About 8m-Dollar Embezzlement Revealed in Kazakh Oil, Gas Company

Text of report by Interfax-Kazakhstan news agency

Astana, 25 January: The [Kazakh] State Agency for Fighting Economic Crimes and Corruption (financial police) has uncovered cases of embezzlement in the KazTransGaz joint-stock company (gas transportation subsidiary of the Kazakh national oil and gas company KazMunayGaz) totaling 533m tenge (current exchange rate is 120,22 tenge per dollar).

“We have uncovered 533m-tenge embezzlement in the KazTransGaz joint-stock company during construction of 17 gas wells in the Amangeldy deposit [in southern Zhambyl Region],” the first deputy chairman of the state agency, Rustam Ibragimov, said at a meeting that summed up the 2007 results held in Astana today.

Besides, according to him, misappropriation also was revealed in the KazMunayGaz Exploration and Production joint-stock company (oil extraction subsidiary of the KazMunayGaz).

“Misappropriation totaling 366m tenge, via overpricing work on technical estimation of oil at the Uzen field, was revealed in the KazMunayGaz Exploration and Production joint-stock company,” he said.

Originally published by Interfax-Kazakhstan news agency, Almaty, in Russian 0607 25 Jan 08.

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