01.02.2023, 12:23 78916
Deputy chairmen of KMG Directors Board appointed
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Samruk-Kazyna National Sovereign Wealth Fund has announced the appointment of Serikkali Brekeshev, Kuanysh Khudaibergenov and Dauletzhan Khassanov as deputy chairmen of the Board of Directors of JSC KazMunayGas national company, Kazinform reports.
Serikkali Brekeshev will coordinate gas project development issues.
From September 2021 to January 2023, Brekeshev held the posts of the Minister of Ecology and Minister of Geology and Natural Resources.
In different years, Brekeshev worked as director of the technical policy department, deputy director general at JSC KazTransGas, director of the gas industry development department at the Ministry of Oil and Gas. He held also technical-engineering positions at JSC MangistauMunayGas and CJSC Karakudukmunay.
Kuanysh Kudaibergenov will coordinate large oil and gas projects.
In different years, he worked as a drilling engineer at CJSC Integra, as a technical specialist at JSC KazMunayTeniz, as a manager of oil and gas projects development department at JSC NC KazMunayGas, and held senior positions at LLP KMG-Kansu Operating, Rompetrol S.A.
From 2017 to 2021, he was director of the department for oil industry development at the Ministry of Energy. From June 2021 to January 2023, he was Deputy Director General of Karachaganak Petroleum Operating B.V.
Dauletzhan Khassanov is a graduate of the West Kazakhstan Agricultural Institute (1993) with a major in Economy and Atyrau Oil and Gas Institute (2007) with a diploma in Mining Engineer.
Prior to this appointment, he was Executive Director of KMG’s HR Department, Director of the KMG Oil and Gas Production Department, and Director General of JSC Mangistaumunaygas.
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24.04.2024, 19:13 371
Kazakhstan confirms its commitment to OPEC+ Agreement, says energy ministry
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Kazakhstan confirms its commitment to the OPEC+ Agreement and supports all decisions taken together with the OPEC+ member countries, the Kazakh energy ministry said in a statement, Kazinform News Agency reports.
According to the ministry, following the decision of the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), Kazakhstan prepared a detailed Compensation plan, according to which it will gradually compensate for the 1st quarter overproduction during 2024.
Kazakhstan will make every effort to comply with its obligations and compensate for overproduction according to the proposed Compensation plan. We understand the importance of conformity to the obligations by each country and maintaining cooperation in order to stabilize the oil market, reads the statement.
Earlier, Kazakhstan extended its current voluntary obligations until the end of June 2024.
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19.04.2024, 14:15 31691
Kyrgyzstan and World Bank reach agreement on Kambarata HPP-1 project
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Meetings between Chairman of the Cabinet of Ministers - Head of the Administration of the President of the Kyrgyz Republic Akylbek Zhaparov and the executives of the World Bank Group continue, Kabar reports.
Yesterday, on the sidelines of the spring meetings of the International Monetary Fund and the World Bank Group, meetings were held with the WB Regional Director for Economics and Finance Asad Alam, as well as with the WB Vice President for Human Development Mamta Murthy.
The main topic of negotiations with the WB Regional Director for Economics and Finance Asad Alam was the issue of discussing the draft country economic memorandum and the partnership framework strategy, and with the WB Vice President for Human Development Mamta Murthy, the head of the Cabinet discussed issues of cooperation in the social sphere, including education, healthcare and social protection.
Next, a meeting was held between Deputy Chairman of the Cabinet of Ministers Bakyt Torobaev and World Bank Regional Director for Europe and Central Asia Sameh Wahba, where the main topic of negotiations was the issue of interaction in the field of agriculture and water management.
The parties mutually noted the importance of discussing these issues in the context of climate change and natural disasters around the world.
As a result of these meetings, an agreement was reached to practically strengthen the partnership between Kyrgyzstan and the World Bank, in particular, the parties agreed to develop a financial model of cooperation within the framework of the construction of Kambarata HPP-1.
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19.04.2024, 12:26 39031
Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region
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Prime Minister of the Republic of Kazakhstan Olzhas Bektenov met with the heads of the world's largest oil and gas chemical companies – President of China Petrochemical Corporation (SINOPEC) Zhao Dong and Chairman of the Board of SIBUR LLC Mikhail Karisalovб primeminister.kz reports.
The key issue is the joint construction of the first integrated gas chemical complex for polyethylene production at a cost of about $7.7 billion and a capacity of 1.25 million tonnes per year, which will account for 1% of the world's total capacity.
A tripartite protocol was signed during the meeting, officially finalising SINOPEC's entry into the project. The ownership structure of the plant is as follows: KazMunayGas 40%, SINOPEC 30%, SIBUR 30%.
Head of the Government emphasised the importance of the project due to its focus on the production of high value-added products.
A gas separation complex (GSC) will be built at the Tengiz field to supply the "Polyethylene" project with feedstock (ethane). The capacity of the GSC is 9.1 billion m3 of dry gas processing per year, of which 1.6 million tonnes of ethane is expected to be produced.
Ethane will be sent through the main pipeline from Tengiz to the Karabatan site (territory of FEZ NINT, Atyrau region), where the polyethylene plant will operate.
It is planned to produce about 22 grades of polyethylene using American licence technologies of Chevron Phillips and Univation, 40% of which will be premium grade. A wide range of applications for both industrial and household purposes makes polyethylene the most popular polymer in the world.
Polyethylene is used in the fields of medicine, prosthetics, defence, food industry, construction, space industry and others. This polymer is used in the production of a wide range of goods: from plastic wear-resistant pipes, construction materials, medicines, syringes, prostheses to bulletproof vests, clothing for astronauts and car parts. Target markets include Kazakhstan, CIS countries, China, Turkey and European countries. At the same time, for domestic consumption, the realisation price will be lower than the import price.
The Head of State has identified deep processing of hydrocarbons as one of the key areas of development of the oil and gas sector. The priority for our economy is high conversion production producing products with a rapid increase in added value in the technological chain with an export orientation. The added value between the initial feedstock ethane and the third conversion product polyethylene increases 20 times, from $80-90 to $1600-1800 per tonne. The Polyethylene project will certainly give a serious impetus to the development of both the manufacturing industry and the country's economy as a whole. According to experts' calculations, the contribution to the country's GDP by 2030 from the implementation of the project is estimated at approximately 1.2%," Olzhas Bektenov said.
The construction of the plant is planned to be completed by 2029. During the construction period more than 8 thousand jobs will be created, during the operation period about 850 jobs will be created.
It was noted that the project is realised with the support of the Government. The plant will be built on the territory of a special economic zone with the provision of appropriate infrastructure and special tax regime. In this regard, Prime Minister emphasised the attention of the project participants to the need to maximise the use of local potential.
We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
Thus, in addition to the plant "Polyethylene" it is planned to build a gas separation complex and a trunk pipeline.
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18.04.2024, 17:20 39221
Olzhas Bektenov and Head of the Sakha Republic Aysen Nikolayev discuss issues of trade and economic cooperation
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Prime Minister of the Republic of Kazakhstan Olzhas Bektenov met with the Head of the Republic of Sakha (Yakutia) Aysen Nikolayev, who arrived on a visit to Astana to participate in the opening ceremony of the Days of the Republic of Sakha in Kazakhstan, primeminister.kz reports.
The Republic of Sakha contributes to the development of Kazakhstan-Russia trade relations. The implementation of agreements reached at the level of the presidents of Kazakhstan and Russia on further expansion of bilateral trade and economic cooperation was reviewed.
Over the year, trade turnover between the regions of Kazakhstan and the Republic of Sakha has grown almost 2-fold, exceeding $160 million, with over 99% of exports of Kazakhstani goods. During the discussion a wide potential of mutual trade was noted and the parties' readiness to increase turnover in agricultural, industrial and IT spheres was outlined.
The parties confirmed their intention to intensify joint work on expanding the range of supplied goods and services, establishing direct contacts between business circles. It is expected that a new impetus to trade and economic relations will also be given by the launch of five major cross-border trade centres in Kazakhstan, including the Eurasia Cross-Border Trade Centre on the border with Russia.
Special attention was paid to the exchange of experience and technologies in the field of creative industries and digitalisation, as well as interaction between research institutes and educational institutions of Kazakhstan and the Republic of Sakha.
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16.04.2024, 08:48 51416
Uzbekistan and Kazakhstan launch E-Permit international cargo transportation system
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Much attention is paid to improving conditions in international road freight transportation between Uzbekistan and Kazakhstan and the widespread introduction of digital technologies into the system, UzA reports.
E-Permit, an electronic system for exchanging permit forms, has been introduced to speed up cargo transportation between Uzbekistan and Kazakhstan.
Specialists from the Digital Transport Center under the Ministry of Transport successfully launched this system in test mode. The first quotas were exchanged using the E-Permit system, and cargo vehicles passed through the Yallama customs post.
It is worth noting that this electronic system was introduced between Uzbekistan and Türkiye on November 11, 2021, at the initiative of the Ministry of Transport, for the first time.
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15.04.2024, 10:59 51231
National Bank of Kazakhstan maintains base rate at 14.75%
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The National Bank of Kazakhstan has decided on April 12 to keep the base rate at 14.75% per annum, press service of National Bank of the Republic of Kazakhstan reports.
Inflation and inflationary pressures
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
The National Bank considers it necessary to "maintain moderately tight monetary conditions" to achieve the inflation target of 5%.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Kazakhstan’s annual inflation in March went down to 9.1%, driven by what the bank deemed "moderately tight monetary policy and declining world grain prices."
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
Although inflation expectations are on the decline, they are still high due to rising prices for food, housing and communal services, and gasoline.
International economic environment
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
The bank also noted that oil prices are slightly above the base scenario, averaging $83 per barrel since the beginning of the year, which will favorably affect Kazakhstan's trade balance. This is due to the extension of the OPEC+ agreement, military actions in the Red Sea, and the suspension of several refineries in Russia.
However, high oil prices may lead to an increase in the external inflationary background.
External monetary and credit conditions remain tight. As a result, global inflation is slowing down but still remains above target levels in many countries.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
Inflation in the United States also remains above its 2% objective.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Economic growth
Economic growth in January and February is estimated at 4.2% year-on-year, within the National Bank's forecast. The dynamics of retail trade indicators, volumes of consumer credit issuance, and the dynamics of the business activity index indicate the maintenance of robust internal demand in the economy.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
The next decision on the base rate is scheduled for May 31.
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12.04.2024, 15:23 85771
Henkel intends to develop production in Kazakhstan
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At the Ministry of Industry and Construction of the Republic of Kazakhstan, a meeting took place between the Chairman of the Industry Committee, Azamat Panbaev, and the CEO of Henkel for the Central Asian and Caucasus regions, Mikhail Yershov, press service of the Ministry of Industry and Construction reports.
During the meeting, M. Yershov reported on the completion of the process of transferring the office of the Central Asian and Caucasus regions to Kazakhstan and shared the company's plans for business development in our country.
Henkel actively operates in nine countries of the Eurasian region - Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan, Mongolia, Azerbaijan, Armenia, and Georgia. The history of cooperation with Kazakhstan began in 2006.
The complexity of production and logistical chains has prompted the company to consider optimizing production in the Eurasian space. The company already has two manufacturing facilities in the region: a factory in Kunayev (formerly Kapshagai) and a facility near Tbilisi in Georgia, which produces Metylan and Ceresit.
Currently, other possibilities for localizing production are being explored to be closer to the consumer, while the company intends to continue investing in the expansion of construction mix production in Kazakhstan.
At the end of the negotiations, both sides expressed their appreciation to each other for the constructive, effective dialogue and emphasized the importance of developing bilateral relations.
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12.04.2024, 14:20 85971
Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 billion tenge
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Vice Minister of Industry and Construction, Zhannat Dubirova, announced this at the 13th session of the Kazakhstan-Finland Intergovernmental Commission on Trade and Economic Cooperation. Participants included Kazakhstan's Minister of Ecology and Natural Resources, Erlan Nysanbayev, Ambassador of Kazakhstan to Finland, Zhanna Sartbayeva, and Vice Minister of Transport, Talgat Lastaev, along with Finland’s Minister of Foreign Trade and Development, Ville Tavio, Ambassador to Kazakhstan, Soili Mykäinen-Buchanist, and Diplomatic Advisor Mikko Autti, press service of the Ministry of Industry and Construction reports.
The Vice Minister highlighted the achievements of Kazakhstan-Finland relations in the woodworking industry, which amounted to 14.3 million dollars in 2023.
Zhannat Dubirova also shared data on a 31% increase in investment in woodworking, totaling 3.3 billion tenge.
By 2027, the woodworking industry plans to launch approximately 11 new productions valued at 32.5 billion tenge, creating 1400 jobs", emphasized the Vice Minister.
The government is offering a range of benefits, incentives, and preferences for launching new investment projects and supporting existing ones. The Ministry has set the task of further developing the woodworking industry with sustainable and efficient use of raw materials.
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