JSC "Caspian Oil's" Tax Payments: Who Benefits More – the State or Investors?


Kazakhstan Stock Exchange (KASE) has published information on the payment of dividends by JSC "Caspian Oil" based on the results of 2022 and the first quarter of 2023. For one common share, the company will pay 110,000 tenge the stockholder. At the same time, in 2022 alone, with a total revenue of 192.5 billion tenge, the tax payments of Caspian Oil JSC amounted to 105.8 billion tenge (115 thousand tenge per ton of oil produced). This means that more than half of the company's income goes towards paying taxes.

JSC "Caspian Oil" was founded in 1997. In the early 2000s, industrial development of oil deposits began at the Ayrankol field, where 229 thousand tons of oil were produced by 2011.

In 2012, there was a change in the company’s stockholders. Thanks to investments in production, the production level reached more than 900 thousand tons per year. Since 2019, the company has started to introduce new technologies, in particular the Smart Field project. This made it possible to extend the high shelf of production for 5 years and effectively manage operating costs.

Economic Contribution

In 2022, with a total revenue of 192.5 billion tenge, the tax payments of JSC "Caspian Oil" amounted to 105.8 billion tenge, or 115 thousand tenge per ton of oil produced. According to Energy Monitor, the company ranks third in Kazakhstan in this indicator, yielding only to KPO (165 thousand tenge) and TCO (156 thousand tenge).

This high level of tax contributions became possible due to the effective control of production costs. Over the past 10 years, the company has paid taxes and duties in the amount of 536 billion tenge, which is equivalent to $1.8 billion in average rates on the payment dates. Caspian Oil has also invested 73 billion tenge of investments in the development and modernization of production.

Original Author: Orda

DISCLAIMER: This is a translated piece. The text has been modified, the content is the same. Please refer to the original article in Russian for accuracy.

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