News

KazMunayGas (KMG), Kazakhstan’s national oil company, has announced a new contract for oil exploration and production at the Bolashak field in the Mangystau region. The contract was signed with the Ministry of Energy on March 7.

According to a document published by KMG’s Chief Financial Officer Marat Dikanbayev, the project is considered technically complex. The ministry estimates potential investments at around $92.2 million. Under the project’s work program, the investor is expected to drill two wells and conduct 3D seismic exploration over an area of 430 square kilometers.

In addition, the Energy Ministry reported the start of direct negotiations with...

Seeking to attract more investors to Kazakhstan, the Agency for Regulation and Development of the Financial Market (ARDFM) aims to develop a guide to the country’s bond market, according to its 2025 plan.

Even though the agency has not disclosed further details on the initiative, it said that it intends to stimulate private businesses to go public on the stock market. Furthermore, the ARDFM will take measures to increase the share of domestic offerings in parallel with their international placements.

The agency also plans to establish a legislative base for cryptocurrency market development beyond the Astana International Financial Centre’s jurisdiction...

Beata Javorcik, the chief economist of the European Bank for Reconstruction and Development (EBRD), advises Kazakhstan to establish a world-class agency focused on attracting foreign investments. In an interview with Kursiv.media, the expert emphasized that Kazakh Invest, the national export and investment agency in Kazakhstan, should raise the bar in its performance. The agency is already striving for its goal of becoming a “leading institution for attracting foreign investments in Central Asia, the Commonwealth of Independent States (CIS) and among countries with transition economies.”

«For a country like Kazakhstan, it would be important to have a...

In March 2019, Kassym-Jomart Tokayev took over as president of Kazakhstan after Nursultan Nazarbayev, the country’s first president, voluntarily resigned. In June 2019, Tokayev won the presidential election with 70.96% of the vote. Five years into his presidency, how has Kazakhstan’s economy changed?

During this period, the nation’s economy contracted only once. In 2020, Kazakhstan’s GDP fell by 2.5% as quarantine restrictions were introduced to combat the COVID-19 pandemic, negatively impacting business activity. Every other year, the economy grew at an average rate of 4.4%. However, President Tokayev set an ambitious target in 2023, announcing a goal to double Kazakhstan’s...

According to Viktoria Ten, vice president of the Association of Kazakhstan’s Developers (AZK), if the value-added tax (VAT) is raised from 12% to 16% and developers lose their VAT exemption, housing prices will increase by 14%.

Speaking at the Krysha Novostroiki conference, the expert also discussed the so-called social infrastructure payment, which requires developers to contribute to upgrading municipal infrastructure. The payment amount will depend on the floor size of the buildings a developer puts up for sale.

«All in all, the tax rate increase and the removal of tax benefits for developers will lead to...

Condor Energies Inc., a publicly traded energy company headquartered in Calgary, Canada, has obtained a license to produce solid minerals in Kazakhstan at the Kolkuduk field, which spans 6,800 hectares. The company believes that the field contains an abundance of lithium.

It is worth noting that Kolkuduk is located next to the Sayakbay field, which spans 37,300 hectares and is already under the company’s management. Both fields are situated in a region full of faults, which can absorb and accumulate mineralized brines in underground reservoirs.

Geological exploration of the Kolkuduk field has shown the presence of approximately 130 milligrams of...

KazMunayGas (KMG) CEO Askhat Khassenov has proposed that the Abu Dhabi National Oil Company (ADNOC) consider investing in Kazakhstani oil and gas projects, according to the KMG press service.

A Kazakhstani delegation held talks with ADNOC CEO Sultan Ahmed Al Jaber during a working visit to the U.S. The two sides discussed prospects for partnerships in geological exploration, the petrochemical industry, energy transition and digital technologies.

Khassenov noted that KMG has successfully completed its roadshow, attracting both domestic and international investors. The company has now prepared three new geological exploration projects; they are ready for seismic exploration works.

ADNOC, founded...

Kazakhstan aims to register its first domestically developed cancer treatment drug by the end of 2025, Minister of Science and Higher Education Sayasat Nurbek announced at a recent government briefing.

Nurbek noted that the drug successfully passed its first-stage clinical trials in 2024. The trials have since expanded to include patients with various cancer types, moving beyond the initial focus on colorectal cancer.

«Clinical trials are currently underway across various cancer types. Patients are demonstrating positive outcomes, with an average tumor reduction of 30%. Some patients have achieved remission. We aim to finalize trials and register...

