News

According to the CEO of Kazakhstan Electricity Greed Operating Company (KEGOC) Nabi Aitzhanov, all money the company obtains through the secondary public offering (SPO) will be allocated for strengthening the southern zone of the United Power System (UPS).

«In order to strengthen the southern zone of the UPS, we need to build two new 500-kilowatt lines on the Chu-Jambyl-Shymkent route and to upgrade three electrical substations in Chu, Jambyl and Shymkent. This project is expected to start this year and will last until 2027. All funds we receive from the SPO will be allocated for the...

Russia has imposed personalized sanctions against 23 British citizens, including Cressida Hogg, the chair of BAE Systems, a British aerospace company that has a stake in Air Astana, a Kazakhstani national airline, according to the Russian foreign ministry.

What happened? As the Ministry of Foreign Affairs of Russia reported, the country decided to expand its list of sanctioned individuals by adding 23 people who represent the political and military establishment, media and science community of the U.K.

Who is on the list? Among the 23 British citizens on the Russian sanction list are Antony Radakin, Chief of the Defense Staff...

The Kazakhstan Stock Exchange (KASE) has transferred part of its functions to its subsidiary structure called the KASE Clearing Center. The center will be engaged in clearing and settlement activities and will play the role of central counterparty in all deals.

The KASE Clearing Center has obtained all the necessary licenses from the Agency for Regulation and Development of the Financial Market (ARDFM), including a license for some banking operations, which is a standard practice for clearing centers. In addition, as a central counterparty, the center will act as an intermediary and formal executor for all transactions on KASE, being...

The International Atomic Energy Agency (IAEA) Low Enriched Uranium (LEU) Bank located in Kazakhstan will be certified once again in 2024, Kazatomprom said in a statement.

«In 2023, the first stage of repeated certification of nuclear fuel was conducted at the LEU Bank. For the first time in the world’s history, such a certification was conducted at full nuclear fuel cylinders. The second stage of repeated certification is expected in 2024,» the company reported.

On September 25, the 67th Regular Sessions of the IAEA General Conference was opened in Vienna, Austria. Each year delegates from...

Yerzhan Yesimkhanov, a Kazakhstani lawyer, wrote on his Instagram that the Ministry of Health of Kazakhstan hasn’t paid the French company Conseil Sante for consulting services rendered in 2019. The agency responded that it «wasn’t satisfied with the work done by this company.»

What is the reason for the argument between the Ministry of Health and Conseil Sante? According to a post on Instagram published by Yesimkhanov, the Ministry of Health refuses to pay the French contractor for services rendered several years ago.

«At the end of 2018, Kazakhstan’s Ministry of Health hired a foreign consultant...

Renat Bekturov, the executive partner of the Astana International Financial Center (AIFC), the key jurisdiction for the Astana International Exchange (AIX), has revealed details of the process of merging the Kazakhstan Stock Exchange (KASE) and AIX initiated by President Kassym-Jomart Tokayev.

He also spoke about the presence of the Moscow Exchange on the list of shareholders of AIX.

«The final decision is yet to be made. Currently, we are discussing issues related to merging our liquidity: what will it look like; whether the legal form will change and if so, how will it change? Once we...

Rumors about a spike in the COVID-19 Delta variant are being circulated in Kazakhstan. However, according to the country’s healthcare ministry, the epidemiological situation is stable.

What happened? As the StopFake website reported, there are tons of messages on social media claiming that the number of people contracting the Delta variant is rapidly growing. These messages also said the new virus is very dangerous and symptom-free.

What did the healthcare ministry say? According to the agency, all those messages about the spike in the Delta variant are fake.

«The epidemiological situation with the COVID-19 infection in...

According to Reuters, the government of Egypt is negotiating with a bank in Abu Dhabi as it wants to obtain a credit line to finance purchases of wheat from Kazakhstan.

Why does Egypt want the new deal? The new agency believes that Egypt is seeking a cheaper alternative for Russian grain, which it has mostly been importing since last year. Moreover, Egypt is trying to cut its import expenditures because the country is struggling with a shortage of foreign currency.

What is the deal’s status? As the media outlet reported, citing its source, the two sides are negotiating the price...

