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Oil price down, but Chagala on the up

Chagala Group Limited (LON:CGLO), which provides services and facilities to Kazakhstan’s oil and gas industry, enjoyed a strong first half of trading in 2016 despite the well-documented problems surrounding the oil price.

“In spite of the world economic crisis and volatile oil prices, the group still demonstrates a stable performance and manages to invest in the development of new projects,” said chief financial officer Svetlana Mendesh.

Mendesh added that a mix of active sales strategies and extensions of several major contracts allowed to Chagala to weather the storm in the first six months of the year.

She also believes that the company “is a really good place to invest for investors who are looking for opportunities in Kazakhstan”.

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