Kazakh KazMunaiGas Jan-Sept profit down 70 pct

ALMATY, Nov 17 - Kazakh state oil and gas company KazMunaiGas [KMG.UL] said on Tuesday its consolidated net profit fell 70 percent year-on-year in January-September to 107 billion tenge .

"The oil price is the key reason," a KazMunaiGas spokeswoman said when asked about reasons behind the declining profits.

KazMunaiGas, which owns a majority stake in London-listed KazMunaiGas E&P <KMGq.L>, plans to produce 18.6 million tonnes of oil this year, up from 18.0 million tonnes in 2008. (Reporting by Olga Orininskaya; Writing by Olzhas Auyezov; Editing by David Holmes)