PetroKazakhstan Inc. - Curtailment of Production
26 Abril 2005 - 9:01AM
PR Newswire (US)
PetroKazakhstan Inc. - Curtailment of Production CALGARY, April 26
/PRNewswire-FirstCall/ -- PetroKazakhstan Inc. (the "Company") has
not yet received the CCD decision setting limits on oil and gas
production at Kumkol to a level which would exclude any associated
gas flaring. However, the Company has received today a letter from
Mr. Eleushov, First Deputy Chairman of the Committee of Environment
Control, Ministry of Environmental Protection requesting the
Company to reduce the volume of gas production to the level of
actual utilization of associated gas in all fields operated by
PetroKazakhstan Kumkol Resources ("PKKR"). The Company has
immediately started the process of reduction of production to a
level that will eliminate gas flaring. The Company does not know at
this time whether other oil producers have received similar
instructions. Based on official statistics of the Government of
Kazakhstan it would appear that out of 34 oil producers only 5
operate without gas flaring. Based on the same statistics, PKKR
accounted for 26.3 million cubic meters of flared gas versus 604
million cubic meters for the whole industry in Kazakhstan in the
first quarter of 2005. As previously released on April 21, 2005 the
requirement for full gas utilization is the result of new
legislation adopted in December 2004. PetroKazakhstan is currently
implementing a plan for full gas utilization by July 1, 2006 and
the plan has been submitted to the appropriate regulatory
authorities. PetroKazakhstan Inc. is a vertically integrated,
international energy Company, celebrating its eighth year of
operations in the Republic of Kazakhstan. It is engaged in the
acquisition, exploration, development and production of oil and
gas, refining of oil and the sale of oil and refined products.
PetroKazakhstan shares trade in the United States on the New York
Stock Exchange, in Canada on The Toronto Stock Exchange, in the
United Kingdom on the London Stock Exchange and in Germany on the
Frankfurt Exchange under the symbol PKZ. As of December 27, 2004,
PetroKazakhstan shares began trading on the Kazakhstan exchange
under the symbol CA_PKZ. The Company's website can be accessed at
http://www.petrokazakhstan.com/. The Toronto Stock Exchange has
neither approved nor disapproved the information contained herein.
DATASOURCE: PetroKazakhstan Inc. CONTACT: Ihor P. Wasylkiw, Vice
President Investor Relations, (403) 221-8658, (403) 383-2234
(cell); Jeffrey D. Auld, Vice President, Treasurer, + 44 (1753)
410-020, + 44 79-00-891-538 (cell)
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