News

Nova Resources (Bidco) company, which is controlled by the key shareholders of KAZ Minerals Vladimir Kim and Oleg Novachuk, has gotten permission from regulators in China, Kazakhstan and Kyrgyzstan to buy out KAZ Minerals, according to London Stock Exchange website.
 
As Nova Resources reported, the deal was fully approved by the Chinese State Administration for Market Regulation. The agency has said that it will not go further to examine the deal.

The Ministry of Industry and Infrastructure Development of Kazakhstan has also permitted Nova Resources to acquire KAZ Minerals and approved the transfer to the company of all relevant...

On January 10, 2021 Kyrgyzstan has held early presidential elections as well as a plebiscite on the form of state rule in the country. However, there was a low turnout on elections with no intrigue. 

Low interest in politics

Two out of three voting stations in the village Luxemburg, which is located 25 kilometers away from the country’s capital Bishkek, were opened in a three-story school building. When you look at old brick walls and wooden, not plastic windows you can easily understand that it was built many years ago.

To enter voting station No. 7139, voters should pass a...

As the official website of the International Biathlon Union (IBU) reports, three representatives of Kazakhstan’s national team tested positive for COVID-19. The tests were taken right before the start of the Biathlon World Cup. 

The fifth stage of the Biathlon World Cup starts today in Oberhof, Germany. Yesterday all athletes, coaches and other members of national teams were tested for COVID-19 by the local medical service.

According to the results of that test, four people tested positive, each representing teams from the Czech Republic, Norway, Russia and Kazakhstan.

Because the Kazakhstani sportsman had contact with two other team members, all...

On January 4, medical service reported 144 new cases of coronavirus at the Tengiz oil field that is 4.5 times higher than the day before. At the same time, only five cases were reported in the Atyrau region as a whole, according to the KTK TV channel.

The situation at the oil and gas field has remained hard since the beginning of the pandemic. Due to the constant influx of workers from all over the country who live in rotational camps, coronavirus infection is constantly present there even though all newcomers should test negative as well as stay some time...

As the Department of Economic Investigations of the Committee for Financial Monitoring of Kazakhstan’s Ministry of Finance reported that the Almaty court has sentenced several smugglers of biological resources to jail.

According to the department, the criminal group included individuals from both China and Kazakhstan. They tried to smuggle aquatic crustaceans with the total value of 470 million tenge ($1.1 million).

The criminals were intercepted by law enforcement officials during a raid. The smugglers’ vehicle was loaded with 400 tons of crustaceans that they tried to transport from the country. 

All four defendants were found guilty of economic smuggling, the...

On January 3, Turkish Airlines’ Boeing 777-200 cargo plane (registered as TC-LJN) that was on flight TK6220 from Istanbul, Ataturk (ISL), Turkey to Almaty (ALA), Kazakhstan hit the flock of birds, aviation24.be reported.

The incident took place right after the aircraft had taken off. The flight was cancelled and plane returned to Istanbul Ataturk Airport, the airport of departure. The following examination revealed visible damage to the nose cone of the aircraft and its pitot tube.

Earlier, the Australian airline Qantas, New Zealand’s Air New Zealand and Taiwan’s EVA Air were named the safest air companies in the world. In...

According to Pavel Durov, the founder of Telegram, this service is necessary for the whole world as an independent project, TASS news agency reports.

«I am not going to sell the company like the founders of WhatsApp did. The world needs Telegram as an independent project that respects the rights of users and provides high-quality services. As we have seen, this is impossible if the service is part of a large corporation,» Durov wrote in his Telegram channel.

He said that Telegram will start to activate the monetization of the service to cover the costs of its development...

On December 14, 2020, The Foundation for Financial Journalism (FFJ) website published an article written by Roderick Boyd called «Freedom Holding: After ‘Borat,’ the Silliest Kazakh Import of the Century.»

The article did not appear in the professional media and circulated only in anonymous Telegram channels and websites.

Freedom Holding Corp. refused to respond to the Kursiv edition’s request because as a public company it doesn’t think it is a good idea to comment on any opinions published by dubious sources.

As Kursiv found out, FFJ is not a serious media like Bloomberg, it’s just a community of authors who...

The government of Kazakhstan and shareholders of Karachaganak Petroleum Operating (KPO) signed an agreement that settled the dispute, the Ministry of Energy’s press service reported. 

