Kazakhstan’s leading oil and gas operator JSC KazMunaiGas has seen revenues increase year-on-year due to the increase Brent price.
The firm released its financial Results for the first nine months of 2017 today.
Revenue for the first nine months of 2017 was up 29% year-on-year at $2,059million.
The company said this was “largely” a result of a 24% increase in the price of Brent, a higher share of export sales and the switch to the processing scheme in April 2016.
Net profit for the first nine months of 2017 was $521million compared to $220m in the same period of 2016.
Net cash generated from operating activities was US$570m compared to US$314m in the same period of 2016.
EBITDA for the first nine months of 2017 was $559million compared to $359million in the same period of 2016.
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