News

The Ministry of Industry and Infrastructure Development is going to conduct an auction for gold, silver, coal, bauxites and titanium fields on May 26, according to Iran Sharkhan, deputy minister of industry.

«On May 26, 2023, we are going to conduct an auction for mineral licenses. By doing this we want to attract investments in 25 mineral fields that aren’t in use so far. The auction will cover minerals such as gold, silver, phosphorites, quartzites, baryta, coal, bauxites and titanium,» the official said during the MINEX Qazaqstan conference.

Shakhran encouraged those who’d like to participate...

Elizabeth Rosenberg, the Assistant Secretary for terrorist Financing and Financial Crimes at the U.S. Department of the Treasury, is expected to come to Kazakhstan on April 23 on a three-day official visit. According to Aybek Smadiyarov, the official spokesperson for Kazakhstan’s Ministry of Foreign Affairs, there is nothing bad in a visit of such an envoy. In fact, it is a good sign that the two countries have this format of relations.

«We are in constant contact with the U.S. and European countries regarding the matter of sanctions. The Ministry of National Economy, which is the authorized body in this...

Kazakhstan has cooperated with leading American companies for more than 30 years and the pull of such companies has been constantly expanding, according to Alibek Kuantyrov, minister of the national economy, who gave a speech during a meeting of the U.S.-Kazakhstan Business Council attended by representatives of Chevron, Boeing, Citi and Pfizer.

As the official noted, the turnover between the two counties increased by 37% to $3.1 billion in 2022 compared to 2021. For instance, exports of Kazakhstani goods to the U.S. rose by 32% to $1.2 billion, while imports of American goods to Kazakhstan increased by 40% to...

The National Security Committee (KNB) of the Republic of Kazakhstan has been investigating ten cases of the country’s citizens taking part in the war in Ukraine. The agency hasn’t revealed any details of pre-trial investigations.

KNB has also refused to specify how many Kazakhstanis left for Ukraine after February 24, 2022. This data is tracked by the Committee on Legal Statistics and Special Accounts under the Office of Prosecutor General.

In early April 2023, Deputy Foreign Minister of Kazakhstan Roman Vasilenko told Al Jazeera that the country considers illegal any involvement of its citizens in armed conflicts in foreign countries.

On April 16, Deputy Prime Minister – Minister of Trade and Integration Serik Zhumangarin came to Afghanistan on an official visit. During talks with his Afghan counterparts, he said that the government of Kazakhstan is planning to open a trading house in the city of Herat, Afghanistan in order to increase trading turnover between the two countries and facilitate businesses. For instance, the new center is expected to play the role of a special platform for business negotiations and consultations on legal issues, marketing and specific goods and services.

During the Kazakh-Afghan business meeting, entrepreneurs from Afghanistan made a...

Kazakhstan’s prime minister announced in a press release that his cabinet has resolved the issue of the Shymkent oil refinery modernization. They plan to raise the refinery’s capacity to 12 million tons of products per year.

«We don’t need half measures. We are going to put a lot of money into the refinery upgrade. That’s why we want to double its capacity. Demand for fuel and lubricants has been growing from year to year. The economy is growing, the population is growing and business activity is growing as well. We have to support these processes by...

Last year, Russia accounted for more than half of all food imports in Kazakhstan, according to a survey by INFOline, a Russian consulting agency. The agency also believes that Russian food suppliers will get an even bigger share of the local market this year thanks to the weaker Russian ruble.

The agency noted that Russian food products account for 30% to 50% of the entire assortment in an average Kazakhstani grocery store. For example, in the Dina Market grocery chain that operates in eight towns in West Kazakhstan, Russian and Kazakhstani food products account for 42% and 32%, respectively.

According...

Kazakhstan needs at least 40,000 charging stations all over the country or 8,000 charging stations with five ports each in order to boost the development of electric transportation, according to Adilbek Orumbayev from Kazavtoprom, an association of the automobile industry in Kazakhstan.

As he noted, the country’s Ministry of Industry has been preparing an overall plan for developing the machine-building industry which is expected to be adopted in the middle of this year. In 2024, Kazavtoprom and the ministry will develop and adopt another document – a new concept for the development of electric transportation. So far, the association has...

