakyp Marabayev, who previously worked as managing director of "KazMunaiGas" NC" CJSC, has been elected director general of the newly established company.

The new JSC headquarters will be located on the left bank of Ishim. The total number of the merger employees will equal 16 thousand.

It has been observed at the meeting that the "neighbourliness" of the government and the head company will allow the JSC to resolve its operational and other issues in time. The current offices of "Ozenmunaigas" OJSC and "Embamunaigas" OJSC in Atyrau and Zhanaozen will remain the new company branch offices.

Earlier it was reported that the decision on merger between the branch companies has been made by the steering committee of "KazMunaiGas" NC" CJSC in the end of 2003. From now on the new joint stock society will be able to fulfil new capital-intensive investment projects, which were unaffordable for the separate branches. It will become the second one in Kazakhstan with regard to the volume of the extracted oil.

Such growth will provide an opportunity to optimise and lower costs for the maintenance of administrative managerial personnel and to increase the the national company net income in general.