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Annual Reports 2020 Fostering SUSTAINABILITY driving GROWTH ANNUAL REPORT 2020 STRATEGIC REPORT 6 COMPANY OVERVIEW 44 Performance 81 Costs 6 Scope of operation under investment projects 81 Other expenses 7 Geography 46 Transformation 81 Impairment of assets 6 Capital structure and digitalisation 82 Net profit 8 Asset structure 49 OPERATING OVERVIEW 82 CAPEX 9 Key markets 49 Reserves 85 Сash and cash equivalents 04 10 Business model 49 Exploration 85 Dividends received 12 Competitive advantages 52 Upstream 85 Dividends paid 16 Performance highlights 62 Oil transportation 86 Debt management 18 STATEMENT 67 Gas transportation 89 ENSURING SUSTAINABLE • Fostering FROM THE CHAIRMAN and marketing DEVELOPMENT OF THE BOARD 71 Downstream 93 Health, safety OF DIRECTORS 75 Service projects and environment (HSE) 22 STATEMENT 77 FINANCIAL OVERVIEW 112 Personnel development SUSTAINABILITY FROM THE CHAIRMAN 77 Statement from the Deputy 118 Supplier relations OF THE MANAGEMENT Chairman of the Management BOARD Board for Economics and Finance driving 26 STRATEGY 78 Credit ratings 26 Market overview 79 Consolidated financial results 37 Strategic priorities according to IFRS 40 Impact of COVID-19 81 Revenue GROWTH and anti-crisis response 81 Share in profit from joint 43 KPI system ventures and associates CORPORATE GOVERNANCE 126 CORPORATE GOVERNANCE FRAMEWORK 143 COMMITTEES 165 RESPONSIBILITY OF THE BOARD STATEMENT 127 CORPORATE GOVERNANCE OF DIRECTORS DEVELOPMENT REPORT 144 Nomination and Remuneration 166 CORPORATE CONTROL Committee 166 Internal Audit Service 129 BOARD OF DIRECTORS 147 Strategy and Portfolio 167 Compliance Service 124 129 Membership of the Board Management Committee 168 Ombudsman Office of Directors 149 Audit Committee 169 Risk management and internal 138 Board activities during 2020 152 Health, Safety, Environment control 140 Strategic session 2020 and Sustainable Development 140 Follow-up on KMG’s key Committee 179 STAKEHOLDER ENGAGEMENT issues 155 Finance Committee 140 Chairman of the Board 181 SHAREHOLDER of Directors and his role 156 MANAGEMENT BOARD AND INVESTOR RELATIONS PERFORMANCE REPORT 140 Independent directors 181 KMG’s shareholders and their role 157 Membership of the Management Board 181 Dividends 141 Succession planning 182 Credit ratings for the Board of Directors, 164 REMUNERATION REPORT induction and development 184 Bond issues 164 Remuneration of the Board 185 Investor communications 141 Performance evaluation of Directors of the Board of Directors 164 Remuneration 142 Corporate Secretary of the Management Board FINANCIAL STATEMENTS 188 AUDITOR’S REPORT 194 CONSOLIDATED FINANCIAL STATEMENTS 194 Consolidated statement of comprehensive income 196 Consolidated statement of financial position 186 197 Consolidated statement of cash flows 200 Consolidated statement of changes in equity 202 Notes to the consolidated financial statements APPENDICES 272 Corporate Governance Code Compliance Report for 2020 274 Major and interested-party transactions Annual Report 2020 JSC NC KazMunayGas | 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS STRATEGIC REPORT In 2020, we all faced the global challenge of