JPMorgan - KASE

The following table sets out total crude oil sales volumes from our Upstream operations for the
nine months ended September 30, 2002 and 2001:
Nine Months Ended September 30,
2002 2002 2001 2001
(MMbbls) (%) (MMbbls) (%)
Crude oil exports ...................................... 18.67 50.8 12.84 48.5
CrudeoiltransferredtoDownstream ..................... 12.51 34.1 8.79 33.2
Crude oil transferred to Downstream and exported ........ — — 0.15 0.5
Crude oil transferred to Downstream by joint ventures (50%) 3.06 8.3 3.36 12.7
Royalty payments ...................................... 2.24 6.1 0.69 2.6
Crude oil domestic sales ................................ 0.26 0.7 0.66 2.5
Totalcrudeoilsalesortransfers ......................... 36.74 100.0 26.49 100.0
Revenue from crude oil sales for the nine months ended September 30, 2002 was $319.6 million
compared to $193.3 million for the comparable period in 2001, as a result of increased
production and improved pricing due to the increase in the price of dated Brent and the increase
in non-FCA sales. Total crude oil revenue can be analysed as follows:
Nine Months
Ended September 30, 2002
Quantity
Sold
Net
Realized
Price
Revenue
Nine Months
Ended September 30, 2001
Quantity
Sold
Net
Realized
Price
Revenue
(MMbbls) ($ per Bbl) ($000’s) (MMbbls) ($ per Bbl) ($000’s)
CrudesalessoldFCA ......... 11.07 13.19 145,984 11.25 12.93 145,500
CrudesalessoldFOB ......... 5.72 22.18 126,851 — — —
Kazgermunai export sales .... 1.88 14.12 26,540 1.74 18.96 32,999
Royalty payments ........... 2.24 8.08 18,102 0.69 12.02 8,293
Crude oil domestic sales ...... 0.26 8.19 2,129 0.66 9.92 6,550
Total ...................... 21.17 15.10 319,606 14.34 13.48 193,342
The average FCA discount for exports from Shymkent, to Brent crude oil price, for the first three
quarters of 2002 and 2001 for HKM and Turgai Petroleum sales only, is set out below:
2002 2001
($/Bbl) ($/Bbl)
Quarter ended March 31 .................................................. 11.81 12.50
Quarter ended June 30 .................................................... 12.18 11.95
Quarter ended September 30 .............................................. 12.28 11.93
Average for nine months ended September 30 ............................... 12.08 12.13
The deterioration in the differential during the second quarter of 2002 resulted primarily from
the movement in the price of Kumkol crude as related to Brent crude. The deterioration in the
third quarter of 2002 was due to the devaluation of the U.S. dollar against the Swiss franc, as
transportation tariffs in Kazakhstan are denominated in Swiss francs.
Downstream
During the third quarter of 2002, the refinery operated at a reduced capacity level of 52.0% or
approximately 6.7 MMbbls compared to 43.0% or approximately 5.6 MMbbls for the comparable
period in 2001.
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