Kazakhstan received status of observer in GECF
Almaty. December 24. Kazakhstan Today - Kazakhstan has received the status of observer in Gas Exporting Countries Forum (GECF), the agency reports citing newspaper Kommersant. The session participants made the decision on joining GECF by the Equatorial Guinea that was the observer of the organization. The place of the organization of CECF headquarters has been selected Doha (Qatar).
According to RosBusinessConsulting, GECF Secretary General will be elected at the next session. The Executive Council for GECF administrative affairs and secretariat for technical and organizational maintenance of the work of the forum, which will be headed by the Secretary General.
The participants of the Gas Exporting Countries Forum (GECF) passed the organization charter, having given to informal association the status of the permanent organization. Its members, according to the Minister of Energy of Russia, Sergey Shmatko, will co-ordinate all main directions of the activity in gas sphere. The main direction of the work of the organization will be development of the new mechanism of pricing in the gas market. The new organization will need to make the gas market more transparent and its suppliers and consumers more responsible.
The Gas Exporting Countries Forum (GECF) gathered for the first time in 2001 in Teheran. Algeria, Bolivia, Brunei, Venezuela, Egypt, Indonesia, Iran, Qatar, Libya, Malaysia, Nigeria, Norway (observer), the United Arab Emirates, Russia, Trinidad, and Tobago regularly take part in the forum. The countries, participating in the forum, extract about 40 % of all world gas and 70 % of its world's reserves.
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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.
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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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