Under the terms of the agreement, shareholders of the Karachaganak project have paid Kazakhstan $1.305 billion as compensation. 

Both sides agreed on the final terms of production sharing. Therefore, until 2037 Kazakhstan can get up to $600 million if the oil price will meet $40-50 per barrel.

Also, the Kazakhstani government and KPO agreed to start the new Karachaganak Expansion Project’s (KEP) first development stage to support the oil production plateau at the Karachaganak oil...

The amount of print newspapers that readers used to subscribe for has been downsizing from year to year. Currently, it’s about 118 million pieces while five years ago it was more than 185 million newspapers and magazines.
 
According to the Bureau of National Statistics’ data for the 2015-2019 period, the downward trend has been there all along. However, in 2016 the downsizing of the subscription amount was just 3%, while in recent years it increased from 8 to 17%. Moreover, if you compare those figures for 2019 and 2015, you’ll see a difference of 36%. In absolute terms, five...

The amount of new electronic devices that are produced in Kazakhstan has shown steady progress. Since 2015, the annual increase in production is about 34% thanks to the communication equipment sector.

As the Bureau of National Statistics reported, the volume of production in information and communication technologies reached last year’s mark of 30.2 billion tenge or $71.6 million. This is 30% more than in 2018. The vast majority of produced goods were communication devices (routers, modems, network cables, etc.). In 2019 their share doubled to 12.9 billion tenge ($30.6 million) against 5.8 billion tenge ($13.7 million) in 2018. Kazakhstani companies...

As OSCE Chairperson-in-Office, Prime Minister of Albania Edi Rama stated at the 27th Ministerial Council (an event organized by Tirana online), Kazakhstan’s Ambassador to Sweden and Denmark Kairat Abdrakhmanov will be appointed as OSCE commissioner on national minorities.

«We are going to appoint new OSCE managers: Helga Schmid as secretary-general, Matteo Mecacci as head of the OSCE Office for Democratic Institutions and Human Rights, Teresa Ribeiro as OSCE representative on Freedom of the Media and Kairat Abdrakhmanov as commissioner on national minorities,» Edi Rama said.

German diplomat Helga Schmid, who will replace Thomas Greminger as OSCE secretary-general, will...

Kazakhstan’s government has started the ratification of the U.S.–Kazakhstan Air Transport (Open Skies) Agreement. Kursiv gave a try to found out when nonstop air flights between the two countries may appear.

On October 15, the document was published by the Kazakhstan’s Civil Aviation Committee (CAC) and it’s now under consideration by several state agencies. As expected, the law will be passed to parliament next year, where it should be approved by both chambers: Senat and Mazhilis. Then, after the signing by President Tokayev, the agreement will be set into effect. This process may last from six to nine months according...

According to Sport-Express (Russian sports edition), which ranked the Kontinental Hockey League (KHL) players by income, Darren Dietz from Barys is in the top-10.

The captain of the hockey team from Nur-Sultan, Darren Dietz, has the highest salary among Barys players. The annual salary of the club defenseman, who also plays in the Kazakhstan national hockey team, is $993,000. In terms of income, Dietz and the other seven KHL players share ninth place in the rating.

The highest-paid player of the Kontinental Hockey League is Dmitry Yashkin from the Czech Republic, who plays for Moscow Dynamo and earns 95 million...

Among new restrictive measures that Georgia has put in place are a curfew and the closing of shops, swimming pools and gyms. The work of the transportation system will also be limited and all big sport or entertainment events should be canceled.

According to Prime Minister Giorgi Gakharia, these new measures will go into effect on November 28 and will last until January 31, 2021, the Reuters news agency reported. However, Georgian authorities have promised that from December 24 to January 3 and January 6-7 people will have an opportunity to celebrate Orthodox Christmas and New Year.

As the official...

The former Belarus presidential candidate Viktor Babariko, who was also the CEO of Belgazprombank, is now officially accused of corruption and money laundering. This information was released by the Belorussian Committee of State Security or KGB (the country preserved the Soviet name of the agency).

According to the KGB, Viktor Babariko was a leader of a criminal organization and is accused of large-scale bribery as well as money laundering that he received by criminal means.

