KazMunayGaz to make 6,000 employees redundant

KazMunayGaz plans to make 6,000 employees redundant, it was announced
by managing director of the National Wealth Fund ‘Samruk-Kazyn’,
Nurlan Rakhmetov, KazTAG reports.

Rakhmetov said that the economic effect from realizing non-core assets
is equal to 34 billion tenge.

He clarified that they analyzed assets of all levels and subsidiary
organizations and approved restructuring of assets in KazMunayGaz,
KTZh, KEGOC, Kazakhtelecom, Kazpochta and Samruk-energo. The 6
companies will undergo a reduction in the structure of assets by 129
organizations, or 44%.

By July 1 the companies will have approved plans for a switch to
target capital structure of assets. The plans for KMG and KTZh will
take several years, due to their complexity.

Rakhmetov noted that they had already optimized the structure of
assets and corporative centers of companies to improve efficiency and
avoid dumping of non-core activities of funds in mid-2009.