London-listed Kazakh oil and gas producer KazMunaigas Exploration Production (RDGZ.KZ) said Tuesday the financial impact of a new export duty on crude oil is could be about $800 million.
"Should the new export duty of $109.91 per ton be applied to the entire export volumes of Uzenmunaigas and Embamunaigas, the estimated annualized financial impact, before income taxes, would be approximately $800 million," the company said in a statement. "In light of an increase in the tax burden, KMG EP will be undertaking a review of its production, financial and investment plans."
KMG EP said the export duty would apply to some or all of the exported crude oil produced by the company's production branches Uzenmunaigas and Embamunaigas. The total exports from these two entities was 7.3 million metric tons, or 147,000 barrels a day, in 2007