Moreover, deputies of Babariko Sergey Shaban, Alexander Ilyasyuk, Dmitry Kuzmich, Aleksey Zhadoyko and Sergey Dobrolet were also charged of bribery, the KGB said.

The KGB...

On November 23, the High Court of Justice in England overturned the arbitral award in the suit of the Canadian company World Wide Minerals and Paul A. Carroll, the company’s president and CEO against the Republic of Kazakhstan, the Kazakhstani Ministry of Justice reported.

On October 29 last year, the arbitration tribunal decided Kazakhstan should pay the plaintiffs $1.9 billion as compensation for their damages. This is less than 1% of the total amount of the claim by WWM and Mr. Carroll. However, the following month Kazakhstan applied to the High Court of England to appeal the decision.

On Monday...

They say that there are no opportunities in the region, that there is nothing to do. However, the heroes of this article would disagree with that statement. In the frame of Real Kazakhstan – a special project Kursiv and Chevron have launched together – we selected some interesting stories that we have been told by several Kyzylorda entrepreneurs.

The town of Kyzylorda was the first capital of the former Kazakh Soviet Socialist Republic (after Orenburg). Many prominent personalities, poets, politicians and diplomats were born here. Batyrkhan Shukenov (a famous Kazakh singer) was also born on this soil. His hometown keeps...

According to the company’s press service, the incident is under investigation by a special committee aimed at finding those who are responsible for this. To take control of the situation at the Atyrau refinery, the Deputy Chairman of the Management Board of the KMG Daniyar Tiesov has arrived at the plant.

The KMG press service said there was no increased concentration of oil products in the wastewater. However, the company developed a plan for special measures to protect the local environment. The plan is based on all data KMG specialists have been able to...

In the frame of the Real Kazakhstan project launched by Kursiv and Chevron, the Karaganda businessman talked about his own small business and advised what you should be aware of before starting a business and how the state can assist. (spoiler: it doesn’t) 

What are the first associations you think of after hearing the word Karaganda? Probably, these are the coal, mines and Karlag (prominent prison in the Soviet era).
Although it’s true – there are many coal mines here that still operate – the spirit of the town has changed now.

My name is Alexander Ermakov, I am 39 years...

The major stakeholders of the company, Vladimir Kim and Oleg Novachuk, are going to increase their own shares in KAZ Minerals and buy minority shares through Nova Resources B.V.

Investment company Nova Resources B.V. offers £6.4 ($8.3 or 3.579 tenge) per share. This price represents a 12% premium to the price of trades closing on October 27. The market value of the company is estimated at £3 billion ($3.9 billion or 1.67 trillion tenge).

According to Interfax, Nova is attracting a loan from VTB to finance the buyout.

The acquisition will be carried out by an arrangement scheme that...

Despite the coronavirus crisis, Uzbekistan remains one of the most promising regions for investment. As proof, wide-scale international projects on the republic’s territory continue to attract capital from the largest global companies even in a pandemic. Local and foreign businesses demonstrate growing interest in investing in Uzbekistan. According to experts, the republic is one of the countries where projects are highly profitable while many industries have weak competition.

Caught unprepared

Large-scale reforms that are associated with Shavkat Mirziyoyev’s rise to power have affected almost all areas of modern Uzbekistan. Changes in the republic’s business climate are particularly noteworthy. Once closed...

The Presidential Professional Sports Club Astana received money from the Samruk-Kazyna Sovereign Wealth Fund for the professional football and basketball teams of the same name, the Barys Hockey Club and the Astana Pro Team for cycling. The PPSC is being shut down to save money on administrative costs. According to Kursiv’s findings, it will help save about 270 million tenge.

Under one umbrella

The PPSC Astana was created on Nursultan Nazarbayev’s suggestion in 2012 and was officially presented in summer 2013. According to the organization’s mission, it would unite and lead the best Kazakhstani sports projects under a single competitive...

Geographically Uzbekistan is located at the intersection of the main trade routes in Central Asia. That is why the country has been a key transport hub for centuries. Modern Uzbekistan is also seeking to unlock this potential. For example, the country’s government establishes an open sky regime, participates in huge railways projects, and updates its tariff rules.

Even though Uzbekistan still faces a lot of challenges in transport and logistic infrastructure, a huge amount of work was already done. 

New promises

According to Uzbekistani State Committee on Statistics, in 2019 the country had transported 1.3 billion tons of cargo...