the COVID-19 pandemic, which tested our resilience and teamwork in the face of adversity. I am pleased to inform you that this past year has evidenced KMG’s resilience, and that our long-term efforts in all areas of strategic importance have provided a cushion of support for the Company in this difficult period. I would also like to note the tremendous work undertaken this year by the entire team to adapt the Company’s activities to the new normal and adjusted expectations concerning the international and domestic market environment. Christopher Walton, Chairman of the Board of Directors of JSC NC KazMunayGas 04 05 Annual Report 2020 JSC NC KazMunayGas | 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS KEY COMPANY OVERVIEW GEOGRAPHY INDICATORS SCOPE OF OPERATION 21.8 JSC National Company KazMunayGas (“KMG”, the “Company”) is Kazakhstan’s leading vertically integrated oil and gas company, operating assets across the entire production cycle from the exploration and production of hydrocarbons to transportation, refining mln tonnes and services. Established in 2002, the Company represents the interests of the Republic of Kazakhstan in the national oil and gas industry. Oil and condensate PAVLODAR PAVLODAR REFINERY REFINERY production PAVLODAR REFINERY NURSULTAN 4 NURSULTAN 4 NURSULTAN 4 KPO Karachaganak CAPITAL STRUCTURE KPO Karachaganak KPO Karachaganak 8.2 KMG is owned by Sovereign Wealth Fund 4 4 1 4 4 Samruk-Kazyna Joint-Stock Company (“Samruk- 1 bln m³ 4 1 Kazyna”, the “Fund”) (90.42%) and the National 4 2 2 4 2 Bank of Kazakhstan (“NBK”) (9.58%), the share 4 Gas production 1 4 of which was transferred to the trust management EMBAMUNAIGAS 1 KAZGERMUNAI EMBAMUNAIGAS ATYRAU 1 of the Fund on 12 October 2015. KAZGERMUNAI EMBAMUNAIGAS ATYRAU REFINERY KAZGERMUNAI ATYRAU KAZAKHTURKMUNAY REFINERY NCOC KAZAKHTURKMUNAY REFINERY KAZAKHOIL AKTOBE NCOC KAZAKHTURKMUNAY KAZAKHOIL AKTOBE NCOC Samruk-Kazyna is a sovereign fund, the sole KAZAKHOIL AKTOBE 2 2 PETROKAZAKHSTAN shareholder of which is the Government 2 KUMKOL RESOURCES 3 PETROKAZAKHSTAN KUMKOL RESOURCES PETROKAZAKHSTAN of the Republic of Kazakhstan. The Fund’s mission 3 KUMKOL RESOURCES is to improve the sovereign welfare of the Republic 3 TCO TENGIZ 2 73.2 2 of Kazakhstan and ensure long-term sustainability TCO TENGIZ 1 TCO TENGIZ 2 1 for future generations. The Fund’s portfolio 1 includes companies operating in the oil and gas, mln tonnes AMANGELDY GAS transport, logistics, chemical, nuclear, mining TURGAI KARAZHANBAS AMANGELDY GAS MUNAI PETROLEUM and metallurgical, energy and real estate industries. KARAZHANBAS TURGAI Oil transportation AMANGELDY GAS 3 PETROLEUM KARAZHANBAS TURGAI MUNAI MANGISTAUMUNAIGAZ 3 PETROLEUM MUNAI 3 MANGISTAUMUNAIGAZ CASPI BITUM MANGISTAUMUNAIGAZ CASPI BITUM CASPI BITUM 1 1 1 OZENMUNAIGAS SHYMKENT REFINERY Government OZENMUNAIGAS SHYMKENT REFINERY (PKOP) of the Republic OZENMUNAIGAS (PKOP) SHYMKENT REFINERY of Kazakhstan (PKOP) 86.6 bln m³ Gas transportation 1 MunayTas North-West Pipeline Company LLP 1 MunayTas North-West Pipeline Company LLP FOR OIL PRODUCTION 2 Kazakhstan–China1 MunayTasPipeline LLP North-West Pipeline Company LLP OPERATING PRODUCTIONS ASSETS OPERATIONAL OIL PIPELINE 