MangistauMunayGaz must join KazMunayGaz’s empire. 

A new Tax Code will impose oil export tax ranging between 7% and 32% when world oil prices are above $40 per barrel from 2009.

A new Tax Code is expected to impose tax on oil extraction from 2009. The rate of the tax will range between 7% and 20% depending on a company’s output.

The Energy and Mineral Resources Ministry has drafted a new law on mining and mineral resources, Energy and Mineral Resources Minister Sauat Mynbayev told a government meeting in Astana on 6 August.

Kazakhstan has cut its forecast of oil and gas condensate output to 67.6m tonnes of oil in 2008. The government revised the figure based on the output in the first four months of the year.

Kazakhstan has imposed a ban on exports of petroleum products in a bid to curb local prices of petroleum products and prevent shortages of them on the domestic market.

Kazakhstan’s national oil and gas company, KazMunayGaz (KMG), has transferred a 27% stake in the project to conduct prospecting in the Zhambyl oil field in the northern part of the Kazakh sector of the Caspian Sea in a bid to counter the influence of Western oil multinationals in the country’s oil and gas sector.