Kazmortransflot, a subsidiary of KazMunayGas (KMG), a national oil company in Kazakhstan, has leased two of its vessels to OFCO Offshore International, a subsidiary of Abu Dhabi Ports Group (ADP), KMG said in a statement.

«With the purpose of expansion of cooperation between KMG and ADP two subsidiaries of these companies, Kazmortransflot and OFCO Offshore International have signed a three-year contract to lease Kazakhstani towboats… The leasing of the towboats will let Kazmortransflot enter the market of maritime services in the Persian Gulf to obtain more profit and new experience,» the company said in a statement.

President Kassym-Jomart Tokayev wrote an article for The Hill. As he noted, world leaders must never forget that they have a solemn responsibility to a future beyond their own political careers.

What happened? The Hill has published an article by Tokyev called “UN must focus on choices that will define our century, not just the short-term.”

According to the president of Kazakhstan, the U.N. General Assembly and decisions by global leaders play important roles in issues related to climate change, nuclear nonproliferation and artificial intelligence, among others.

«This year, that responsibility weighs even heavier than usual...

The Zhaikmunai oil and gas company, a subsidiary of Nostrum Oil & Gas Plc, paid $18.8 million in corporate income tax and value-added tax and $4 million in fines for violations in tax-paying committed over the past few years, the prosecutor’s office of the West Kazakhstan region reported.

«After intervention by the regional prosecutor’s office, the Zhaikmunai oil and gas company has paid $18.8 million of corporate income tax and VAT. Moreover, for wrong calculation of these taxes over the period from 2016 to 2021, the company was fined $4 million in accordance with Paragraph...

According to President Kassym-Jomart Tokayev, Kazakhstan is ready to act as a regional food hub. He made this statement while delivering his speech at the 78th session of the U.N. General Assembly in New York.

What did the president say? As Tokayev noted, the country has the resources, infrastructure and logistics necessary to play the role of a regional food hub.

The president also highlighted that Kazakhstan is already accounting for about 80% of transit shipments between Asia and Europe by land.

What is the leverage to promote trade here? Tokayev believes that the Trans-Caspian International Transport Route (TITR) may...

According to Zhaslan Kassenov, head of the department for renewable sources of energy under the Ministry of Energy, Kazakhstan will need loads of small and big hydropower plants in the near future to mitigate imbalances in the work of renewable energy sources.

«About 90% of rivers across the country are small. This is why it is a good idea to build small hydropower plants in Kazakhstan. We are implementing such projects regularly. However, we will need many more small and big hydropower plants shortly as maneuverable sources of energy to keep the country’s energy system in...

Tengizchevroil has announced the completion of a turnaround it described as «one of the most complex in its history.»

«Tengizchevroil LLP (TCO) has successfully completed one of the most complex turnarounds in its history ahead of schedule. Production at all TCO’s units at Tengiz has safely resumed,» the company said in a statement.

TCO had planned the Complex Technology Line-2 (KTL-2) turnaround for three years. The turnaround involved over 5,200 Kazakhstani workers at its peak.

The turnaround activities are aimed at ensuring the reliability and safety of the Tengiz KTL-2 equipment and have included...

The presidents of five Central Asian countries have met with President Joe Biden in New York, the first such meeting in history.

Why did the presidents decide to meet? The C5+1 dialogue format was established in 2015. Usually, this summit gathered foreign ministers of Central Asian states and a U.S. state secretary. However, this time the meeting was at the top level. Some experts believe the reason for this is the changing geopolitical situation.

According to The Diplomat magazine, the United States is competing with Russia and China for influence in Central Asia.

The meeting took place on September...

According to Kazatomprom, 58% of the uranium it supplied to Western countries over the first six months of this year was shipped via the Trans-Caspian International Transport Route (TITR) from the seaport of Aktau to Baku and then through Georgia to the E.U.

«Kazatomprom has renewed the information about the status of its shipment of uranium through TITR. As of the end of the first half of the year, 58% of uranium was shipped to Western countries via TITR. In December 2023, it is expected that the share of uranium shipment to the West through TITR will reach 71%,» the...