As a result of a deal the Ministry of Foreign Affairs of Kazakhstan has reached with its Chinese counterparts, citizens of Kazakhstan will be able to stay in China for 30 days. The same rule will be applied to Chinese citizens in Kazakhstan.

According to the ministry’s decree, citizens of both countries who have a passport and head to a neighboring country as tourists, for medical treatment or with business purposes for a maximum of 30 days are relieved from visa requirements. In total, citizens of the two countries can stay in either of the states for 90 days within...

The government of Kazakhstan has dropped the idea of constructing six incineration plants at once, although it is still considering the construction of at least one such plant, according to Mansur Osharbayev, head of state policy on waste management under the Ministry of Ecology.

«There are some obstacles on the way to six incineration plants that were supposed to be built by one company. A company that won the bidding decided to suspend the project. I mean, the construction of all six waste-burning plants is no longer on the agenda,» Osharbayev said during a media briefing.

According to the Ministry of Energy of Kazakhstan, a new natural gas reprocessing plant near the Karachaganak field will start operations in 2028.

«Under the road map approved by Karachaganak Petroleum Operating B.V. (KPO) and PSA, which is an official representative of the country’s government, the new gas refinery is expected to be built in six to seven years and enter into operation in 2030. However, if all key decisions are made this year, KPO will do its best and complete the construction by 2028,» the cabinet said in a statement about a new comprehensive plan...

According to Zhandos Umiraliyev, deputy prosecutor general, the North Kazakhstan Department of the National Security Committee or KNB has opened an investigation of alleged separatism in the town of Petropavlovsk.

«The case under Article 180, Part 2 of the Criminal Code of Kazakhstan (Propaganda of separatism by a group of people with the help of media) has been opened by the KNB immediately after it learned about the incident. The law enforcement agency has also searched places where suspects work and live,» Umiraliyev said.

Under the aforementioned article of the criminal code, perpetrators can be...

Shandong Port Group (SPG) is going to build a new logistic park with warehouses and a dry port in the Almaty region. The project will provide businesses with access to markets in Korea, Japan, China, the EEU, Caucasus and the Middle East, according to the Kazakhstan Agency for Investment Cooperation (KAIC).

The new logistic hub is expected to be built along the railway to bypass the city of Almaty. The railway is currently under construction. As Erlan Koyshibayev, deputy head of Kazakhstan Railways said, the two sides are currently preparing a technical and economic feasibility study of the project.

The...

KazMunayGas, the national oil company in Kazakhstan (KMG), has notified holders of its bonds with a maturity date in 2025 about repurchasing them for $500 million.

«KazMunayGas is notifying shareholders about early redemption of bonds with a maturity in 2025 for $500 million (the coupon rate of 4.75%),» the company said in a statement.

The company also said that the debt on these bonds will be paid on April 24, 2023. Bondholders are expected to receive principal debt plus yield (accrued before April 24) and redemption premium.

As of December 2022, the total debt of...

Kazakhstan’s Minister of Energy Almasadam Satkaliyev confirmed that the PSA company has filed lawsuits against entities involved in the Kashagan and Karachaganak projects.

«The PSA company, which is acting as an authorized body of the government of Kazakhstan, has filed lawsuits through international arbitration against companies involved in the Karachaganak and Kashagan projects. I can’t provide further details but I can say that these lawsuits have been filed on behalf of the people of Kazakhstan. There are two lawsuits for $3.5 billion and $13 billion,» the minister told journalists after a government session.

At the...

According to Alina Aldambergen, head of the Kazakhstan Stock Exchange (KASE), the collapse of several American banks has not affected the financial market in Kazakhstan, despite increased volatility of foreign currencies.

The official noted that those problems that have toppled American banks were traditional problems for banks when assets were financed by liabilities, which led to growing yields and an interest rate gap. Even though the collapse of several banks in the U.S. hasn’t affected the financial market in Kazakhstan, it caused higher volatility in the currency market, Aldambergen said.

«In Kazakhstan, we have a completely...

