KMG EP Jan-Sept Profit Jumps on Higher Crude Price

KMG EP Jan-Sept Profit Jumps on Higher Crude Price

ALMATY — Kazakh upstream company KazMunaiGas Exploration and Production posted a ‍net profit of 168 billion tenge (385.80 million pounds) for the first nine months of 2017 on Monday, up from 76 billion tenge in same period of 2016​.

Revenue for the same period rose 29 percent year-on-year to 666 billion tenge, largely as a result of a 24 percent increase in the price of Brent , higher export sales and a switch to a new processing scheme, it said in a statement.

(Reporting by Olzhas Auyezov; editing by Vladimir Soldatkin)

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