During his visit to New York, President Kassym-Jomart Tokayev met with Nicola Villa, executive vice president of Mastercard. Tokayev welcomed the company’s decision to open a regional hub for the CIS, Central and Eastern Europe in Almaty, the press service of the president reported.

What happened? President Tokayev met with Executive Vice President Nicola Villa of Mastercard. They discussed perspectives for cooperation in the financial and IT spheres as well as shared their vision on how the digital competence of small and medium-sized businesses in Kazakhstan can be improved.

The president has supported Mastercard’s decision to open the regional hub...

President Kassym-Jomart Tokayev met with Secretary-General of the United Nations Antonio Guterres during the 78th Session of the U.N. General Assembly in New York. During the meeting, Guterres described Kazakhstan as a privileged partner of the U.N.

According to the president’s press service, the two sides discussed priority areas of cooperation between Kazakhstan and the U.N. as well as the challenges of modernity.

What has the U.N. secretary-general said? According to Guterres, Kazakhstan and the U.N. are still working on goals of sustainable development and ensuring human rights.

«Kazakhstan is a privileged partner for us. It...

President Shavkat Mirziyoyev of Uzbekistan has proposed that Central Asian countries invite Afghanistan to be a part of negotiations about water resource management in the region. He made this statement during the meeting of the International Fund for Saving the Aral Sea on September 15, according to the president’s press service.

What country can join the water management process in Central Asia? During his speech, the president of Uzbekistan noted that a new member, which currently has no obligations to other Central Asian countries, can join the water management process in the region.

«As you all...

American Westinghouse Air Brake Technologies Corporation or Wabtec, one of the world leaders in the field of transport and logistics and Fortune 500 participant, is going to invest roughly $1 billion in Kazakhstan’s transport and logistics industry, the press service of President Tokayev reported.

«Kassym-Jomart Tokayev welcomed the company’s plan to invest about $1 billion in the transport and logistics industry in Kazakhstan, noting that the move would contribute to the development of the Trans-Caspian International Transport Route and would become the basis for other infrastructure projects,» the president’s press service reported after he met with...

According to Emergency Minister Syrym Sharipkhanov, the employer is 100% guilty in the case of the fire at the Kazakhstanskaya mine.

What happened? On September 18, Minister of Emergency Situations Syrym Sharipkhanov presented the results of the official investigation of the fire at the Kazakhstanskaya mine when five miners died.

The lack of production control and non-compliance with safety regulations are the key reasons for the fire, the official said.

Why did the tragedy happen? A fire on a coal conveyor occurred as a result of the conversion of mechanical energy into thermal energy due to the friction of the...

President Kassym-Jomart Tokayev of Kazakhstan has warned of a water crisis in Central Asia. As he noted, the drought can cause damage of 1.3% of the annual GDP by 2050.

What happened? On September 15, during a meeting of the Council of Heads of State – Founders of the International Fund for Saving the Aral Sea, President Tokayev said that the security of Central Asia is threatened by global climate change, low waters and a deficit of irrigation water.

What is the temperature in the region on average?

«According to international experts, temperatures in our region...

President Sadyr Japarov of Kyrgyzstan said that Central Asian countries have to introduce resource-saving technologies and announced his country’s transition to a water conservation policy, the president’s press service reported.

What has the Kyrgyz president suggested? During his speech at the V Consultative Meeting of the Central Asian leaders in Dushanbe, Tajikistan, Japarov proposed establishing a regional center for introducing energy-efficient and resource-saving technologies in Bishkek.

As the president noted, the new regional center will let countries of the region improve their management of water and energy resources.

Why does Kyrgyzstan opt for a water conservation policy? Over the past...

A consultation document for amendments to the anti-money laundering law prepared by the Agency for Regulation and Development of the Financial Market (ARDFM) proposes lowering the thresholds for financial transactions that are considered suspicious. Currently, the document is available for public consideration.

The draft document proposes to revise the current rules that require commercial banks to report to the government about high-risk clients. The agency now believes that this practice is questionable from a legal point of view as it can encourage banks to terminate relationships with such clients.

If the proposal is approved, national security agencies will be responsible...