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MSI's Russian accounting firm member MSI FDP-Aval, recently finished a project that has unified the accounting systems of Zhambay LLP, a company set up for the exploration and development of hydrocarbon production in the shelf district of the Kazakh sector of the Caspian Sea. The company is a member of the Product Sharing Agreement (PSA).
The geological survey covers over 2,000 square kilometres. According to some estimates, oil reserves in the South Zaburunye block could total 50 million barrels, and oil reserves in South Zhambay some 14 billion barrels.
In November 2006, KazMunayGas, Caspian Investments Resources Ltd and Repsol Exploracion Kazakhstan S.A. became participants in the Zhambay project. In order to regulate the maintenance of accounting records of operations within the Product Sharing Agreement, and prepare financial statements according to the Law of the Republic of Kazakhstan, MSI FDP-Aval developed the following documents:
- A policy on book-keeping and tax accounting, according to the requirements of the product sharing agreement and IFRS;
- A book of accounts in book-keeping and tax accounting with analytics, sufficient for the formation of management reporting and a budget enterprise model.
The documentation provides a united automation system for the company.
MSI FDP-Aval plans to further promote these services to the CIS market and is ready to adapt its accumulated experience to local legislation and the intricacies of doing business with foreign partners.
For more information
Please contact Katerina Fisenko at MSI FDP-Aval
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