KazMunayGas (KMG), Kazakhstan's state-owned oil and gas enterprise, signed an agreement with South Korea's Hyundai Engineering Company, which aims to foster collaboration in the oil, gas, and petrochemical sectors.
The partnership was formalized through an agreement signed by Askhat Khassenov, Chairman of KazMunayGas, and Hyeon-Sung Hong, President of Hyundai Engineering. The agreement entails the exchange of technologies, specialist training programs, and the sharing of technical knowledge and expertise.
Hyundai Engineering brings a wealth of experience as an engineering, procurement, and construction (EPC) contractor. The company offers end-to-end project solutions, including feasibility studies, conceptual design, Front End Engineering Design (FEED), procurement, construction, and commissioning.
Moreover, Hyundai Engineering provides exceptional project management, maintenance, operation, technical audits, and facility refurbishment services across the oil, gas, petrochemical, fertilizer, and renewable energy industries.
Meanwhile, KazMunayGas achieved revenue of KZT 2.2 trillion ($4.9bn) in 1Q24, an 18% increase from KZT 1.9 trillion ($4.1 bn) in the same quarter of the previous year. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at KZT 548bn ($1.2 bn) for 1Q24, slightly lower than the KZT 550bn ($1.2bn) recorded in 1Q23.
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