Kazakhstan and South Korea Prepare New Oil Cooperation Agreement
Kazakhstan and the Republic of Korea are preparing to sign a framework agreement on cooperation in the oil sector. The issue was discussed by Kazakhstan's Vice Minister of Energy Sanzhar Zharkeshov and South Korean Ambassador Jeong Ki-hon, Kazakhstan's Ministry of Energy said.
The agreement is expected to be signed during the state visit of the President of Kazakhstan to the Republic of Korea, scheduled for September.
The two sides also discussed the participation of South Korean companies in the modernization of Kazakhstan's energy infrastructure. The Ministry of Energy invited Korean businesses to take part in projects aimed at upgrading existing power facilities and constructing new generating capacity under Kazakhstan's Power Sector Development Plan through 2035.
The construction of a combined-cycle gas turbine (CCGT) power plant in the Turkistan Region was also a key topic of the talks. According to the ministry, construction and installation work is ongoing at the site, delivery of the main process equipment has been completed, and more than 2,100 specialists are currently involved in the project.
Following the meeting, Kazakhstan and the Republic of Korea reaffirmed their commitment to further strengthening their strategic partnership, implementing joint investment projects, and expanding technological cooperation in the energy sector.
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Kazakhstan Seeks to Strengthen Economic Cooperation with 10 Countries
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Kazakhstan plans to strengthen its trade, economic and investment cooperation with 10 countries, First Deputy Prime Minister Nurlibek Nalibayev said during a government meeting.
The countries are Turkey, China, Azerbaijan, South Korea, Japan, Tajikistan, France, Germany, the United Kingdom and Turkmenistan.
Nalibayev said the development of mutually beneficial ties with these countries is receiving particular attention from the President of Kazakhstan.
During the meeting, representatives of government agencies and national companies provided updates on ongoing joint projects. Participants discussed key areas of economic cooperation and identified priorities for further engagement.
According to Nalibayev, trade and investment cooperation with international partners plays an important role in Kazakhstan’s industrial and technological development.
Following the meeting, government agencies and relevant organisations were instructed to step up efforts to implement existing agreements and develop new joint initiatives.
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KazMunayGas Boosts Oil and Gas Condensate Output by 10% to 26.2 Million Tonnes
Kazakhstan’s national oil and gas company KazMunayGas increased its oil and gas condensate production by 10% in 2025 to 26.2 million tonnes. The figures were presented at a meeting of the Samruk-Kazyna Public Council, according to the agency’s correspondent.
"The volume of oil refining in Kazakhstan reached 14.7 million tonnes, an increase of 3.2%," the Samruk-Kazyna press service said.
KazMunayGas also achieved a record level of light petroleum product output in 2025, producing 1.2 million tonnes more than a year earlier.
The company continues to expand its resource base. As part of its geological exploration programme, 23 projects are currently at various stages of preparation. The main focus is on deep-lying formations, underexplored stratigraphic complexes and territories.
According to the Kazakhstan Stock Exchange (KASE), KazMunayGas remains Kazakhstan’s largest company by market capitalisation, valued at $44.5 billion. As of August 4, 2026, one KazMunayGas share was worth 34,650 tenge, compared with 8,406 tenge at the time of its initial public offering (IPO).
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EAEU Plans to Cut Roaming Call Charges from 2028
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The Eurasian Economic Commission (EEC), together with telecom operators across the EAEU member states, is working to reduce the cost of mobile services in international roaming.
The bloc plans to introduce fairer rates for roaming voice calls from 2028, EEC Chairman Bakytzhan Sagintayev said following a meeting of the Eurasian Intergovernmental Council.
"Ultimately, this should lead to tariffs that are as close as possible to domestic rates, meaning a significant reduction in the cost of calls," Sagintayev said.
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EAEU Sets New Rules for Foreign Online Purchases From 2027
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The heads of government of the Eurasian Economic Union (EAEU) member states have instructed relevant authorities to complete preparations for the introduction of new rules governing cross-border e-commerce from Jan. 1, 2027.
According to the Eurasian Economic Commission (EEC), Armenia, Belarus, Kazakhstan and Kyrgyzstan have already completed the ratification of a protocol amending the EAEU Customs Code Treaty. The document will enter into force once the EEC receives the final instrument of ratification.
EEC Minister in charge of Trade Andrey Slepnev said the key change is the introduction of a separate category for goods purchased through foreign online stores, which will be subject to specific regulatory rules.
In preparation for the changes, EAEU member states are developing the necessary regulatory framework and updating their national legislation and information systems.
Once the new rules take effect, most e-commerce goods will be subject to a uniform customs duty of 5% of their value, but no less than €1 per kilogram. The €200 duty-free threshold will remain in place.
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New Head of Atyrau Oil Refinery Appointed
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Muratzhan Musaibekov has been appointed General Director of the Atyrau Oil Refinery (ANPZ) following a decision by an extraordinary general meeting of the company's participants, the refinery's press service said.
Musaibekov has held a number of senior positions within the KazMunayGas (KMG) group. He previously served as director for oil and gas processing and petrochemical projects, managing director for oil refining, deputy general director of KazMunayGas - Refining and Marketing, and first deputy chairman of the management board of KPI Inc.