2 Kazakhstan–China Pipeline LLP OPERATING PRODUCTIONS ASSETS OPERATIONAL OIL PIPELINE 3 2 Kazakhstan–China Pipeline LLP OPERATING PRODUCTIONS ASSETS OPERATIONAL OIL PIPELINE Caspian Pipeline Consortium MEGAPROJECTS OPERATIONAL GAS PIPELINE 3 Caspian Pipeline Consortium 9.58% 90.42% MEGAPROJECTS 4 3 Caspian PipelineOPERATIONAL Consortium GAS PIPELINE FOR OIL AND GAS JSC KazTransOil 18.1 MEGAPROJECTS OPERATIONAL GAS PIPELINE Oil pumping station National Bank Samruk-Kazyna 4 JSC KazTransOil EXPLORATION AND PRODUCTION of Kazakhstan TRANSPORTATIONOil pumping station 1 JSC Intergas Central4 JSC Asia KazTransOil EXPLORATION AND PRODUCTION Oil pumping station 1 JSC Intergas Central Asia EXPLORATION AND PRODUCTION 2 Beineu–Shymkent1 GasJSC PipelineIntergas LLPCentral Asia Head oil pumping station Head oil pumping station 2 Beineu–Shymkent Gas Pipeline LLP Head oil pumping station mln tonnes FOR OIL REFINING 3 Asia Gas Pipeline2 LLPBeineu–Shymkent Gas Pipeline LLP REFINING Compressor station 3 Asia Gas Pipeline LLP REFINING #1 Compressor station 4 Saryarka gas pipeline3 Asia project Gas Pipeline LLP REFINING Oil refining IN KAZAKHSTAN Compressor station 4 Saryarka gas pipeline project 4 Saryarka gas pipeline project 06 07 Annual Report 2020 JSC NC KazMunayGas | 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ASSET STRUCTURE KEY MARKETS KMG’S SIGNIFICANT ASSETS INCLUDE 1% other UPSTREAM MIDSTREAM REFINING OILFIELD SERVICES 31% 69% OPERATING ASSETS: OzenMunaiGas (OMG) KazTransOil (KTO) Pavlodar Refinery KMG Nabors Drilling Company OIL 100% 90% 100% 49% SALES Mangistaumunaigaz (MMG) – 50% Kazakhstan–China Pipeline Atyrau Refinery KMG Parker Drilling Company 99% 50% – 51% MunaiTas North-West Pipeline 99.53% 49% to Europe Company Embamunaigas (EMG) Shymkent Refinery (PKOP) KMG Automation – 100% Batumi Oil Terminal 100% 49.72% 49% Kazgermunai (KGM) Caspi Bitum KMG Systems & Services Caspian Pipeline Consortium 50% 50% 100% to Russia (CPC) 2 7% PetroKazakhstan Inc. (PKI) 20.75% KMG International TenizService 33% 100% 48.996% Kazmortransflot (KMTF) 65% 35% Karazhanbasmunai (KBM) 100% – 54.63% Petromidia Refinery 50% – 54.63% Vega Refinery KazTransGas Kazakhoil Aktobe (KOA) 100% 50% – 100% Intergas Central Asia Kazakhturkmunay (KTM) (ICA) GAS 100% – 50% Asia Gas Pipeline (AGP) 3 – 100% KazTransGas Aimak SALES KazMunayTeniz (KTG Aimak) 100% – 50% Beineu–Shymkent Gas 89% Urikhtau Operating (UO) Pipeline (BSGP) to China 100% KazRosGas MEGAPROJECTS: 50% Tengiz (TCO) 20% Karachaganak (KPO) 68% 32% 10% Kashagan (NCOC)1 8.44% 1. In October 2015, Samruk-Kazyna acquired a 50% stake in Kashagan with a right to purchase shares under an option agreement in 2020 and 2022. KMG PETROLEUM and Samruk-Kazyna jointly hold 16.88% in Kashagan. 2. 19% via KMG and 1.75% via Kazakhstan Pipeline Ventures PRODUCT (KPV). SALES EXPORTS DOMESTIC MARKET 08 09 Annual Report 2020 JSC NC KazMunayGas | 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS BUSINESS MODEL COMPETITIVE STAKEHOLDER ADVANTAGES PROVED PLUS PROBABLE OIL TRANSPORTATION GAS TRANSPORTATION OIL REFINING VALUE RESERVES (2Р) UNIQUE GEOGRAPHY Leadership and presence across all sectors
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