Kazakhstan's oldest oil company, EmbaMunaiGas (based in Western Kazakhstan) is reported to have resumed, after a long lull, exploratory drilling at the Kenbai oil field. The recoverable reserves of the field are estimated at several million tonnes. The company is planning to drill 116 wells of which five will go into operation this year. (Kazakhstanskaya Pravda)

Kazakhstan's transnational company Kazchrome (Listing B on the KASE), a producer of ores and ferrous metals, has presented to the KASE its consolidated financial statement for 1998. Last year the company had losses in excess of KZT 1.9bn and, thus, more than doubled its losses in 1997. The company's shareholders equity increased by 10.9% to KZT 22.8bn through a revaluation of assets. The company's shares have been floating on the KASE since 28 October 1997. (IRBIS)

Neftekhimbank (based in the town of Shymkent, Southern Kazakhstan, Listing B on the KASE) has notified the KASE that it will hold an Annual General Meeting on 28 May 1999. The bank's shareholders will examine the results of 1998. They are supposed to approve the 1998 financial statements and the annual budget for 1999. The agenda of the meeting also includes some changes in the Board of Directors. (Reuters)