As much of the world faces an economic slowdown because of record-high energy prices, oil exporters are enjoying windfall profits, with Kazakhstan's KazMunayGaz wallowing in record profits.

For January-September, KazMunayGaz racked up a $1.72 billion profit on revenue from sale of goods and services totaling $7.69 billion, up 13 percent from the same period in 2006. KazMunayGaz is projecting producing 17.162 million tons of oil and gas condensate this year.

KazMunayGaz is the national operator for the country's hydrocarbon exploration, production, refining and transportation. The joint stock company Kazakhstan State Asset Management Holding, or Samruk, controls the government's 100 percent ownership of the company's shares.

The Kazakh government established Samruk in January 2006 to improve the oversight and efficiency of its asset management. Samruk's establishment was a natural progression to bring accountability to Kazakhstan's thriving energy industry, which, like Russia, was increasingly perceived by the government to have been unfairly exploited in the immediate aftermath of the 1991 implosion of communism, when the Kazakh energy industry was still short of financing and expertise.

The tension is embodied in the development of the Tengiz oil field, estimated to be the world's sixth largest, with substantial reserves of natural gas, which has been developed by the Tengizchevroil joint venture since 1993. Tengizchevroil's major partners include Chevron, with 50 percent ownership, and ExxonMobil with 25 percent; the Kazakh government's share of KazMunayGaz was 20 percent of reserves estimated at up to 25 billion barrels.