State debt for 7 years grown from 601.7 billion KZT to 1 trillion 346 billion KZT
Public debt of Kazakhstan for 7 years has grown from 601.7 billion KZT to 1 trillion 346 billion KZT. The Minister of Finance of Kazakhstan, Bolat Zhamishev, informed today during the government session on the results of half a year, the agency reports.
Astana. August 18. Kazakhstan Today - Public debt of Kazakhstan for 7 years has grown from 601.7 billion KZT to 1 trillion 346 billion KZT. The Minister of Finance of Kazakhstan, Bolat Zhamishev, informed today during the government session on the results of half a year, the agency reports.
"Volume of public debt for the period of January 1, 2002 up to July 1, 2009 has grown from 601.7 billion KZT up to 1 trillion 346 billion KZT," B. Zhamishev informed.
The greatest relative density in the structure of state debt is government's debt. "The greatest relative density in state debt structure is the government's debt. There is still debt of local executive powers and the National Bank", the Minister explained.
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Kazakh deputy criticizes performance in mechanical engineering sector despite funding infusion
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Kazakhstan has been funneled 285 billion tenge in the mechanical engineering sector from the republican budget in the past three years, Kazinform News Agency correspondent reports.
285 billion tenge has been allocated to the mechanical engineering sector from different sources (the Development Bank, Industrial Development Fund, KazakhExport) over the past three years. In 2023, 13 thousand vehicles were made using the small node assembly method in 2023, which is a 9.7% of the overall vehicles produced last year. It is expected that the figure will rise to 64% by 2027, said Majilis deputy Nurtai Sabilyanov, while noting the low performance rate given the support provided by the state.
The deputy stated that many industrial companies acquire vehicles and equipment only (780 projects or 49.5%) with the support received from the Industrial Development Fund, which has nothing to do with the development of the industrial sector.
Moreover, according to the industry review of the National Bank, a weighted average capacity utilization in the manufacturing industry stood at a mere 51.1% in the fourth quarter of 2023. This raises a question of whether annual capital infusions in new projects are reasonable, said the deputy.
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Kazakhstan recovers 40bln tenge of illegally acquired assets
Images | primeminister.kz
Today was held a regular meeting of the Commission on the return to the state of illegally acquired assets under the chairmanship of Prime Minister of the Republic of Kazakhstan Olzhas Bektenov, primeminister.kz reports.
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The work on the return of assets is a direct realisation of the policy of the Head of State on the restoration of social justice. All returned funds are used for the benefit of the people of Kazakhstan," Olzhas Bektenov emphasised.
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Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region
Images | primeminister.kz
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.
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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%.
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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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