News

In the first quarter of 2024, Kazakhstanis bought 18,900 gold bars of 816 kilograms in weight, twice as much as the same period last year (9,500 bars of 255 kilograms in weight).

The record price surge for gold over the past several months is one of the key drivers of the demand for gold bars. Today, one gram of gold costs 33,200 tenge ($75.03), compared to 30,300 tenge ($68.48) in January.

However, the current price isn’t the highest. On April 18, for instance, one gram of gold cost 34,500 tenge ($77.97), a 14% increase since the beginning of the year...

According to Air Astana, Managing Director of FlyArystan Adrian Hamilton-Manns has decided to leave the company and return to South Africa to spend more time with his family.

To ensure executive staff changes are smooth, Hamilton-Manns will stay in FlyArystan until the end of May. Meanwhile, Richard Ledger is going to serve as the acting head of the airline.

From 2009 to 2017, Ledger served as Sales Director at Air Astana; from 2017 to 2022, he was the vice president for marketing and sales at the company. As Air Astana reported, Ledger’s expertise helped the company boost its revenue by...

The U.K. and Kazakhstan have signed a strategic partnership and cooperation agreement. This happened during a meeting between Foreign Minister of Kazakhstan Murat Nurtleu and Secretary of State for Foreign, Commonwealth and Development Affairs of the U.K. David Cameron, who visited Kazakhstan as part of his trip to Central Asia.

The U.K. is the biggest trading and investment partner of Kazakhstan, the Kazinform news agency reported, citing Nurtleu.

«Today, we have signed a strategic partnership and cooperation agreement between Kazakhstan and the U.K., bringing our relations to a new level. I do not doubt that this historically important...

Kazakhstan is going to cut as much public expenditures as possible to save money for dealing with the massive floods. President Kassym-Jomart Tokayev has already promised to introduce a cost-saving regime for public expenditures, reassuring those affected by the floods that authorities will reimburse all the damage.

Tokayev spoke on the topic during the 33rd session of the Assembly of the People of Kazakhstan called «Unity. Creation. Progress.» As the president reported, the restoration of residential houses and infrastructure in areas affected by the floods has already begun.

«Prominent entrepreneurs and public figures have also supported...

The Astana International Exchange (AIX) has joined the Tabadul hub for interbourse trading between AIX and the Abu Dhabi Securities Exchange (ADX) that created the hub. Thanks to these arrangements, Kazakhstani investors will be able to buy stocks from Arab countries and vice versa. Freedom Finance Global has been chosen broker for Tabadul.

ADX launched Tabadul in July 2022 as the first digital service designed to facilitate mutual access to the market in the region. Bahrain Bourse and Muscat Securities Market from Oman have already cooperated with the digital hub, while BHM Capital from Dubai has become a trading member...

The South Korean automobile giant plans to launch production of auto parts in Kazakhstan. The idea of establishing such a production has been discussed by President Kassym-Jomart Tokayev and Kia Motors CEO Song Ho-Sung during their meeting in Astana.

«Mr. Song Ho-Sung told the president what the company is doing to improve its supply chains. For instance, the car company has signed a memorandum of intent with Seyong EHWA (a global auto part supplier for Kia), which is going to launch auto part manufacturing in Kazakhstan,» the president’s press service reported in a statement.

In August 2023, Kia transferred part...

Russian producer of construction materials Technonikol has launched the construction of a $124.5 million manufacturing site in Kazakhstan. The new plant in the Saran industrial zone 20 kilometers from the city of Karaganda is expected to produce stone wool and will enter into operation in April 2026, according to a statement by the company.

This is going to be the third Technonikol manufacturing site in Kazakhstan as the company is already building its two isolation material manufacturing facilities in the Almaty region.

«The opening of the third plant in Kazakhstan is the next stage of our...

According to Kommersant, the Russian retail network VkusVill plans to open a store in Almaty, its first store abroad. While the food retailer is investing tens of millions of rubles in the new store, experts are skeptical about the idea and warn that the network should navigate some difficulties it may face in Kazakhstan.

VkusVill has been exporting its products to 125 stores in Kazakhstan since summer 2023. The retailer relies on this scheme in many countries, like the UAE and China.

As VkusVill representatives told Kommersant, the company noticed great interest in the company’s concept and product in Kazakhstan...

According to Alexey Varochko, director general of the Khrunichev’s Center Russia producing the Proton missiles, Russia has suggested continuing launches of Proton from Kazakhstan after 2025. Russia should stop launching Proton from Kazakhstan’s territory in two years to meet bilateral arrangements reached earlier.

«Khrunichev’s Center and the Roskosmos State Corporation have prepared and sent their proposal to our Kazakhstani counterparts. Currently, we are looking for a way to address the issue. This process is also going within the Intergovernmental Commission on the Baikonur complex,» Varochko said.

According to the Russian official, there are ten extra...

The Committee for Construction, Housing and Communal Services under the Ministry of Industry and Construction of Kazakhstan has approved new mandatory standards for electric vehicles. The document was published on the agency’s website.

According to the new rules, chargers for electric vehicles should be a compulsory part of communal infrastructure in every settlement in Kazakhstan.

Authorities suggest placing these chargers at gas stations, technical service stations, parking lots, near roadside facilities and in residential, public, business and industrial areas.

In addition, at least 5% of any parking lot should be reserved for electric vehicles and equipped with a charger. These...

According to Vice Minister of Transport Satzhan Ablaliev, Kazakhstan has effectively reduced the period of transportation and delivery of goods from China to Europe by almost a week. Last year, cargo transit on the same route took about 45 days, the Ministry of Transport reported on its website.

The official also reported that a Joint Committee for Transportation Development will be created to increase the speed and quality of transit transportation. The country’s parliament is already going to review and ratify a corresponding agreement between Kazakhstan and Turkey on international combined transport of goods. According to Ablaliev, the project aims...

Eurasian Resources Group (ERG) has signed an agreement with the Canadian Electra Battery Materials Corporation to supply its Toronto plant with cobalt hydroxide which Electra is going to use as material for cobalt sulfate production, a key element for electric vehicle batteries.

The start of the supply of 3,000 tons of cobalt to the Electra plant is scheduled for 2026. Under the three-year contract, ERG will supply cobalt from its ERG Metalkol manufacturing site in the Democratic Republic of the Congo.

As of today, Congo accounts for about 75% of global cobalt production. Most of this raw material is processed...

According to the Argus pricing agency, Uzbekistan has been purchasing Russian oil with a much more significant discount per barrel than Kazakhstani oil.

«Our data shows that Kazakhstan has been supplying its oil to Uzbekistan with a discount of $8 to $9 per barrel out of the North Sea Dated price. At the same time, Russian oil goes to Uzbekistan with a discount of $11 to $12 per barrel,» the agency reported.

In the first quarter of 2024, Russian Gazprom Neft shipped 75,000 tons of oil through the pipeline system of KazTransOil (a subsidiary of...

According to Prime Minister of Kazakhstan Olzhas Bektenov, the country’s GDP will grow by 1.2% by 2030 thanks to a polyethylene project by KazMunayGas, Russian SIBUR and Chinese SINOPEC, which has officially joined the project recently.

«The top priority for our economy is high value-added and export-oriented production. The price gap between ethane, the raw material, and polyethylene, the third-stage final product, is 20 times from $80-90 to $1,600-1,800 per ton thanks to the value-added we will create. The Polyethylene project will certainly boost the development of both the manufacturing industry in Kazakhstan and the country’s...

According to the Ministry of Energy, Kazakhstan will examine whether it is possible to build an oil pipeline at the bottom of the Caspian Sea, although, in July 2023, KazMunayGas said that neither the company nor its partners were considering this option.

In addition, authorities are weighing the possibility of building an oil pipeline from Atyrau to Kuryk.

«We can increase our oil exports to 7 million tons per year by the Caspian Sea, which meets the current capacity of the port of Aktau. This would require about 10 new oil tankers with a deadweight of...

Halyk Bank has sold 100% shares of its subsidiary Halyk Bank Kyrgyzstan to a consortium of buyers from Visor International DMCC, the bank’s press service said in a statement.

Aidan Karibzhanov, ranked 19th in the 50 most powerful businessmen in Kazakhstan by Forbes, is the majority shareholder in Visor. With a fortune of $226 million, he has interests in various companies such as Greencity KZ, Northern Wind Kazakhstan, Aua Energy, Aspan Energo and Sarma Energy. All of them are engaged in electricity generation from wind. The businessman also controls a stake in Teniz Service through Waterford International Holdings Ltd.

According...

