Hurricane Hydrocarbons to Change Name to PetroKazakhstan Inc
Hurricane Hydrocarbons Ltd. will be asking its shareholders to approve a corporate name change to "PetroKazakhstan Inc." at its Annual and Special Meeting of shareholders in Toronto, Ontario on May 7, 2003.
Hurricane is currently in its sixth year of operations in Kazakhstan where all its assets and the vast majority of its staff, over 98% being Kazakh citizens, are located. Over the last six years, the Company has become the third largest oil producer and the largest supplier of refined oil products in Kazakhstan. The Company has increased oil production at a compounded average growth rate of 22% and has added reserves every year. Hurricane accounted for approximately 15% of Kazakhstan's 2002 crude oil production and produces approximately 50% of the country's refined products.
Hurricane has become a benchmark as an independent oil company operating successfully in the Former Soviet Union and is publicly listed on several western stock exchanges.
Bernard Isautier, President and Chief Executive Officer, said; "The new name will by itself explicitly describe and advertise, both in Kazakhstan and in the international investment community, the activities of the company. The new name will also emphasize the focus and continued commitment of the company to be a major participant in the growth of the petroleum industry in Kazakhstan. As PetroKazakhstan, the Company will continue to strive for recognition as a leader in its ability to create value for shareholders through the combination of local talents with western expertise and as a model of corporate citizenship in Kazakhstan. The new name neither involves nor implies any change of ownership or management, although the Company intends to pursue a listing of its common shares on the Kazakhstan Stock Exchange as soon as permitted by Kazakh regulations."