BMB Munai Completes Maintenance And Expansion Of Oil Storage Facility
ALMATY, Kazakhstan, Nov. 9, 2010 /PRNewswire/ -- BMB Munai, Inc. (NYSE Amex: KAZ) announced completion of a reconstruction and expansion project undertaken by the Company's subsidiary Emir Oil at an oil storage facility leased to Emir Oil located in Daulet village, Mangistau region, Republic of Kazakhstan. The refurbished and expanded facility will increase the storage capacity of the facility to 8,600 cubic meters (54,100 barrels).
The Company's COO, Anuarbek Baimoldin, stated, "We commenced this reconstruction project in August 2010 to coincide with a number of improvement projects to our field infrastructure. This project has required us to dismantle and service all of our storage reservoirs. Although the project has required us to curtail our oil production during the last three months we are pleased with the improvements to the facility and expect the facility to provide many benefits to us as we continue to develop our fields and increase our oil production."
The storage facility was built in 1978 and was in need of repair and maintenance to insure its continued safety and capability to service the needs of Emir Oil. In addition to refurbishing the storage reservoirs that store all oil production prior to shipment by rail to the market, the Company renovated all incoming and outgoing pipelines, offloading and uploading equipment and installed two new oil heaters. The facility expansion included assembly and installation of an oil processing circuit, designed to separate oil from water and salts. The oil processing circuit can process up to 1,200 cubic meters per day (7,550 bpd) with the capability to be increased as needed to accommodate higher production.
BMB Munai is an independent oil and gas company engaged in the exploration and test 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. SOURCE BMB Munai, Inc.
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