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JSC KazMunayGas TABLE OF CONTENTS 01 COMPANY OVERVIEW ...........................3 04 CORPORATE RESPONSIBILITY .................................97 Overview of KMG ....................................4 Climate change .....................................98 Geography of assets ................................6 KMG efforts to realise KMG in figures .......................................12 sustainable development goals ........... 102 Market trends and challenges ................14 Ecological responsibility ...................... 104 Social responsibility ............................. 118 02 STRATEGY OVERVIEW .........................19 Statement from the Chairman 05 CORPORATE GOVERNANCE ...............129 LIMITS AND of the Board of Directors .......................20 Risk management ................................130 RESTRICTIONS Strategy ................................................22 Corporate governance ..........................138 OF THE ANNUAL Performance metrics .............................26 Information for shareholders REPORT KMG business model .............................28 and investors .......................................182 Transformation and privatisation ...........30 The JSC National Company KazMunayGas IFRS and a number of recommendations 06 FINANCIAL STATEMENTS ................... 191 (“KMG” or the “Company”) Annual Report for from international GRI standards on Digitalisation ........................................34 2018 includes operating results for KMG and the presentation of financial results and Terms, abbreviations its subsidiaries and dependent organisations, sustainable development achievements. and acronyms ......................................206 hereafter referred to as the KazMunayGas 03 OPERATIONS OVERVIEW .................... 37 Group of Companies (“Group”), except in The KMG Annual Report specifies a Contacts ..............................................207 specific cases, for which explanations have correlation between the Company’s Statement of the Chairman been provided in footnotes (notes). KMG competitive environment, strategy, of the Management Board .....................38 is the Group’s parent company and for business model, operating model and risk this Annual Report presents consolidated management system and a clear corporate KMG operating model ...........................40 information on the operating and financial governance structure. performance of the Group’s key assets. The Reserves and exploration ......................42 subsidiaries covered by the Annual Report, The Annual Report has been approved by the and KMG’s equity interests are disclosed in Board of Directors. Oil and gas production...........................46 the “Company Overview” section and notes to the financial statements for 2018. The Annual Report text may incorporate Transportation ......................................62 discrepancies in the calculation of shares, The Annual Report has been drafted based on percentages and amounts when rounding Downstream .........................................76 an analysis of operating data, consolidated off estimated figures. The information in financial statements in accordance with the Annual Report may differ slightly from Service projects .....................................92 previously published data due to different calculation methods and approaches to the disclosure of information. KMG Annual Report for 2018 KMG Annual Report for 2018 KMG COMPANY OVERVIEW Company overview Strategy overview Operations overview Corporate responsibility Corporate governance Financial statements KMG Annual Report for 2018 KMG Annual Report for 2018 KMG OVERVIEW OF KMG KMG'S SHARE IN OIL AND GAS INDUSTRY OF KAZAKHSTAN majority of export oil is transported by the JSC NC KazMunayGas is an upstream, 67 mln tonnes capacity Tengiz-Novorossiysk midstream and downstream hydrocarbon (CPC pipeline); the 17.5 mln tonnes capacity REFINES OIL operator representing state interests in Atyrau-Samara pipeline and the 20 mln tonne IN KAZAKHSTAN* the Kazakhstan oil and gas sector. capacity Atasu-Alashankou pipeline. 