KazAzot LLP to launch additional measures to support its employees

ASTANA. KAZINFORM KazAzot LLP fully supports the governmental measures outlined August 20. "These are quite timely and right decisions," Deputy Director General of KazAzot LLP Takhmina Nugmanova says.

"The world economy is experiencing recession to date. The leading economies of the world face slowdown, while crude and commodity prices are falling on the global markets. Our enterprise is the only producer of nitrogen-based mineral fertilizers in Kazakhstan. 60% of our products are supplied to the domestic market, while more than 40% of the manufactured products are exported to the CIS and non-CIS markets," she notes. "Due to the depreciation of the Russian rouble, the volume of nitrates and ammonia imported by Kazakhstan rose sharply which, in turn, made our own products uncompetitive compared to the Russian analogues. Local consumers prefer to buy the imported products because of their attractive low prices. That is why we are not able to drive the Russian fertilizers out of our market. For this reason we support the measures outlined by the Government and the National Bank. We are confident, that they will allow us to overcome today's challenges," adds Nugmanova. She also said that KazAzot backs the President's urge to preserve jobs, prevent salaries reduction and fulfill all social commitments. Moreover, she promised to launch additional measures in regards to social support of its employees. "We will exert every effort to fulfill all required social commitments," Nugmanova emphasized.