Kazakhstan, Belarus, Kyrgyzstan, Georgia, Armenia and Tajikistan reported a twofold increase in demand for warehousing due to growing parallel imports to Russia, according to Kommersant, a Russian business outlet.

Russian companies have been showing interest in warehouses across the CIS since 2022, when Western countries imposed their sanctions on Russia and these entities had to find new routes for imports. By now, Russia has been importing foreign goods and exporting its products via Kazakhstan, Belarus, Kyrgyzstan and Uzbekistan. The Federal Customs Service of Russia reported that over the period from March to December 2022, the amount of parallel imports reached...

Microsoft Corporation is to open a multi-regional hub in Kazakhstan, which will cover Central Asian countries, Azerbaijan, Armenia, Georgia, Mongolia and Pakistan, according to Bagdat Musin, Kazakhstan’s minister of digital development, innovations and aerospace industry.

«Why it is good for us? Once Microsoft opens its local office here, it will turn Kazakhstan into a regional center of attention in terms of technologies and innovative solutions. Given that this hub is going to be Microsoft’s regional center for innovations, it will drive our human capital development and strengthen the national economy by stimulating production and non-commodity exports...

This is a big honor for Kazakhstan to host the World Chess Championship 2023, according to Timur Turlov, CEO of Freedom Holding Corp. and president of Kazakhstan Chess Federation.

«I think that one of the key winners of this tournament is our country because hosting the champioship is a big honor for many reasons. This is a big honor for me as well. I do not doubt that this event will give momentum to both those who already play chess and those who just eye the game,» Turlov said during a press conference devoted to the...

New Foreign Minister of Kazakhstan Murat Nurtleu is going to Russia on his first visit to a foreign country. According to Aybek Smadiyarov, the official spokesperson of the ministry, the visit will be at the invitation of the Russians.

«On April 11, Deputy Prime Minister – Minister of Foreign Affairs Murat Nurtleu is going to make a trip to Russia with an official visit,» Smadiayarov said during a press briefing today.

He also said that Nurtleu is planning to meet with Russian Foreign Minister Sergey Lavrov and Yuriy Ushakov, the Russian president’s aide for international...

The National Bank of Kazakhstan has opted to keep the base rate at the previous level of 16.75%. This rate hasn’t changed since December 2022.

According to the regulator, its decision on the base rate was driven by the risk of a price surge that still exists and high inflation expectations by businesses and the population. In March, Kazakhstan’s government reported 18.1% of inflation on a year-on-year basis.

Even though there are some signs of the inflation slowing down, it is too early to say whether this trend is stable. For instance, there are still a variety of internal pro-inflationary...

Kcell, a mobile operator in Kazakhstan that runs the well-known brands Kcell and Active, has reached a deal with Ericsson. Under the deal, the Swedish telecommunication hardware producer will supply Kcell with 5G equipment, as the operator has won a bid related to the development of the new mobile communication standard in Kazakhstan, according to the Kazakhstan Stock Exchange (KASE).

In fact, the two sides signed three agreements. Although they haven’t revealed any details of the deal, a Kcell representative said that the operator’s financial liabilities under the arrangement are equal to 26% of its owned capital. As of December...

PetroKazakhstan Oil Products LLP (PKOP), also known as the Shymkent refinery, has completed the overhaul it started on March 15, according to KazMunayGaz, the national oil company that controls the factory.

«On April 7, Shymkent refinery completed preventive maintenance, which was expected to last from March 15 to April 8 this year. However, the PKOP has managed to complete the maintenance one day before the deadline and the facility has already started its operations,» the oil company said in a statement.

In April, the oil refinery is expected to process 366,000 tons of crude oil...

What is a failure for a startup? It is not just the closure of a business as you probably thought but also the so-called «premature exit» when a startup owner sells it before it brings in any real money. We asked several entrepreneurs what were the main reasons that made them close or sell a startup.

Cryptocurrency fault

Paxaro Labs, a crypto market accelerator, was launched by Azat Bekmagambetov more than two years ago. In late December 2022, on New Year’s Eve, he was forced to close the project. The key reason for the move was the nonperforming business...