Net profit of Karachaganak project for Kazakhstan to be USD 13.3 billion

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13:50 05.03.2012
text: Kazinform
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"Net profit of Karachaganak project is USD 13.3 billion," said Kazakh Minister of Oil and Gas Sauat Mynbayev at the governmental hour in Parliament.

"USD 38 billion among them USD 17.3 billion to contractor paid from the Karachaganak project start. Net income of project is USD 20.7 billion. USD 13.3 (about 64 %) billion were paid to Kazakhstan," Minister said.

According to him, Kazakhstan has acquired 10% stake of the project. At that Kazakhstan will not reimburse any costs incurred in excess of the agreed budget. Such agreement has been reached for the first time.

S. Mynbayev informed that 10% stake will bring to Kazakhstan additional income to the amount of USD 3.3 -5 billion in the form of JSC "KazMunaiGas" cash flows or USD 1.4-2 billion in the form of "KMG" discounted cash flow in the period 2012-2037 when forecasting price of oil will USD 85 for barrel.