KMG EP to invest 900 ml tenge in Zhanaozen development in 2011

April 29. Interfax-Kazakhstan

KMG EP to invest 900 ml tenge in Zhanaozen development in 2011KazMunayGas Exploration Production (KMG EP, a subsidiary of Kazakhstan’s National Company KazMunayGas) is to spend 900 million tenge (145.57/$1) for the development of the town of Zhanaozen and the Karakinyask district of the Mangistau Region in western Kazakhstan.

The news was announced Friday after the sides had signed the program for social partnership and expenditures associated with the contract liabilities of KMG EP and the akimat (administration) of the Mangistau Region. The document was signed by the akim of the region, Krymbek Kusherbayev, and the general director of KMG EP, Askar Balzhanov.

The funds allocated in 2011 will be used to finance the construction of the marriage registration office, the education and health care institutions, and the housing and utilities infrastructure.

According to the Mangistau Region Akimat, in 2009-2010 KMG EP spent over 3.4 billion tenge on social projects in the Mangistau Region.

KMG EP was created in March 2004 as result of a merger of two daughter companies of KazMunayGas – EmbaMunayGas and OzenMunayGas.