Kazakhstan economy news

9/11/2008
Ukraine and Kazakhstan seek to jointly increase exports of Kazakh crude oil to Europe by building an oil terminal facility and an oil refinery near Odessa, the Ukrainian Energy and Fuel Ministry reported.
Naftogaz Ukrayiny, the national oil and gas company, and Kazmunaigaz, the Kazakh state oil and gas giant, on Thursday created a joint team to discuss these issues, the ministry said.
The companies had a meeting in Astana aimed at boosting cooperation in the energy sector in line with earlier agreements between President Viktor Yushchenko of Ukraine and President Nursultan Nazarbayev of Kazakhstan.

1/11/2008
“Prices for fuel are expected to go down”, Kazakh Minister of Energy and Mineral Resources has said at the Government’s sitting.“The Ministry of Energy and Mineral Resources, Government and subsoil users signed a memorandum ensuring significant decline in fuel prices in the domestic market. Today the cost of a liter of Ai-80 gasoline is 84.5 tenges, a liter of Ai-92 averages 96.1 tenges (in about several weeks its price will not exceed 87 tenges). Ai-95 gasoline will lower in price from 109 to 100 tenges per liter”, S. Mynbayev said.
The price of fuel oil will drop by 40 per cent. It will be KZT 27 thousand per ton while it amounted to KZT 48 thousand this summer.

25/10/2008
The Trade Committee of the Kazakh Ministry of Industry and Trade organized a business seminar “Promotion of export production of the Kazakh enterprises to the Ukrainian market” in Kiev yesterday. Chairman of the Committee Aidar Kazybayev, the representative of the Ukrainian Ministry of Economy and Kazakh Honorary Consul to West Ukraine Galina Maslyuk attend it.
The Ukrainian entrepreneurs got acquainted with a presentation of the Kazakh companies – “Tobol” SEC, “KazNex”, “KazAgro”, Trade-Industrial Chamber and others.
According to First Secretary of the Kazakh Embassy in Ukraine Islambek Arystanbekov, the event was held in the Ukrainian Ministry of Economy. The trade-economic mission aimed at support of the exporters and expansion of export of non-primary goods to the Ukrainian market, establishment of partnership relations between enterprises of the two countries, studying of international experience on using of measures on tariff and non-tariff regulations.
Following up the results of the seminar constructive business negotiations were held and a number of contracts and memorandums of further cooperation were signed.

9/10/2008
Kazakhstan plans to double its natural gas production to 61.5 billion cubic meters in 2015 compared with 2007, Deputy Energy Minister Lyazzat Kiinov said.
The Central Asian country aims to pump 100 million metric tons of crude oil in 2015, up from an estimated 70 million tons this year, Kiinov said at a conference in Almaty.

1/10/2008
“Oil consumption in the developed countries and oil prices will come down”, Prime Minister of Kazakhstan Karim Massimov has said answering the deputies’ questions at the Governmental Hour in the Majilis. According to Mr. Massimov, it is necessary to keep the oil price forecast in the republican budget for 2009-2011 at the level of 60 dollars per barrel.
“It is impossible to tell how the situation will work out. But oil consumption in the US and Europe will come down indeed”, K. Massimov stated taking into account the world economic crisis. “Thus we should get ready for reduction of prices for oil and basic metals”, he added.

9/09/2008
Central Asian region takes a special place in the system of the Eurasian economic relations. Kazakh Prime Minister Karim Massimov has made it public opening a conference Central Asia. Investment opportunities. A New Silk Road in Almaty.
“For the previous five years aggregate economic growth in Central Asian countries made up about 10 per cent. The previous year the total volume of the region’s GDP reached USD 160 billion. We possess large energy resources, ore and metallurgic raw materials, developed transport infrastructure and significant potential of human resources”, K. Massimov said.

