Kazakh state company KazMunaiGaz repayed some of its long-term debt last year using cash reserves as its management took heart from a climb in gross earnings of 46% to almost 7 trillion tenge ($20.3 billion), despite oil and gas production staying almost flat.
The company said that in 2018 it spent $1.6 billion to buy a previously issued tranche of Eurobonds and another $400 million to fully repay its long-term debt to Russian savings bank Sberbank.
