Mynbayev: KazMunaiGas To Eliminate The Unnecessary Daughters

KazMunaiGas Close To IPO Move As It Trims Debt Pile

As assured the head of the “KazMunaiGas” Sauat Mynbayev, the production staff of liquidated subsidiaries will not be reduced.

ASTANA, November 3 -. Sputnik National Company “KazMunayGas” (KMG) plans to eliminate some of the sub-holdings, currently taking part of their functions, the chairman of the Board of KMG Sayat Mynbayev. “KazMunaiGas – Processing and Marketing”, probably before the end of the year will be liquidated, “KazTransGas” in this first half will be liquidated, “- said Mynbayev said at a roundtable on Thursday. He noted that the gas transport functions are now carried out in Kazakhstan “Intergas Central Asia” (backbone transport) and “KazTransGas Aimak” (regional networks).

“KazTransGas Aimak” – separately, “Intergas Central Asia” – separately be under the direct subordination of “KazMunaiGas”, – he told reporters the head of the national company.

According to Mynbayev, this decision will allow a 20% reduction in administrative and managerial staff. On the reduction of the production of speech does not go staff, said the head of EP. Mynbayev also spoke about the future of another “daughter” KMG – the largest oil pipeline company of Kazakhstan “KazTransOil”. “KazTransOil” remains as a manufacturing company, mainly, that transports. But the function that performs “KazTransOil” as subholdingovoy companies such as subsidiary companies, the development of its strategy – all these functions, as in the previous case, will be transferred to the parent company “KazMunayGas”, – Mynbayev said.

“KazTransOil” also will be on the market within the framework of the “People’s IPO” program. Mynbayev said that the planned innovation will simplify and streamline the activities of companies.

National Company “KazMunayGas” – Kazakhstani operator for exploration, production, refining and transportation of hydrocarbons. National Welfare Fund “Samruk-Kazyna” owns 90% of KMG shares. The remaining 10% of shares belong to the National Bank of Kazakhstan. The largest group of companies “KazMunayGas” are “Exploration Production” KazMunayGas “(exploration and production of oil and gas),” KazTransOil “(oil transportation),” KazTransGas “(transportation and sale of gas),” KazMunayTeniz “(offshore operations) “KazMunaiGas – processing and marketing” (the sale of oil and petroleum products in the domestic and international markets), KMG international NV (refining, marketing of petroleum and petroleum products in Romania and the countries of the Black Sea and the Mediterranean basin).

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