29/08/2008
Today Prime Minister of Kazakhstan Karim Massimov has had a meeting with Senate Chairman Kassym-Zhomart Tokayev.
The parties focused on core tasks of the House’s law-making work in the light of President Nazarbayev’s instructions sounded in his annual Message to the Nation as of Feb 6, 2008.
K. Massimov handed over the country’s main draft financial documents – Fiscal and Tax Codes and a Three-year budget for 2009-2011 – to the Speaker.

21/08/2008
"In accordance with the oblast akimats, forecast figures of current year harvest are about between 16.5 and 17.5 mln tons of grain," representative of THE Agriculture Ministry Anna Buts has told today at a conference on organization of grain transportation.
“Taking into account internal consumption, forecast for export may comprise 5-5.5 mln tons of grain. As for the ban for grain export, its supply will not be limited. The Government takes certain measures on provision of food security in the country”, A. Buts noted.
"KTZ expects to deliver 700-800 thousand tons of grain in Sep, including over 500 thousand tons for export and 180 thousand tons – for internal market. At present the company has 5229 wagons for grain shipment," KTZ Managing Director Kanat Almagambetov said.

29/07/2008
Prime Minister of Kazakhstan Karim Massimov has urged to create a working group on the issues of light industry development in Kazakhstan at the Government’s. Industry and Trade Minister was instructed to head the group. Vice Minister of Industry and Trade Almas Kossunov made a report on state and prospects of development of the light industry. According to him, Kazakhstan has an opportunity to recover production and raise its level. The country has favorable conditions for it: production of natural raw material, cotton, wool, hide.
He also noted that the Ministry, “Atameken” Union and Agro Industrial Complex would elaborate a number of measures for light industry development.

9/07/2008
Today “Kazakhstan Temir Zholy” (KTZ) president Askar Mamin summarised results of the company’s work for the last half year at a widened sitting in Astana.
“The company has achieved all targeted production and financial indices. The income for the first six months of 2008 has made KZT 208.6 bln which is 16% higher than the last year index. Cargo turnover for the first half-year has increased 10.2%, transit indication has reached 18% and volume of container transportation has been raised by 23% including 37% of transit container transportation”, A. Mamin announced.
By the end of 2008 the company plans to increase cargo turnover index up to 211.9 bln tons, passenger traffic up to 9.4 bln people and container transportation up to 200 thousand tons.

29/04/2008
The Kazakh government will seek investors to build or maintain 1,000 kilometers (620 miles) of roads at a projected cost of 541 billion tenge ($4.5 billion) in exchange for operating concessions. Construction of five toll roads may begin as early as Jan. 1, the Transportation Ministry said today.
Kazakhstan, which borders Russia, China and the Caspian Sea, is the world's ninth-biggest country by territory, covering 2.7 million square kilometers (about 1 million square miles). Its $100 billion economy has grown an average of 10 percent a year since 2000, driven by high oil and metals prices.
The government also plans to upgrade 2,552 kilometers of roads at a cost of 900 billion tenge to create a highway that would allow freight from Chinese manufacturers to be delivered directly to European markets. The first phase of the upgrade will cost 789.3 billion tenge and is scheduled for completion by 2013. A second phase will be done by 2016.

25/04/2008
Delegates of the National Economic Chamber “Atameken” headed by its chairman Azat Peruashev paid a visit to Vienna on April 19-22 on invitation of the Austrian Economic Chamber with the assistance of Kazakhstan’s Embassy in Austria.
From their Austrian colleagues the Kazakhstani businessmen drew necessary experience in establishment of the sectorial and regional entrepreneurial unions and their know-how in foreign trade promotion.
The Vice President of the Austrian Economic Chamber introduced the representatives of “Atameneken” Chamber to the structure and principles of its work during their visit.
In addition, Kazakhstan’s National Economic Chamber “Atameken” and Austria’s Economic Chamber reached an agreement of further interaction and cooperation while preparing for the Days of Kazakhstan’s Economy in Austria.