The new management has been tasked with improving the refinery's operational efficiency, increasing the yield of light petroleum products, enhancing production reliability and energy efficiency, continuing environmental projects, and ensuring safe working conditions for employees. KMG also stressed the importance of maintaining the refinery's stable and uninterrupted operations.
The tenure of the refinery's previous General Director, Kuanysh Bishimov, was terminated by a decision of the extraordinary general meeting of the company's participants.
In July, the Atyrau Oil Refinery completed scheduled preventive maintenance and resumed normal operations.
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Kazakhstan-Uzbekistan Trade Reaches $4.8 Billion
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Trade turnover between Kazakhstan and Uzbekistan reached $4.8 billion in 2025, it was announced at the Uzbekistan-Kazakhstan Business Forum in Tashkent, according to Kazakhstan's National Chamber of Entrepreneurs Atameken.
"Kazakhstan's exports increased by 24.6% to $3.52 billion. During the first five months of 2026, bilateral trade reached $2.3 billion, up 37.2% compared with the same period last year. Today, Uzbekistan accounts for more than 55% of Kazakhstan's trade with Central Asian countries, reflecting the strong complementarity of the two economies and their significant potential for further growth," the statement said.
Kanat Sharlapayev, Chairman of the Management Board of the National Chamber of Entrepreneurs of Kazakhstan Atameken, said Kazakhstan and Uzbekistan have all the prerequisites to move to a new stage of cooperation based on joint investment, modern production chains, and the development of high-tech industries.
The head of Atameken stressed that the next phase of bilateral cooperation should focus on expanding industrial cooperation and creating conditions that would enable businesses in both countries not only to increase mutual trade but also to jointly produce higher value-added goods.
The National Chamber of Entrepreneurs also proposed focusing joint efforts on three key areas:
- creating transparent conditions for enterprises' access to raw materials and expanding cooperation in metallurgy, the chemical industry, polymer processing, and circular economy projects;
- digitalizing transport and logistics infrastructure and foreign trade procedures;
- increasing mutual investment, launching joint manufacturing projects, and supporting business localization in priority sectors, including energy, mechanical engineering, agriculture, and manufacturing.
Following the forum, Atameken proposed establishing a permanent expert working group involving the chamber, the Chamber of Commerce and Industry of Uzbekistan, and relevant government agencies. It also proposed preparing a joint roadmap to harmonize tariff, raw material, and customs mechanisms, while accelerating the introduction of digital services to ensure the seamless movement of goods between the two countries.
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Baiterek's Investment Portfolio Reaches 14.3 Trillion Tenge
Baiterek Holding Chairman Rustam Karagoyshin briefed Kazakh President Kassym-Jomart Tokayev on the implementation of the president's directives and the holding's key development priorities, the Akorda presidential press service reported.
According to Karagoyshin, the holding's investment and loan portfolios have reached 14.3 trillion tenge and are expected to increase to 16.5 trillion tenge. The holding's annual net profit exceeds 400 billion tenge.
In 2025, with Baiterek's support, 77,500 families obtained housing, including 11,600 families on official housing waiting lists.
The holding also financed 77 major projects and 27,400 small and medium-sized business projects last year, provided support to 131 exporters and 7,200 agricultural producers, and leased 11,400 units of agricultural machinery for the spring fieldwork campaign.
Karagoyshin also presented the holding's transformation plans and its new long-term development strategy. The strategy envisions a transition to a proactive investment holding model focused on efficient asset management, business development, and improving the quality of life.
By the end of 2026, the holding plans to submit 26 projects to the Investment Council for consideration. The projects are aimed at import substitution, export development, and infrastructure expansion.
Following the meeting, Tokayev stressed the importance of ensuring sustainable economic growth and attracting long-term investment. The president also instructed the holding to strengthen support for small and medium-sized enterprises and to pay particular attention to improving housing affordability for citizens.
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Alatau Plans Eco-Friendly Aviation Fuel Production Hub
The Kazakh government has signed a memorandum on establishing an ecosystem for the production of Sustainable Aviation Fuel (SAF) in the city of Alatau.
During a meeting with Dr Peter Lee, founder of Hong Kong-based investment company Full Vision Capital, Prime Minister Olzhas Bektenov said that the new constitutional law introducing a special legal regime for Alatau creates favourable conditions for investors.
The memorandum on the Green Kazakhstan project was signed by the Alatau City Authority, Kazakhstan's Ministries of Energy, Agriculture and Transport, and Full Vision Capital.
The document provides for the creation of a complete production chain, from cultivating agricultural feedstock to manufacturing sustainable aviation fuel. The parties will also explore the introduction of smart energy solutions and nickel-hydrogen energy storage systems to improve the reliability of power supply and facilitate the integration of renewable energy sources.
Peter Lee said the company aims to contribute to the development of Alatau and the introduction of advanced technologies.
The two sides also discussed cooperation in the fields of smart energy and advanced energy storage systems.
Following the meeting, Bektenov instructed the relevant government agencies and the Alatau City Authority to support the implementation of the pilot projects.
Background: Full Vision Capital is a Hong Kong-based investment and incubation company focused on projects in the green economy, smart energy and environmental technologies.
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