In Q1, net loss of Kazmunai Gas E&P was $4 million versus net profit a year before

In Q1, the net loss of Kazmunai Gas E&P was 660 million tenges ($4 million) versus net profit of 75.218 million tenges a year before. The company explains gaining of the loss by additional reserves for devaluation and a decline in income from associated companies and joint ventures and higher production expenses. The enterprise declined revenue by 2% to $1.342 billion, due to decline in oil price. Oil production within the period was 3.002 million tons, i.e. 247,000 barrels a day, by 1% less than in Q1 2012, taking into account the share in Kazgermunai LLC, CCEL and PetroKazakhstan Inc.