/IRBIS, January 11, 2012/ - "RESMI" Financial & Investment House" JCS (Almaty, "RESMI" FIH) has provided IRBIS with the review of key events and its investment ideas and forecasts for January 11, 2012

The "RESMI" FIH analysts pay the investors' attention to the following key events on the markets:

- The Director General of Fannie Mae Michael Williams announced that he would leave the post of state mortgage company, which currently is in the center of the struggle for the reduction of redemptions. In view of the planned departure of Williams, the state needs to find the leaders of both major institutions for housing finance in the United States. The head of Freddie Mac, Charles Haldeman, announced plans to leave office in October of this year.

- U.S. Treasury Secretary Timothy Geithner plans to hurry the two largest Asian economies, China and Japan in the issue of reducing the import of Iranian oil and reduce the differences with China on trade and the yuan during his visit to Beijing and Tokyo this week. Geithner arrived in Beijing yesterday and met with Chinese Vice-Premier Wang Kishan, is scheduled to meet today with Prime Minister Veng Jiabao, Vice-President Xi Dzhinping, Vice- Premier Li Kekiang. Also tomorrow in Japan the meeting with Prime Minister Yoshihiko Noda and Minister of Finance Juneau Azumi will be held. China and Japan are the largest holders of state U.S. debt, as well as one of the largest exporters of Iranian oil. According to the U.S. Energy Administration, 22% of exports of Iranian crude oil in the first half of last year were imported by China, 14% - Japan. U.S. Treasury Department December 27, 2011, said that the yuan is significantly undervalued, and U.S. plans to put pressure on China to change policy to achieve greater exchange rate flexibility.

- The Board of Directors of subsidiary of the national petroleum company of Kazakhstan "KazMunayGas" - KazMunaiGas ExplorationProduction (KMG) agreed to establish two new service companies in the Mangistau region of the country, where previously there were speeches laid-off workers. The total staff number of companies will be more than 2 thousand people. The company will provide transportation and drilling services KMG and other companies working in Mangistau region. It is estimated that these measures will lead to increased operating expenses of 12.3 billion tenge ($ 83 million) and capital investments of 8 3 billion ($ 56 million).

- KMG announced operating results in 2011 and the budget for 2012. JSC "Exploration Production "KazMunayGas" including the shares in JV "Kazgermunai", "Karazhanbasmunai", "PetroKazakhstan" in 2011, mined 12,341 tonnes of oil, which is 944 thousand tons, or 7% less than in 2010. Production branch "Ozenmunaygaz" extracted 5,082 thousand tons, 884 thousand tons less than last year. "Embamunaygaz" extracted 2,818 tons, 18 tons more than last year, making the total production volume of OMG and the EMG was 7,900 thousand tons, 866 thousand tons or 10% less than in 2010. The results of production were negatively affected by illegal protest, held at OMG in May-August 2011, as well as outages and restrictions on electric fields in the January-April this year due to adverse weather conditions. The company has taken several measures to restore production, thanks to the measures taken to increase the dynamics of observed daily oil production, which as of December 31, is 14.2 tons. The share of KMG EP production companies, subsidiaries in 2011 amounted to 4,442 tons, 78 tons, or 2% less compared to the volume of production in 2010, which corresponds to the data mining plans joint ventures. KMG EP budget for 2012, taking into account the price per barrel of oil brand Brent $ 80 according to official forecast to the Government and JSC NC "KazMunayGas" anticipates capital expenditures of $ 126.5 billion tenge ($ 852 million), which is higher than the projected costs for 2011 for the same purpose by 19%. Growth capital expenditures primarily due to increased spending on exploration and increase the cost of creating additional service businesses. The company is planning to invest about $ 64 million to continue exploration work on Fedorovskoye block in which the Company owns a 50% share, the account which is based on the equity method of consolidation. The planned production volume in 2012 on the major assets of 8,615 tons, including PF "Ozenmunaygaz" 5,800 tons, and PF "Embamunaygaz" - 2,815 tons, up 9% more than 7,900 tons producted in 2011. It is planned that 2,100 tonnes of this amount will be supplied to the domestic market. Supply price for the domestic market will be 34.0 thousand tenge per tonne, which is 25% higher than the delivery price of $ 27.3 thousand tenge per tonne in 2011.

The given material has exclusively information character and is not the offer or recommendation to make any transactions with the stocks. Agency Irbis doesn't take responsibility for the opinions which are given in this material

[2012-01-11]