82% KMG also exports oil through its overseas 79% CONTROLS GAS TRANPORTATION KMG is 90.42% and 9.58% owned by JSC subsidiary KMG International NV (KMGI), IN KAZAKHSTAN Sovereign Wealth Fund Samruk-Kazyna which buys and sells oil, refines it and sells oil (“Samruk-Kazyna” or the “Fund”) and the products in South-East Europe. National Bank of Kazakhstan, respectively. The Company uses its gas transportation Its upstream portfolio includes 23 jointly and system to export and supply gas domestically. individually managed projects, of which 14 In 2018, Kazakhstan reached an agreement to are onshore and 9 - offshore. As a national increase gas exports to China from 5 bcm to 10 company, KMG enjoys pre-emptive subsoil use bcm per year. At the same time, Kazakhstan rights in Kazakhstan with respect to strategic acts as a transit country for Russian and subsoil plots. By law, it is entitled to at least Central Asian gas to China and Russia. CONTROLS OIL TRANPORTATION a 50% interest in new contracts to develop Likewise, 2018 saw the start of transit supplies IN KAZAKHSTAN Kazakhstan’s offshore deposits. of Uzbekistan gas through Kazakhstan to 56% Uzbekistan. KMG’s operating assets are mostly "mature" fields, while non-operating assets, represented KMG is recognised as a downstream monopoly by interests in the major oil and gas projects in Kazakhstan, recently modernising three oil at Tengiz (20%), Kashagan (8.44%) and refineries, enabling it produce approximately Karachaganak (10%), are all in the growth 16 mln tonnes of Euro-4 and Euro-5 standard stage. oil products every year, which covers domestic SHARE OF TOTAL OIL demand. AND CONDENSATE The KMG Group incorporates an oil service 26% PRODUCTION division made up of both separate legal The mission of the Company is to ensure entities as well as oil service structural maximum benefits for the stakeholders from divisions within production companies. the development of the national oil and gas sector. SHARE Oil transportation is a strategically important OF TOTAL GAS part of KMG operations from the perspective KMG is striving to be a highly effective, 15% PRODUCTION of access to sales markets. Diversified vertically integrated national operating midstream infrastructure has been set up company that meets the highest safety and with good transit and export potential. The corporate governance standards. THOUS. MLN 26.5 KM 23.6 TONNES Overall length of KMG oil and gas pipelines Oil and gas condensate production output * 82% includes volumes of 100% of Atyrau refinery, 100% of Pavlodar refinery, 50% of Shymkent refinery (PKOP), 04 50% of Caspi Bitum 05 Company overview Strategy overview Operations overview Corporate responsibility Corporate governance Financial statements KMG Annual Report for 2018 KMG Annual Report for 2018 KMG GEOGRAPHY OF ASSETS 1 MUNAITAS NORTH WEST PIPELINE COMPANY LLP OPERATIONAL OIL PIPELINE 2 KAZAKHSTAN CHINA PIPELINE LLP 3 CASPIAN PIPELINE CONSORTIUM OPERATIONAL GAS PIPELINE 4 JSC KAZTRANSOIL 1 JSC INTERGAS CENTRAL ASIA EXPLORATION AND PRODUCTION 2 BEINEU SHYMKENT GAS PIPELINE LLP 3 ASIAN GAS PIPELINE LLP REFINING 4 SARYARKA GAS PIPELINE PROJECT PAVLODAR OIL CHEMISTRY PLANT NURSULTAN 4 KPO KARACHAGANAK 4 1 4 2 4 EMBAMUNAYGAS 1 ATYRAU OIL REFINERY KAZAKHTURKMUNAY NCOC KAZAKHOIL AKTOBE KASHAGAN 2 KAZGERMUNAI 3 PETROKAZAKHSTAN KUMKOL RESOURCES TCO TENGIZ 2 1 TURGAI PETROLEUM MANGISTAUMUNAIGAZ AMANGELDY GAS KARAZHANBASMUNAI 3 CASPI BITUM 1 OZENMUNAIGAS PRODUCTION ASSETS SHYMKENT OIL REFINERY PKOP OIL PUMPING STATION HEAD OIL PUMPING STATION COMPRESSOR STATION 06 07 Company overview Strategy overview Operations overview Corporate responsibility Corporate governance Financial statements KMG Annual Report for 2018 KMG Annual Report for 2018 KMG OVERSEAS ASSETS KEY EVENTS IN 2018 KMG BATUMI • GLOBAL DEPOSITARY RECEIPTS • IN OCTOBER 2018, KMG TOOK OVER THE INTERNATIONAL OIL TERMINAL AND COMMON SHARES OF JSC TRUSTEE MANAGEMENT OF 50% OF KAZMUNAIGAS EXPLORATION SAMRUK-KAZYNA COMMON SHARES IN An integrated, diversied and competitive oil company OJSC Batumi Oil Terminal tranships oil and oil products, PRODUCTION HAVE BEEN DELISTED JSC ASTANAGAS KMG TO MANAGE THE operating internationally, in rening, naphtha technology, including loading, unloading and storage services. FROM LONDON AND KAZAKHSTAN CONSTRUCTION OF THE SARYARKA GAS oil sales and oil products. STOCK EXCHANGE SINCE 10 MAY 2018. PIPELINE TO SUPPLY THE KAZAKHSTAN CAPITAL, CENTRAL AND NORTHERN REGIONS OF THE COUNTRY WITH GAS (MORE DETAILS ON PAGE 73). • IN OCTOBER 2018, KAZTRANSGAS AND PETROCHINA INTERNATIONAL PETROMIDIA REFINERY ALASHANKOU COMPANY LIMITED VEGA REFINERY SIGNED A FIVE-YEAR CONTRACT TO • MODERNISATION WORK AT THREE OIL INCREASE KAZAKHSTAN GAS EXPORTS REFINERIES HAS BEEN COMPLETED Our Petromidia and Vega Oil Reneries are located on the TO CHINA FROM 5 BCM TO 10 BCM PER (MORE DETAILS ON PAGE 89). Black Sea coast and in the city of Ploiesti, Romania, in YEAR (MORE DETAILS ON PAGE 71). close proximity to the main sales markets. • IN NOVEMBER 2018, ALIK AIDARBAYEV • IN MAY 2018, KMG REDEEMED WAS APPOINTED CHAIRMAN OF THE EUROBONDS WITH A TOTAL NOMINAL KMG MANAGEMENT BOARD (MORE RUSSIA VALUE OF 3.1 BLN USD, WHICH HAD DETAILS ON PAGE 167). BEEN FINANCED BY A EUROBOND ISSUE OF 3.25 BLN USD, AHEAD OF SCHEDULE AND IN FULL. KAZAKHSTAN EUROPE AKTAU MAKHACHKALA MOLDOVA KMG GEORGIA INTERNATIONAL VEGA OIL REFINERY BAKU ROMANIA PETROMIDIA OIL REFINERY BATUMI OIL
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