The chairman of state owned Kazakhstan oil and gas firm KazMunaiGas claims 2016 was “fruitful, despite the challenging circumstances” facing the industry.
Total production output for the firm remained in line with 2015 results, at more than 12,000 ktonnes.
However net income for 2016 nearly halved compared to 2015.
Earnings before interest, tax, depreciation and amortization (EBITDA) reached 206,850 million tenge in 2016 comapared to just 8,801million tenge in 2015.
In a note to shareholders, KMG chairman Frank Kuijlaars, said: “I am pleased to report that the efforts of the company’s workforce and management in 2016 were fruitful, despite the challenging circumstances facing the international oil and gas sector.
“We successfully accomplished a number of significant Company objectives and, as a result, achieved positive operating and financial results.
“We have also continued working on accomplishment of the company’s strategic goals.”