Kiinov becomes CEO of KazMunaiGas Exploration Production

Layazzat Kiinov, CEO of the National Company KazMunaiGas, has become the CEO of KazMunaiGas, Tengrinews reports.

The Board of Directors decided to hold an annual meeting of shareholders in Astana on May 29, 2012. The talks will include financial accountability and report for 2011, order of distribution of net income of 2011 and dividends, evaluation of the board’s efficiency in 2011.

Kiinov became a member of the Board of KazMunaiGas in late February 2012. The company is one of the top 3 oil extractors of Kazakhstan. KazMunaiGas, with account of KazGermunai, CCEL (Karazhanbasmunai) and PetroKazakhstan Inc., reduced extraction by 7% to 12.3 million tons in 2011. The company owns fields with 232.08 million tons of oil (1.7 billion barrels), according to evaluations in late 2010.