11/04/2008
Kazakhstan intends to invest about $10 billion to create a Caspian oil and gas industry center in the country's west.
"The Caspian energy hub will be created in the city of Aktau on the coast of the Caspian Sea. The project aims to develop Kazakhstan's human capital and the economy as a whole through the establishment of an oil and gas industry center in the Caspian region," said a statement released after a meeting between the Kazakh President Nursultan Nazarbayev and the management of investor companies Gulf Finance House and PFC Energy International.
The project, to be implemented in the next three to five years, will be financed both by the government of Kazakhstan and foreign investors.

29/03/2008
Bilateral talks between Kazakhstan and European Union on the access to the services market took place on March 25-26 in Brussels within the framework of the negotiation process on Kazakhstan’s entry to the World Trade Organization. The delegations of Kazakhstan and European Union reached significant progress in the majority of issues of the access to the Kazakhstan services market. Some other key issues including the access to the markets of telecommunication, financial and energy services are expected to be settled in the first half of the current year.
Upon the results of the conference the international experts stressed that Kazakhstan’s participation in the world trade system through the entry to the World Trade Organization would promote diversification of the state’s economy by means of attraction of the direct investments and advanced technologies for the development of the non-primary sectors.

21/03/2008
A scientific-practical conference Energy-saving policy in the Republic of Kazakhstan is being held in the Senate of the Kazakh Parliament.
Opening the conference, chairman of the Senate of the Kazakh Parliament Kassym-Zhomart Tokayev noted that the country’s economy competitiveness is evaluated by energy consumption level and degree of production’s energy intensity.
“It is necessary to implement the innovation technologies in the process of energy-saving, alternative energy sources' utilization in conditions of growing energy deficit and resources’ appreciation,” he highlighted.

17/03/2008
A working group has formed a draft budget of Astana for 2009-2011.
First deputy akim of Kazakhstan’s capital Yerik Sultanov has maid it public today in the Astana akimat. “The working group was formed in connection with transition to a three-year budget financing. This group held an analytical work on districts’ projecting and capital’s development within a month. As the result, 51 priority districts were defined and a preliminary draft budget of Astana for 2009-2011 was formed,” Yerik Sultanov said.

11/03/2008
Prime Minister of Kazakhstan approved Strategic Plans of Development for the years of 2008-2010 of three ministries.
Justice, Finance and Economy Ministries introduced the 2008-2010 Strategic Development Plans at the regular governmental session in Astana on March 11, 2008.
The head of the Government charged Economy and Justice Ministries to introduce passports of the 2008 budget programs based on three-year strategic plans to the Economy Ministry within a week.

27/02/2008
Today in Astana Energy and Mineral Resources Minister of Kazakhstan Sauat Mynbayev and president of KazMunaiGas JSC Uzakbai Karabalin signed a contract on prospecting the Zhambyl segment on the Caspian Sea shelf.
As stated there, this segment was picked up in September 2004 within the Caspian Sea shelf development program as the most promising one. Its total square makes 1935 sq m, water depth is 4-9 m. Its predicted recoverable resources are believed to amount to 120-170 mln tons of oil.

25/02/2008
A sitting of the Kazakh Government will takes place on tomorrow in Astana. Energy and Mineral Resources Minister Sauat Mynbayev and President of KazMunaiGaz JSC Uzakbai Karabalin will make report on the project of construction of the “Beineu-Bozoi-Shalkar-Akbulak” gas pipeline. In addition the participants will consider the project of reconstruction of the international transport corridor Western Europe – Western China.

9/02/2008
Kazakhstan said it will increase its oil output by 3.7 percent during 2008.
The country expects to produce between 69 million and 70 million tons of oil this year, the country's Energy Minister Sauat Mynbayev was quoted as saying. It produced 67.5 million tons of oil and gas condensate in 2007. Kazakhstan aims to double oil output by 2015 as it boosts production at fields run by international companies such as Chevron Corp. and Eni SpA. The nation has 3.3 percent of the world's proven oil reserves and 1.7 percent of its gas.