Kazakhstan is set to launch a business acceleration program for startups called AI-Sana, as announced by Kazakhstan’s Minister of Science and Higher Education Sayasat Nurbek, during a cabinet meeting.

The program focuses on supporting startups that promote artificial intelligence (AI) in various fields. These startups are expected to be implemented by teams composed of students from Kazakhstan’s leading universities.

«This year, 650,000 students will complete special AI training. At the second stage, 100,000 students will attend courses developed in cooperation with Paul Kim, the chief technology officer and associate dean of the Graduate School of Education...

Kazakhstani retailers have identified five major trends that dominated the local fast-moving consumer goods (FMCG) market in 2024. This story by Kursiv.media explores how retail chains are adapting and what they expect in 2025.

Key trends shaping Kazakhstan’s retail market

Price sensitivity

A major trend highlighted by retailers is growing price sensitivity among consumers. Amid ongoing inflation and rising costs, shoppers are focused on price, comparing options across different sales channels and seeking the best deals.

«Recent global economic challenges have re-emphasized the importance of price for Kazakhstani shoppers. Before 2020, service, convenience and one-stop shopping...

ST-1 technical-grade selenium has been produced in Kazakhstan for the first time using vacuum distillation. The chemical element is being manufactured by Kazakhmys Progress, LLC in the town of Balkhash, according to Minister of Science Sayasat Nurbek.

During a government session, Nurbek reported on the achievements of domestic scientists, including the production of ST-1 technical-grade selenium by the method of vacuum distillation at Kazakhmys Progress.

«Thanks to a technology developed by the Institute of Metallurgy and Ore Beneficiation at Satbayev University, we can produce high purity selenium (99.5%) and increase its value-added from 30% to...

In 2024, the 10 leading taxpayers accounted for 25.3% of all tax revenues in Kazakhstan, including contributions to the National Fund, the state budget and local government budgets. Among the leaders were oil companies and major banks, according to the Energy Monitor channel on Telegram.

Among the largest taxpayers in Kazakhstan:

According to international observers, Ukraine was the largest importer of various types of arms between 2020 and 2024. The United States increased its share of global arms supplies to 43%, while Russia reported a 64% decline in exports.

A survey by the Stockholm International Peace Research Institute (SIPRI) shows that the U.S. role in global arms exports has surged, while Russian arms exports continue to decline.

Between 2020 and 2024, Russia supplied arms to 33 countries. India (38%), China (17%), and Kazakhstan (11%) received two-thirds of these exports.

Experts noted that the decline began before Russia’s full-scale invasion of...

Kazakhstan’s Ministry of Energy has announced a plan to construct underground gas storage facilities. The project, which is part of the comprehensive gas sector development plan, developed by the agency for the next five years, is expected to be carried out between 2025 and 2029.

Later this year, QazaqGaz, the national gas company in Kazakhstan, is going to develop a portfolio of prospective geological structures suitable for the construction of new underground storage facilities in Kazakhstan. Additionally, the active Bozoi gas storage facility is set to be expanded to 4 billion cubic meters by 2028. The Ministry of Energy, QazaqGaz...

According to the Agency for Regulation and Development of the Financial Market (ARDFM), the mechanism for public support to unviable banks must be improved. To achieve this, the country will introduce a ban on any form of nonmarket government intervention in banking activities.

Authorities plan to specify the forms and mechanisms of government participation in rescuing troubled banks. The ARDFM particularly aims to set clear boundaries for the National Bank, the Ministry of Finance, the Kazakhstan Deposit Insurance Fund (KDIF) and the agency itself.

Moreover, authorities want to introduce Total Loss Absorbing Capacity (TLAC) requirements. These primarily consist of subordinated...

On March 6, Astana hosted the first meeting of a subcommittee on cooperation in agriculture between Kazakhstan and China, held within the Kazakhstan-China Cooperation Committee. During the video call, Kazakhstan’s Deputy Minister of Agriculture Yermek Kenzhekhanuly and his Chinese counterpart, Zhang Zhili, discussed ways to strengthen bilateral cooperation in agriculture.

According to the Agropress Telegram channel, the main topics included mutual trading and access to each other’s markets. In 2024, the agricultural trade turnover reached $1.4 billion, marking a 10.5% increase. Both sides emphasized that the partnership is strengthening and, therefore, must be expanded further.

China and Kazakhstan have decided...

