EmbaMunaiGas may finish 2015 with loss of 24 billion tenges
Edited by Rhod Mackenzie / 2015-07-24 09:42:06
EmbaMunaiGas (EMG) can finish the current year with a loss in the amount of 24 billion tenges, the company’s general director Kurmangazy Iskaziev reported.
"As the country's budget is formed based on the cost of Brent oil, at the beginning of the year the Government ordered to calculate the budget of the KMG group of companies on the basis of the cost of $50 per barrel. While the average cost of oil at EMG is $66 per barrel. As a result, we can finish the current year with the loss in the amount of 24 billion tenges,"- he said.
In his opinion, it would be more correct to accept a differentiated scale of export customs duties on oil (ECD).