3/02/2008
The first international conference on Extractive Industries Transparency Initiative (EITI) in Kazakhstan will be held in Astan.
It will be organized by the EITI National Council of the interested parties.
The conference’s theme is “Realization results and development perspectives of extractive industries transparency initiative”.
The representatives of the Kazakh public bodies, deputies of the Senate and Parliament of Kazakhstan, heads of the gas and oil producing and mining companies, spokesmen of the international, financial, research institutes, non-governmental organizations and mass media take part in it.

8/11/2007
A plan of measures on realization of the economic cooperation program is expected to be approved at the forthcoming sitting of the intergovernmental commission on cooperation between Kazakhstan and Russia; Kazinform refers to the Economy and Budget Planning Ministry.
As is known, a number of bilateral documents directed to the expansion of trade-economic collaboration including the program of economic cooperation between the governments of Kazakhstan and Russia for 2008-2011 was signed during the Forum of near border regions’ heads in Novosibirsk on October 5, 2007.
Actual component of a new plan of measures is creation of the Kazakh-Russian innovative space, development of cooperation in the fuel-energy complex and promotion of industry, transport, agro industrial complex and space activity. 10/11/2007

19/10/2007
The Senate of the Parliament of Kazakhstan has adopted a law On amendments to the law of the Republic of Kazakhstan "On Republican Budget for 2007”. The Senators underlined that the Government accepts the adequate measures for provision of the stability of the socio-economic development of Kazakhstan. The amendments to the 2007 republican budget foresee the increase of the republican budget revenue by KZT 175.1 bln in connection with the specification of the economic indicators and reconsideration of the forecast of the non-tax revenues.

25/09/2007
Germany's Allianz S.E. is entering the Kazakhstan market by acquiring ATF-Polis, one of the country's leading insurance companies, the Munich-based insurer announced.
ATF-Polis is among the top five insurance companies in Kazakhstan, with gross premiums written of USD42 million in 2006, according to an Allianz press release. ATF-Polis is active in property/casualty lines and has a well-developed sales network in both urban and regional areas.
"By entering Kazakhstan now we will ensure our position in this interesting market," commented Werner Zedelius, an Allianz board member who is responsible for growth markets.

15/09/2007
Prime Minister of Kazakhstan Karim Massimov has received today chairman of the board of JSC Holding Samruk Richard Evans and its CEO Kanat Bozumbayev.
The premier assigned the directorship of the holding with a task to form more effective national asset management system and enhance the level of corporate governance of the company.
"The head of the Government set up the problem aimed at development of the Holding Samruk and we will do our best to solve it", Mr. Bozumbayev said. 17/09/2007

7/06/2007
Belarus and Kazakhstan decided to increase trade turnover to one billion dollars in 2008, thus trebling it from the 2006 level. This task was set forth during the 4th meeting of the Belarusian-Kazakhstani inter-governmental commission on trade and economic cooperation in Minsk on Wednesday. It is planned that this aim will be reached, first of all, by expanding and developing bilateral contacts, Belarusian co-chairman of the commission, Deputy Prime Minister Ivan Bambiza said.

28/05/2007
A presentation of Ashgabad-Almaty flight was held in Almaty. Vice Minister of Transport and Communications of Kazakhstan Azat Bekturov and heads of the Almaty international airport JSC participated in the presentation, the MinistryТs press service reports. The Turkmen side was headed by the deputy director of the Turkmenkhovayollary (Turkmenistani Airlines) National State Service.
Turkmenistan became the initiator of the air communicationТs renewal, which was interrupted ten years ago. The request and foundation on renewal of the air service were made in accordance with requirements of the air transport agreement between Kazakhstan and Turkmenistan. 30/05/2007

14/05/2007
Russia, Kazakhstan and Turkmenistan agreed to build a gas pipeline along the Caspian coast and will sign the deal by September 1, a joint declaration of the three presidents said Saturday. The pipeline will run from Turkmenistan along the Caspian coast of Kazakhstan and on to Russia, the sole re-exporter of the Turkmen gas. It is a rival project to a U.S.-sponsored Trans-Caspian pipeline across the Caspian Sea to carry Turkmen gas to southern Europe bypassing Russia.