President Kassym-Jomart Tokayev has ordered the cabinet to honor a man who disarmed a 67-year-old perpetrator who had taken a hostage at Almaty Airport, according to Ruslan Zheldibay, the president’s official spokesperson.

«President Kassym-Jomart Tokayev was informed about the hostage situation at Almaty Airport. He praised the bravery and skills of the man who disarmed the perpetrator with his bare hands,» Zheldibay wrote.

According to Orda.kz, the savior of the female hostage is 52-year-old Musa Abdraim. He was at the airport to see his loved ones off when he witnessed the tense situation. Approaching the...

Kazakhstan’s National Bank has raised the base rate today from 15.25% to 16.5%, despite experts’ forecasts that the regulator would keep the rate steady.

According to the National Bank, the move was necessitated by the rapid acceleration of inflation in the country and price pressures from the external sector, driven by rising inflation in Russia.

«All inflation measurement indicators show that inflation is accelerating. Annual inflation sped up to 9.4% in February. An increase in the pace of price growth is visible across all components, with the most significant rise observed in the service sector,» the...

Kazakhstan’s oil exports are on the rise, raising concerns that the Caspian Pipeline Consortium (CPC) may struggle to handle increasing volumes. While the CPC remains the country’s primary export route, participants in the Kashagan project have been exploring alternative options since 2024.

Experts from the Kazakhstan Oil and Gas: Facts and Comments Telegram channel suggest that if production at Kashagan and Tengiz continues to expand, the CPC could face challenges in transporting oil.

As the oil refining sector is becoming increasingly profitable, expanding domestic refinery capacity could help mitigate export bottlenecks. However, Kazakhstan’s refineries are already operating at full capacity...

The Kyrgyz government is taking steps to promote medical tourism by permitting kidney transplants for foreign patients, 24.kz reports, citing Health Minister Erkin Checheibayev.

«Kidney transplantation is a life-saving procedure for patients on dialysis. Expanding this sector will reduce the burden on the healthcare system and significantly improve patients’ quality of life. We are working on a regulatory framework to ensure sustainable funding and fair wages for healthcare professionals,» Checheibayev stated.

He further emphasized that this service will soon be accessible to international patients traveling to Kyrgyzstan for medical treatment.

«We...

A fire broke out at the Prorva West oil field late on March 6 following a sudden gas discharge at inactive well No. 437 managed by Embamunaigas (EMG). The well experienced extreme pressure during tubing operations, leading to equipment ejection and a blaze with flames rising 20 meters high. According to the PetroCouncil.kz Telegram channel, the situation has been rapidly worsening. Even though no injuries have been reported, the fire remains serious and has yet to be extinguished.

EMG’s press service confirmed the incident, stating that the company immediately undertook necessary measures to contain the situation. The area around the...

Kazakhstan’s national railway operator Kazakhstan Temir Zholy (KTZ) plans to increase railway transit through the Kazakhstan-China railway terminal in Xi’an by 65% to 456,000 tons by 2025, according to Rail-news.kz.

In 2024, the railway transit surpassed 276,000 tons, while the Xi’an hub’s current annual capacity is 133,000 twenty-foot equivalent units (TEUs).

According to KTZ, the company saw a 33-fold increase in total traffic last year, although no details were provided.

In 2024, more than 5,000 trains were dispatched from China to Europe, setting a new record, according to the railway operator. About a quarter of these shipments passed through Kazakhstan’s...

Five new nonferrous metal enterprises worth approximately $85.6 million will be commissioned in Kazakhstan later this year, according to the Kazakhstan Industry and Export Center QazIndustry.

Among the new projects is a doré bar (semi-pure alloy of gold and silver) production facility, as well as copper cathode and aluminum profile manufacturing plants. Once these facilities reach full capacity, they are expected to produce goods worth approximately $71.5 million annually. Of this, about $9.2 million worth of products will be exported, while $62.4 million worth of products will be supplied to the domestic market to substitute imported goods. These plants will...

ME Elecmetal, a global supplier of wear solutions for the mining, construction and industrial sectors, headquartered in Santiago, Chile, plans to build a grinding ball manufacturing plant in Kazakhstan, the Ministry of Industry and Construction announced.

The $85 million facility will be built in Taldykorgan and is expected to begin operations in 2028. Once fully operational, the plant will have an annual capacity of 150,000 tons and create more than 100 jobs.

KAZ Minerals, one of Kazakhstan’s largest copper producers, is the biggest consumer of grinding balls — essential components in ore processing. The company, owned by Vladimir Kim and...