“KazMunaiGaz” Board of Directors discussed the prospects for the development of the company

May 5, 2012

PH1Tuesday, February 13, we had the first Board Meeting with “KazMunaiGaz” under new management. The new chairman is of course, as you know,Mr. Shukeyev and the new CEO – Mr. Kiinov.

My personal feeling is this is the management team that can actually deliver. In the past we have not paid enough attention to delivery. A lot of ideas have been there but they haven’t been implemented.

One of the really important points was that using the corporate memory that we have, especially with the non-executive directors Peter Lane and Frank Kuijlaars. We looked at the structure of the company and how we can transform “KazMunaiGaz” into a national champion, which really corresponds to the best international practice.

Structure is not everything of course. Performance is important and the management team is extremely important. And I think what we will find as we go on – is that the new management team would drive change, would get the right structures and get the right people in the right places doing the right things. And “KazMunaiGaz” would become a world force to be reckoned with.