The Tau-Ken Samruk National Mining Company, a subsidiary of Samruk Kazyna, will explore salt lakes in the vicinity of the Aral Sea to see if there is some lithium. The project will be implemented with financial support from the European Bank for Reconstruction and Development (EBRD), according to Nariman Absametov, the company’s chief business officer.

«We have financial support from the EBRD. We want to take samples (from salt lakes in the Aral Sea region) and try to find some lithium there. As you probably know, there are two methods of lithium production: from salt water...

As Kazakhstan’s Ministry of Tourism reported, the number of Chinese tourists has risen by 115% since 2023, when a visa-free regime was introduced. In some ways, this increase has been driven by affordable vacation packages and winter entertainment.

According to a consumer sentiment survey in China by Dragon Trail International, Kazakhstan is the second most popular destination for Chinese tourists after Iceland.

«Thanks to softening visa requirements, Kazakhstan has become a more attractive place for Chinese tourists. Since 2023, when a visa-free regime was introduced, the number of tours in Kazakhstan by Chinese tourists has increased...

President of Kazakhstan Kassym-Jomart Tokayev wants to prohibit the culling of saiga antelopes. He announced his intention during a meeting with residents of the Kostanay region.

«The president said that he would call off the decision and prohibit the culling of the saiga antelopes, a symbol of the Kazakh steppe,» the Akorda reported.

The context. For years, the saiga was on the brink of extinction, prompting the government of Kazakhstan to protect the animals. However, when authorities succeeded with their wildlife conservation efforts, the antelopes became a pain in the neck for local farmers, complaining...

According to Bloomberg, Kazakhstan demands international oil companies operating at the Kashagan oil field to pay $150 billion in compensation for lost revenue. 

In April 2023, Bloomberg reported that Kazakhstan filed a lawsuit against North Caspian Operating Company N.V. (NCOC), the consortium of oil firms operating at Kashagan, demanding a compensation of $13 billion (later increased to $15 billion). The country’s authorities accused the consortium participants of bidding procedure violation and failing to fully implement their obligations in terms of construction. Since then, Kazakhstan’s claims have increased to $150 billion. 

An additional claim is related to $138 billion of...

The National Geological Service illegally charged fees from potential investors for geological information that in fact was free. In 2022 and 2023, the service obtained $2.6 million for reviewing about 4,000 investors’ applications. In one case, an investor paid as much as $89,085. All these violations have been identified by the Agency for the Protection and Development of Competition (APDC) of Kazakhstan.

Even though the National Geological Service followed an order from the Ministry of Industry and Construction, this order was beyond the ministry’s jurisdiction, according to the APDC, as it contradicts the subsoil use code ensuring all interested parties...

The International Monetary Fund has kept its pessimistic outlook for Kazakhstan’s GDP growth at 3.1% this year, whereas the country’s government expects its economy to grow at 5.3%.

The main reason the IMF is so pessimistic about Kazakhstan’s GDP growth is a delay with the launch of the Future Growth Project at Tengiz. Analytics believe that oil production in the country will stagnate, while the slowdown of inflation is too gradual. The rate will reach the 5% threshold no sooner than 2026 or 2027.

The IMF is also pointing out that high volatility of oil prices, possible disruption in oil...

The Ulba Metallurgical Plant or UMZ, a subsidiary of the Kazatomprom national company in Kazakhstan, has obtained a license for the exploration of rare metals such as tantalum, niobium and beryllium at the Karajal deposit in the Abay region.

UMZ is one of the world’s largest enterprises that processes rare metals and produces ready-to-use products. UMP is ranked second in the world in terms of beryllium production and fourth in the production of tantalum products.

According to Kazatomprom, the company wants its subsidiary to have direct access to raw materials in Kazakhstan. However, UMZ is still acquiring tantalum and beryllium...

British company BAE Systems increased its stake in Air Astana, a national airline in Kazakhstan, from 15.3% to 16.95% (+1.65%). Shares of two other shareholders CITIBANK and the Unified Accumulative Pension Fund (UAPF), have also slightly changed, according to the Kazakhstan Stock Exchange (KASE).

Over the period from February 19 to April 1, the share of the UAPF in Air Astana increased from 6.5% to 6.51% and the nominal holder of CITIBANK now owns 24.61% of the shares instead of the previous 26.76%. The share of the Samruk Kazyna fund hasn’t changed since February, though. In mid-February, the media reported...