Kazakhstan to liquidate two huge national companies

By  Trend

Kazakh National Oil and Gas Company KazMunaiGas (KMG) plans to liquidate some of its subsidiaries and take its functions, Sputnik Kazakhstan quoted KMG chairman Sauat Mynbayev as saying.

"KazMunaiGas - Refinig and Marketing" will be liquidated probably until the yearend, "KazTransGas" in will be liquidated in the first half of 2017," Mynbayev said at a roundtable.

He noted that subsidiaries of KazTransGas - InterGaz Central Asia and KazTransGas Aimak, which pump gas in Kazakhstan, will fall under direct control of KazMunaiGas after liquidation of KazTransGas.

The change will allow to reduce the administrative and managerial staff by 20 percent.

Meanwhile Mynbayev said that KazMunaiGas would not close another huge subsidiary KazTransOil and it will continue to pump oil. But some its functions, such as control of its subsidiaries and development of its strategy will be transferred to KazMunaiGas.
KazMunaiGas is Kazakhstan's national operator for exploration, extraction, refining and transportation of hydrocarbons.