OREANDA-NEWS. August 18, 2010. In the H1 2010 net profit of Samruk-Kazyna made up about KZT 200 billion. This was announced at a Fund’s extended sitting by its Chairman Kairat Kelimbetov.

In the current year KazMunaiGaz, which is a subsidiary of Samruk-Kazyna, plans to triple its profit against 2009, bringing it up to KZT 155 billion, announced the company’s President Kairgeldy Kabyldin. The oil production forecast for the H1 2010 was exceeded by 18%, he said. According to him, KazMunaiGaz accounts for 22% of all the tax proceeds nationwide and for 25% of the National Oil Fund’s revenues.

Kazakhstan’s Prime Minister Karim Massimov instructed to work out a new strategy of Samruk-Kazyna’s development which will be more aimed at securing high efficiency of every individual company within Samruk-Kazyna.

He also instructed to run IPOs of part of the national companies. “By the end of the year we need to have small stakes in these companies offered publicly to facilitate development of the domestic stock market”, K. Massimov said addressing to Smaruk-Kazyna Chairman Kairat Kelimbetov. “This initiative was to be launched back in 2007, but the global financial crisis hampered that. Now it’s time to resume the efforts. People’s savings should work [through stock market] for the sake of industrialization programs, S&MBs”, he said.

“The timeframe of the Kazakhstan Caspian Transport System can change”, KazMunaiGaz Head Kairgeldy Kabyldin announced. The proposed KSTS project will consist of a 700-kilometer pipeline from Eskene to the Caspian port of Kuryk , a maritime barge link to Baku , and a transfer station where the Kashagan crude will be put into an expanded BTC pipeline to Turkey.

He elaborated that “the group of 6 companies submitted a document July 27 to the Minister of Oil and Gas informing that the 2nd stage of development of Kashagan is delayed to 2018-2019”, that’s why the timeline for the Kazakhstan Caspian Transport System is likely to change. The project was thought to be launched in 2010-2011.

In a separate statement Prime Minister instructed to make sure commodities are sold through commodity exchanges of Kazakhstan. “The issue of developing commodity exchanges has not been attended to seriously… Now it’s time to address the issue”.

Askar Mamin, President of KazakhstanTemirZholy National Railways Operator, announced that the company’s gross income for the H1 2010 made up KZT 268 billion.