28/04/2007
Prime Minister of Kazakhstan Karim Massimov has surveyed the construction progress of the ever-first autobahn of Kazakhstan, Astana-Shchuchinsk, bridging the capital and Borovoye resort area. The estimated carrying capacity of the new road will amount to 40 000 cars per day.

18/04/2007
President of Kazakhstan Nursultan Nazarbayev is expected to receive the heads of the governments of the EurAsEC member countries today in Akorda residence.The EurAsEC is an international economic organization.

16/03/2007
Kazakhstan's state-run company "Kazaeronavigatsia" has chosen software productions of an Azerbaijani scientific and production company, R.I.S.K. Kazakhstan became the fourth country in the world after Latvia, Azerbaijan and Estonia successfully implementing PANDA software solutions. The software innovations, R.I.S.K. Company introduces, aims to provide effective realization of aeronautical tasks of the "Kazaeronavigatsia" State Enterprise.

4/03/2007
The last year export of the Kazakh farm products and food commodity for the first time hit USD 1.3 bln, Agriculture Minister Akhmetzhan Yessimov told at republican session in the Ukimet Uyi. Kazakhstan becomes the world's seventh grain exporter with 6.2 mln tons of import figures and ranks the third in flour exports.

10/02/2007
Kazakh Minister of Justice Zagipa Baliyeva informed of the course of property legalization in the state. According to the Minister, about 800 thousand applications for property legalization have already been handled. About 500 thousand of the real estate objects were legalized. Total sum of the legalized property amounted to KZT 71.8 billion. Earnings to the budget made up KZT 518.1 million. Currently the Ministry is holding the explanatory work on the problems of the property legalization.

1/02/2007
The 37th annual summit of the World Economic Summit took place January 24 - 28 in Davos, Switzerland. The subject of the forum is the "misplaced balance of forces". Such issues as the global warming, the Asian economic forum, the transformation of the Islamic community in South East Asia, the automation of the industry and the business development in the Internet, as well as the situation in Iraq and the Middle East. 2,400 from 20 world countries participated in the summit. The Kazakhstani delegation was headed by Vladimir Shkolnik, deputy head of the presidential administration of RK. Bahtikoja Izmuhambetov, Minister of Energy and Mineral Resources of RK, and Zhanar Aitzhanova, deputy minister of industry and trade, made part of the delegation.

18/01/2007
The volume of investments into the extraction of minerals has grown 17.5% in Kazakhstan in 2006 and amounted to $14.8 billion. The share of the foreign investments remained at the level of 80%. 83% of the total volume of investments into the extraction were made into the production of minerals.

7/01/2007
The Head of State received Board Chairman Gregory Marchenko of the People’s Bank of Kazakhstan.
Situation in the financial sector of the country, outcomes of the last year for People’s Bank and for the country’s financial sector were discussed during the meeting.
The Head of State congratulated the collective of People’s Bank on the successful Initial Public Offer performed by the Bank on the London Stock Exchange. 7/01/2007

21/12/2006
The commodity circulation between Kazakhstan and China will double in 2015, President of Kazakhstan Nursultan Nazarbayev made it public during his speech at the Academy of the Social Sciences in Beijing.
The volume of the two-way trade between the countries is expected to hit USD 8 billion by the end of 2006. - Our main target is to enhance this rate up to USD 15 billion in 2015, Nazarbayev said.
- Though it is not a big deal for China, Kazakhstan makes a point of these figures since 10 years ago trade indexes between the states amounted to nothing, the Kazakh leader added.

15/12/2006
December 14, 2006 -- Kazakhstan and Ukraine today said they were interested in developing joint nuclear projects.
Those could include Ukraine's participation in the construction of nuclear power plants in Kazakhstan.
The plans are outlined in a joint statement signed in Astana today by Kazakh Prime Minister Daniyal Akhmetov and his Ukrainian counterpart, Viktor Yanukovych.

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