21.03.2006 20:58
BMB Munai, Inc. Secures Export Tax Exemption
ALMATY, Kazakhstan, March 21 /PRNewswire-FirstCall/ -- BMB Munai, (Nachrichten/Aktienkurs) Inc. (BULLETIN BOARD: BMBM) announced today that it has received written confirmation from the Ministry of Finance of the Republic of Kazakhstan that its subsidiary, Emir Oil LLP, will not be subject to payment of Export Rent Tax on exported oil sales during the exploration stage of its subsoil users license agreement. The exploration stage under the current agreement will continue through July 2007, unless extended for an additional period of two years.
BMB Munai, Inc. received its initial authorization to begin monthly export quotas in January 2006. The authorized quantity of the export quota is re-negotiated monthly with the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan and is expected to increase as the Company's oil production grows.
BMB Munai, Inc. company analyst, Askar Tashtitov, stated, "The Export Rent Tax is scaled on the basis of the Brent oil price. At present the tax rate for non-exempt export sales is equal to 33% of revenue net of transportation expenses. Export Rent Tax is scaled against the Brent oil price and is set at the maximum level of 33% when Brent oil prices exceed $40 USD per barrel). Authorization to make export sales coupled with the exemption from Export Rent Tax will allow BMB Munai, Inc. to increase its profitability and take maximum advantage of prevailing international price of oil during the remainder of the exploration stage."
BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan. The Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission.
BMB Munai, Inc. Secures Export Tax Exemption
ALMATY, Kazakhstan, March 21 /PRNewswire-FirstCall/ -- BMB Munai, (Nachrichten/Aktienkurs) Inc. (BULLETIN BOARD: BMBM) announced today that it has received written confirmation from the Ministry of Finance of the Republic of Kazakhstan that its subsidiary, Emir Oil LLP, will not be subject to payment of Export Rent Tax on exported oil sales during the exploration stage of its subsoil users license agreement. The exploration stage under the current agreement will continue through July 2007, unless extended for an additional period of two years.
BMB Munai, Inc. received its initial authorization to begin monthly export quotas in January 2006. The authorized quantity of the export quota is re-negotiated monthly with the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan and is expected to increase as the Company's oil production grows.
BMB Munai, Inc. company analyst, Askar Tashtitov, stated, "The Export Rent Tax is scaled on the basis of the Brent oil price. At present the tax rate for non-exempt export sales is equal to 33% of revenue net of transportation expenses. Export Rent Tax is scaled against the Brent oil price and is set at the maximum level of 33% when Brent oil prices exceed $40 USD per barrel). Authorization to make export sales coupled with the exemption from Export Rent Tax will allow BMB Munai, Inc. to increase its profitability and take maximum advantage of prevailing international price of oil during the remainder of the exploration stage."
BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan. The Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission.