Kalamkas-Khazar Operating LLP (KKO), a joint venture equally owned by Russia’s Lukoil and Kazakhstan’s KazMunayGas (KMG), remains on the U.S. sanctions list, according to the PACE Telegram channel. At PACE’s inquiry, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) said that no official request has been…
Kazakhstan has seen a steep increase in fuel prices since the start of 2025. According to the Eurasian Economic Commission (EEC), the price of motor gasoline rose 11.2% compared with December 2024, while diesel fuel climbed 9.2%. The pace of growth has outstripped all other member states of the Eurasian…
Christopher Eppinger, a former intern at KazMunayGas — Kazakhstan’s national oil company — has reportedly made a profit of more than $250 million reselling Russian oil. Between 2022 and 2025, his company sold oil worth nearly $2 billion, according to the Financial Times. Born in 1994 in a small town…
Kazakhstan’s PetroCouncil — an oil and gas industry association representing about 150 domestic oilfield service, engineering and manufacturing companies — has appealed to Prime Minister Olzhas Bektenov to protect local firms from what it calls dumping by Chinese companies in Kazakhstan’s petrochemical sector. Crowding out The council notes that foreign…
Kazakhstan and the U.S. have signed a memorandum of understanding on critical minerals. Signed in the presence of Kazakh President Kassym-Jomart Tokayev in Washington, the agreement aims to enhance Kazakhstan-U.S. cooperation in extracting and processing critical minerals. Minister of Industry and Construction Yersaiyn Nagaspayev signed the memorandum for Kazakhstan, while…
Kazakhstan is in talks with ExxonMobil Corp. to develop an untapped portion of the Kashagan oil field, Bloomberg reported, citing sources familiar with the matter. Currently, production is underway only in the eastern part of Kashagan, while the western sections and nearby fields remain undeveloped. According to Bloomberg’s sources, who…
Kazakhstan can raise oil production in December to 1.569 million barrels per day, up from the November cap of 1.563 million. Eight OPEC+ nations made this decision on Nov. 2. The total oil production increment for December was agreed at 137,000 barrels per day. Therefore, a 7,000-barrel-per-day increase is allocated…
Miryildiz Mining, a Turkish company, aims to launch gold and copper production in Kazakhstan in late 2026, according to Regional Director Emrah Erdem. At the Kazakhstan Global Investment Roundtable on Oct. 31, Erdem said the potential for copper mining in eastern Kazakhstan is strong, with the company focusing its efforts…
Using AI tools such as ChatGPT to look up «how to be environmentally sustainable» might actually be working against that goal, according to politics writer Lex McMenamin. That’s because ChatGPT and other large language models carry an environmental cost. Training and operating these systems require massive computing power, and the…
The world’s first underwater data center powered by wind / Image generated by a neural network, photo editor: Adelina Mamedova China has completed the world’s first underwater data center powered entirely by wind energy, New Atlas reported. The 24-megawatt facility in Shanghai sets a new benchmark for green computing infrastructure.…
SOCAR, the state oil company of Azerbaijan, may join the Dunga oil and gas project in Kazakhstan, Energy Minister Yerlan Akkenzhenov told Interfax-Kazakhstan. Akkenzhenov said commercial negotiations are underway with KazMunayGas (KMG), Kazakhstan’s national oil and gas company, which holds a 60% stake in the project. The Dunga oil and…
The Trump administration is negotiating for the American company Cove Capital to gain access to one of the world’s largest undiscovered tungsten deposits in Kazakhstan, Bloomberg reported. The metal is used by the Pentagon to produce ammunition, shells and other weapons. U.S. Commerce Secretary Howard Lutnick has helped arrange negotiations…
Freedom Holding Corp. is preparing to introduce a new feature that will allow travelers in Kazakhstan to view the carbon footprint of their flights. During the Kursiv ESG Conference 2025 in Almaty on Oct. 21, Baglana Mussina, the company’s chief sustainable development officer, announced that the feature will be available…
The U.S. and Australia have signed a critical minerals partnership designed to reduce U.S. reliance on China and boost investments in the Australian mining sector, according to Reuters. Under the agreement, announced by U.S. President Donald Trump and Australian Prime Minister Anthony Albanese, each nation will invest $1 billion over…
A global uranium deficit — where demand exceeds supply — could emerge by 2030 as new nuclear power plants are built rapidly, according to Meirzhan Yussupov, CEO of Kazakhstan’s Kazatomprom. Yussupov made the remarks during a meeting with President Kassym-Jomart Tokayev. He said two factors — AI development and rising…
China is shifting toward a more assertive strategy with the U.S., blending offense and defense, according to Gu Qingyang, associate professor at the Lee Kuan Yew School of Public Policy. Although both Beijing and Washington had shown signs of easing tensions in recent months, that optimism faded quickly after China’s…
China has imposed new restrictions on exports of rare earth elements. These materials are key to advanced technologies. The move expands China’s control over a supply chain vital to global manufacturing, as the country produces about 61% of the world’s rare earth supply and handles over 90% of the industry’s…
Clean energy has reached a historic milestone. For the first time, wind and solar power have generated more electricity globally than coal, signaling a decisive shift in the world’s energy landscape, according to The Guardian, which cited a report by the climate think tank Ember. This achievement was highlighted during…
Gold prices surged to a new record above $3,900 an ounce in early Asian trading on Monday, as investors sought safety in the metal amid an ongoing U.S. government shutdown and growing expectations of further interest rate cuts by the Federal Reserve, according to Reuters. Spot gold jumped 0.6% to…
Kazatomprom, world’s largest uranium producer, said it will not issue new shares or pursue an additional public offering. The company confirmed this to Arman Batayev, author of Finmentor.kz Telegram channel. The statement followed a Bloomberg report on Oct. 2 that suggested Kazatomprom was considering an additional listing on international exchanges…
Kazakhstan aims to increase the number of local specialists in senior roles at the company operating the Karachaganak field. This field is one of the world’s largest oil and gas condensate sites, located in the country’s northwest. KazMunayGas (KMG) CEO Askhat Khassenov and Luca Vignati, Eni SpA’s upstream director, discussed…
Yellow Cake, a British firm focused on uranium, has raised $175 million by issuing approximately 23 million new shares to institutional investors. With a portion of the proceeds, the company aims to purchase uranium from Kazakhstan. Priced at £5.64 each, the new shares accounted for 10.6% of the pre-transaction capital.…
Kazakhstan aims to become one of the top three global sunflower oil exporters by 2028, according to Agriculture Minister Aidarbek Saparov. At a recent government meeting, Saparov said that the industry targets $1 billion in annual revenue by 2028 and seeks to rank among the top three global suppliers of…
Azmat Asimov, a resident of Astana, Kazakhstan’s capital, has announced on Facebook his intention to sue Saudi Aramco, the world’s largest oil producer, for alleged unfair dismissal. Asimov said he was dismissed in 2020 while seriously ill, to the point of disability. He claims management canceled his scheduled medical exam,…
