KazMunayGas head joins KMG EP board of directors
ALMATY. Feb 27 (Interfax) - National company KazMunayGas (KMG) CEO Lyazzat Kiinov has joined the board of directors of KazMunayGas Exploration and Production (KMG EP), KMG EP said in a press release.
At an extraordinary shareholders meeting on February 27, the powers of the board chairman Askar Balzhanov were terminated ahead of schedule and Kiinov was appointed a new member of the board.
Therefore, KMG EP's board of directors currently has the following eight members: KMG General Manager for Production Projects and acting Chairman of KMG EP's Board of Directors Sisengali Utegaliyev; Kiinov; KMG EP CEO Alik Aidarbayev; KMG General Manager for Legal Support Yerzhan Zhangaulov, KMG Chief Financial Officer Assia Syrgabekova and KMG EP independent directors Paul Manduca, Edward Walshe and Philip Dayer.
As reported, Alik Aidarbayev, chairman of the board of directors of KMG EP, became the company's CEO on December 22, 2011, after the former CEO Balzhanov resigned from his post. At that time, Kiinov was appointed KMG CEO and member of the board of directors of KazMunayGas.
KMG EP, a subsidiary of KMG, was created in March 2004 as result of a merger of two KMG subsidiaries - EmbaMunayGas and OzenMunayGas. KMG EP is among the top three Kazakh oil and gas producers. The company's ordinary shares are traded on the Kazakhstan Stock Exchange, and its GDRs are traded on the London Stock Exchange.