LONDON (Thomson Financial) - JSC KazMunaiGas Exploration Production said its first-half profit
more than doubled as production rose 19.4 percent, benefiting from the acquisition of 50 percent stakes in Kazgermunai and CCEL.
For the six months to June 30 2008, KazMunaiGas' pretax profit rose to 262.19 billion tenge ($1.224 billion) from 117.64 billion a year earlier, while revenue rose to 337.03 billion tenge from 209.94 billion.
Crude oil production rose to 5.9 million tonnes.
'The results for the first half of 2008 are in line with our plans and demonstrate the progressive development of the company,' said CEO Askar Balzhanov. 'We intend to maintain the company's financial and operational growth with the continued focus on expansion of our resource base.'
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