News

Burservice, a Russian oil servicing company and a former subsidiary of Halliburton, is preparing to enter the markets of Kazakhstan and Uzbekistan, according to Roman Zhdanov, the head of the company’s board.

«Speaking of offices abroad, we currently have one in Belarus, also providing remote consulting services to customers from Central Asia. This market is of great interest to us, and we plan to enter the markets of Kazakhstan and Uzbekistan,» Zhdanov said in an interview with Interfax.

He also added that if the company’s business in Central Asia succeeds, Burservice will also explore opportunities...

President Kassym-Jomart Tokayev recently remarked on several high-profile cases streamed online by the Supreme Court, highlighting that these broadcasts are boosting legal literacy among Kazakhstanis, according to Kazinform.

Speaking at the Congress of Judges, Tokayev noted that millions of Kazakhstanis have tuned in to public trials, witnessing the transparency of the judicial system firsthand. He emphasized that these broadcasts have strengthened citizens’ trust in the system and raised their expectations of prosecutors and judges.

«Judges and prosecutors’ actions are now visible to all citizens. This transparency is a key benefit of the online judicial process. It...

Kazakhstan raised $1.5 billion by issuing its first dollar-denominated ten-year Eurobonds since 2015, according to the Ministry of Finance.

«Kazakhstan has successfully returned to the U.S. dollar-denominated Eurobond market for the first time since 2015 by placing an issue of $1.5 billion for 10 years with a coupon rate of 4.714%,» the ministry stated in a release.

The ministry said the deal was preceded by a one-day virtual roadshow, available only to states with high investment ratings. Over 100 investors from the U.S., U.K., Europe, Asia and the Middle East were consulted during the day...

The Ministry of Defense has outlined how it would allocate additional funds if defense spending is increased to 1% of GDP. The agency also commented on MP Ermurat Bapi’s suggestion to improve the combat readiness of the Kazakhstani army, calling it ‘timely and relevant.’

«These priorities include air defense forces, missile troops and artillery, air weapons and unmanned aircraft systems, which unfortunately have not received enough attention despite their proven effectiveness and significance in recent military conflicts. We will also focus on communication systems, as well as the full repair and modernization of armored vehicles,» the...

The Organization of the Petroleum Exporting Countries (OPEC) Secretariat has denied claims made by The Wall Street Journal, which reported that Prince Abdulaziz bin Salman, the oil minister of Saudi Arabia, threatened to drop the oil price to $50 per barrel if Kazakhstan and Iraq didn’t follow OPEC+ production quotas.

«With reference to the Wall Street Journal (WSJ) article, dated 2 October 2024, titled ‘Saudi Oil Min Said Prices May Fall to $50/B if Others Cheat, Sources Say,’ the OPEC Secretariat categorically refutes the claims made within the story as wholly inaccurate and misleading. The article...

A-Cars, a taxi and car leasing company in Almaty, is adding 138 electric vehicles to its fleet for taxi services.

«The company aims to purchase 138 M1-category vehicles — passenger cars designed to transport passengers and luggage with no more than eight seats, including the driver’s seat. These vehicles must be manufactured no later than 2024, equipped with a solely electric powertrain (hybrid options excluded) and have fewer than 500 kilometers on the odometer. The required package is the EV 57.6 kWh (kilowatt-hour) Leading Champion Edition,» the company stated on Oct. 1.

The chosen body...

President Kassym-Jomart Tokayev has approved and signed a law that requires owners of scooters and mopeds to register them with the police officially.

«The president has signed a law of the Republic of Kazakhstan ‘On Amending the Code of Administrative Offenses’ to improve traffic rules for certain types of transportation and enhance road safety through digitalization,» reported Akorda.kz, the official website of the president.

Along with compulsory registration, the new law introduces the following requirements:

Daniyar Orazbayev and Yeldar Shakenov, analysts at Freedom Finance Global, have shared their insights on stocks with the most promising growth potential this fall. They have also identified key industries that investors should keep an eye on.

Investment opportunities in the Kazakhstani market

Orazbayev believes that shares of KazMunayGas, a leading national energy company, offer attractive investment opportunities. The company’s strong financial performance in the first six months of 2024, including significant cash flow generation, positions it well for potential dividend increases.

The analyst also advises investors to keep a close watch on Kazatomprom, a prominent nuclear company. The surge...

