Head of KMG expects a difficult situation with financial results-2015

KMG will possibly be able to save the physical volumes of production and transportation of hydrocarbons in 2015 but there is concern about its financial results, its management is less optimistic due to the fall of oil prices at the end of 2014, chairman, S. Mynbaev, said.

“In 2014 we had a net profit as the prices until September were higher than the level planned in the budget for 2014. The price fall mainly took place in Q4 and the net profit plan was executed in full – 366 bln tenge”, he said.

The oil price fall will mostly influence the company’s financial results in 2015. “In 2015 we are less optimistic, particularly, in the part of our financial results… Even despite of the fall in capital investment, we might be able to save the physical volumes of production and transportation but I expect a difficult situation with our financial results”, the head of the company said.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
42a Pushkina Street; Ufa, Bashkortostan 450076; Russia
E 54° 43.48836" N 55° 55.52346"
Telephone: +7 927 303 00 25

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer