Intergovernmental agreement for Nabucco project signed in Turkey
Almaty. July 14. Kazakhstan Today - The Prime Ministers of Turkey, Austria and Hungary and the energy companies of Bulgaria and Romania signed the intergovernmental agreements for the Nabucco project, the agency reports citing ITAR-TASS.
According to ITAR-TASS, Special Envoy for Eurasian Energy, Richard Morningstar, confirmed support of the USA concerning this project and said that this gas pipeline will bring contribution to the regional energy security.
The Prime Minister of Turkey, Recep Tayyip Erdogan, speaking about the European prospects of Ankara, stated that realization of Nabucco project will be sufficient for introduction to EU." He also expressed hope that Russian gas will be also transported through Nabucco pipeline.
Construction of the gas pipeline will begin in 2011. The first deliveries will begin in 2014. Maximum capacity of the pipeline will be 31 billion cubic meters a year.
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Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region
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.
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.
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Olzhas Bektenov and Head of the Sakha Republic Aysen Nikolayev discuss issues of trade and economic cooperation
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Uzbekistan and Kazakhstan launch E-Permit international cargo transportation system
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National Bank of Kazakhstan maintains base rate at 14.75%
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.
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.
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.
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.
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.
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.
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.
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Henkel intends to develop production in Kazakhstan
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Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 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.
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ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
However, the economy’s dependence on commodities makes such growth volatile-so structural reforms are key to bolstering the country’s economic resilience and sustainability," he added.
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One of China's leading companies plans to implement pipe and fitting production projects in Kazakhstan
Xinxing Ductile Iron Pipes" is one of China's largest enterprises, primarily engaged in casting pipes and fittings, steel melting and rolling, developing special steel pipes, and producing cast items. It boasts the world's largest pipe manufacturing plant.
Xinxing" is an integrated metal processing enterprise with an annual output of 10 million tons of metal products and 8 million tons of steel, also producing 3 million tons of pipes with diameters ranging from 80 to 3000 mm. The company's products are widely used in the engineering and utilities sector, as well as in water supply, sewage, and heating systems.
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