According to Nicolas Blancher, deputy director of the IMF’s Middle East and Central Asia department and chief of the IMF’s mission for Kazakhstan, the International Monetary Fund (IMF) is concerned over the growing money withdrawals from the National Fund by Kazakhstani monetary authorities, who are using these funds to cover the budget deficit.

«Another source of concern is the constantly growing use of the National Fund’s assets. There is nothing new to it, but we see this practice is widening… This causes several problems, like opaque fund use — some transactions are completely unexpected with no...

Kazakhstan is exploring ways to increase its natural gas exports to China, possibly through a new pipeline. The country is currently in talks with Beijing to bolster energy cooperation, according to Bloomberg, citing CEO of QazaqGaz Sanzhar Zharkeshov. This move underscores Kazakhstan’s growing importance as a key energy supplier in the region.

«Despite concerns about China’s economic growth, Kazakhstan remains optimistic about the continued demand for natural gas. The country is actively negotiating to increase its gas exports to China and is also exploring opportunities to expand sales to neighboring countries like Uzbekistan,» Zharkeshov said.

According to President Kassym-Jomart Tokayev, the fact that Kazakhstan is holding a referendum on the construction of a nuclear plant is vivid proof of the significant changes that have occurred in the country over the past five years and serves as a key criterion of the «Hearing State.» He also noted that he made his personal decision on the issue long ago.

«We must leverage our competitive advantages to avoid being left behind on the margins of global progress. If our fellow citizens say ‘yes,’ this project will be the largest in Kazakhstan’s history,» the president...

Kazakhstan, Iraq and Russia have officially announced that they have fully met their obligations under the oil production compensation plans presented in September. Representatives from the three countries made this statement during the 55th Joint Ministerial Monitoring Committee (JMMC) meeting, which reviewed crude oil production data and current market conditions.

All three countries have confirmed their commitment to maintaining these obligations until the end of the agreement. According to OPEC+, the final estimate of last month’s oil production will be available next week. The cartel has not issued any new recommendations regarding the current level of oil output.

The monitoring...

The Australian graphic design platform Canva was banned in Kazakhstan following a request from the country’s Ministry of Internal Affairs (MIA) that noticed some violations. However, all those alleged violations have been eliminated, and the service is currently available once again.   

While commenting on the situation with Canva, the Ministry of Culture and Information clarified that the restriction of access to the designing platform was initiated by the MIA.

«The violations have been eliminated following the investigation,» the agency said.

According to various users, both mobile and desktop versions of Canva are already accessible...

The Agency for Regulation and Development of the Financial Market (ARDFM) has proposed amendments to a 2012 National Bank resolution that sets credit rating requirements for foreign buyers and owners of Kazakhstani banks. These amendments, now open for public comment on the https://legalacts.egov.kz/ portal, demonstrate the regulator’s continued efforts to ease the conditions for international investors purchasing local banks. A similar regulatory relaxation was applied during the recent sale of Bereke Bank to Qatar-based Lesha Bank.

Under current regulations, foreign companies intending to acquire or those already owning Kazakhstani banks or insurers, as well as banks seeking to open branches...

South Korea wants to include Kazakhstan in its Employment Permit System (EPS) to let Kazakhstanis legally work in the country, according to the Ministry of Labor and Social Protection of Kazakhstan.  

«Following the negotiations, representatives of the Ministry of Employment and Labor of the Republic of Korea confirmed their intention to include Kazakhstan in the EPS. This will enable Kazakhstanis to work legally in South Korea under the signed employment contracts,» the agency said in a statement.

During his official trip to South Korea, Kazakhstan’s Vice Minister of Labor and Social Protection Askarbek Yertayev

As of July 1, 2024, Kazakhstan’s foreign debt totaled $166.5 billion, marking a $3 billion (1.85%) rise during the second quarter, according to the National Bank of Kazakhstan.

Of the total debt, $29.5 billion is public sector debt, while $136.9 billion is owed by the private sector. The public sector debt includes:

Private sector foreign debt includes $43.3 billion from banks and other industries, along with $93.6 billion in intercompany debt. Intercompany debt refers to the obligations of Kazakhstani companies...

The Organization for Security and Co-operation in Europe (OSCE) will not send an observation mission for Kazakhstan’s upcoming referendum on the construction of a nuclear power plant, according to Mukhtar Yerman, secretary of the Central Election Commission of Kazakhstan.

The OSCE’s Office for Democratic Institutions and Human Rights (ODIHR) refused to observe the referendum, citing scheduling conflicts due to numerous other election-related activities.

«On Sept. 17, we received a response from OSCE ODIHR stating they would not be able to deploy observers for the Oct. 6 referendum due to the high number of election-related events scheduled...

It’s not uncommon for investment projects in Kazakhstan to take several years to complete. During this period, construction costs can increase, leading authorities to adjust design specifications and estimates, which further drives up the overall cost of these projects. It’s no surprise that this issue caught the attention of members of the Senate, the upper house of Kazakhstan’s parliament, who asked Prime Minister Olzhas Bektenov to investigate the situation.

According to the head of the country’s cabinet, the cost of each of the 25 investment projects in Kazakhstan surged by an average of $7.4 million. However, four projects reported even...

The Astana Financial Services Authority (AFSA) of the Astana International Financial Centre (AIFC) has provided the Binance Kazakhstan crypto exchange with a full regulatory license. From now on, the company is eligible to control the platform for cryptocurrency trading and exchange, act as a broker-dealer and provide custodial services in terms of digital assets in the country, Binance Kazakhstan said in a statement. 

Kazakhstan is the first state in Central Asia to give a regulatory license to Binance. The crypto exchange described the whole licensing process as not an easy one, as it included a comprehensive examination, internal and external...

From January to August, Kazakhstan’s exports of crude oil and gas condensate to the U.S. amounted to 1.343 million tons ($843.3 million), a 2.2-fold increase in volume and a 2.4-fold increase in money compared to the same period last year, Kazakhstan’s State Revenue Committee reported.

The published data indicates that total oil exports from Kazakhstan from January to August reached 47.8 million ($29.6 billion), which is a 0.4% increase in volume and a 6.23% increase in value over January-August of 2023.

Italy kept its status of the largest importer of Kazakhstani oil, acquiring 20.3 million tons of crude oil and...

Kazakhstan is set to export animal production to Thailand. At least two Kazakhstani companies – Kazbeef Processing and Merke Et Combinaty – are in the process of obtaining the necessary licenses from Thai authorities, as reported by Kazakhstan’s Ministry of Agriculture following a meeting between Vice Minister of Agriculture Ermek Kenzhehanuly and Thai Minister of Agriculture Narumon Pinyosinwat.

There are also plans to export crop products and fish to Thailand. As Kenzhehanuly noted, Kazakhstan exports up to 7 million tons of wheat annually and Thailand is a particularly interesting market for expanding Kazakhstan’s grain supplies. In mid-August, Minister of Trade...

Almaty authorities want the city to become the main hub for esports and the gaming industry in Central Asia. To achieve this goal, they are implementing the Almaty Cyber Games (ACG) project, according to Almaty’s digitalization department.

The department reported that Kazakhstan’s Ministry of Digital Development has recently signed a memorandum of understanding with Georgian sports broadcaster Setanta, whose TV channels air major international sporting events.

As of late August 2022, Setanta was owned by Temur Ugulava’s Adjara Group of Georgia, according to Ukrainian Forbes. Public information on Ugulava is limited, but the Ukrainian outlet referred to him as a...

Between January and August 2024, Kazakhstan exported 109,900 tons of coal to Italy, valued at $20.4 million. This marks a 317-fold increase in volume and a 309-fold increase in value year-on-year (YoY), according to Kazakhstan’s State Revenue Committee under the Ministry of Finance.

Despite the surge in exports to Italy, Kazakhstan’s total coal exports from January to August decreased to 5.7 million tons, valued at $228.9 million. This represents a 13.3% decline in volume and a 36.23% fall in value YoY. Poland remained the largest consumer of Kazakhstani coal, purchasing 1.4 million tons for $88.7 million, a drop of...

Timur Turlov, president of Kazakhstan’s Chess Federation (KazChess), has been named head of the newly established International School Chess Federation (ISCF), which will operate as an affiliate organization of the International Chess Federation (FIDE). The initiative to create the ISCF was presented at FIDE’s General Assembly in Budapest during the 45th FIDE Chess Olympiad, held from Sept. 10 to 22.

According to KazChess, Turlov’s proposal to create and lead the ISCF was endorsed by a vast majority of the FIDE General Assembly. In his address to delegates, Turlov explained that the ISCF’s mission would be to unite national school...