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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...

Esan Kazakhstan, a subsidiary of Turkish Esan Eczacıbaşı Endüstriyel Hammaddeler San. ve Tic. A.Ş. and South Ural Resources will start searching for useful minerals in the Aktobe region.

According to a draft ruling of the administration of the Mugalzhar district of the Aktobe region, 5,400 hectares in the Batpakkol county of the Mugalzhar district will be given to Esan Kazakhstan for mineral exploration until August 25, 2029. The move requires public servitude over this land; therefore, the ruling has been published for public consideration.

As public servitude is a legal opportunity to use land that belongs to someone else under...

According to the Bureau of National Statistics, external turnover of Kazakhstan was $20 billion in January and February 2024, a 3% decrease compared to the same period last year.

This decline in external trade is directly related to a lower volume of imports. For instance, over the first two months of the year, Kazakhstan purchased goods for $8 billion, a 7.4% decrease over last year. Among key importers to Kazakhstan are Russia (28%), China (25.7%), Germany (5.3%), the U.S. (4.3%), South Korea (3.4%) and Turkey (3.3%).

For example, Kazakhstan purchases foreign cars (4%), medicines (3.3%), mobile gadgets (3%), vehicle bodies...

President Kassym-Jomart Tokayev has called off the Astana International Forum 2024 due to massive floods in the country. As he wrote on X, formerly known as Twitter, the government should cut its expenditures to save money for emergency relief for those suffering from floods. 

«Due to unprecedented floods in Kazakhstan and the necessity to save financial resources for emergency relief and assisting people, I have decided to call off the Astana International Forum scheduled on June 13-14 this year,» the president posted on social media.

As President Tokayev has highlighted, he hopes for the understanding...

Eipico, a pharmaceutical company from Egypt, will build a $30 million biopharmaceutical manufacturing site in Saran, the Karaganda region, according to Kazakh Invest.

The new factory will produce biosimilars and antitumor drugs under international GMP standards. All these medicines are meant to be supplied to domestic and some neighboring markets. Once the project is implemented, 150 to 200 jobs will be created.

Biosimilars are biological agents highly similar to particular biologics. When a drug patent expires, various pharma companies receive the right to reproduce this drug on their own. There is no difference in safety, efficacy and quality between biosimilars...

During a media briefing Chair of the National Bank Timur Suleimenov told Kursiv.media what combining AIX and KASE will look like and why the move is necessary.

«We have to make it clear. In his address to the nation, the president instructed us to combine the potential of the two stock exchanges, not to combine the exchanges themselves. These are two different tasks because if we want to combine the two exchanges, we must create a new legal entity. We had a task to come up with a decision and we’ve done so. I mean, the...

Roca, a Spanish producer of sanitary ware, wants to build a logistical hub in Kazakhstan to boost its exports to the region. Moreover, the company is considering the construction of a manufacturing site in Kazakhstan. Until 2022, when Roca left the Russian market, it was the biggest producer of sanitary ware in Russia, according to Kazakh Invest.

Roca is one of the biggest sanitary ware producers in the world. The company runs 79 manufacturing sites with 21,000 employees throughout the world and is headquartered in Barcelona.

The company produces ceramic tiles for bathrooms, shower trays, accessories, facets and furniture. Roco...

The Energy Information Administration (EIA) under the U.S. Department of Energy has improved its forecast on oil and condensate output in Kazakhstan for 2024-2025.

According to April’s forecast by the American agency, Kazakhstan will produce 1.97 million barrels of oil and condensate this year compared to 1.95 million barrels forecasted in March. In the second quarter of this year, the country can produce 1.95 million barrels per day; 1.94 million in Q3 and 2 million barrels per day in Q4.

This forecast fully meets actual figures. For instance, in January, average oil output in Kazakhstan was about 1.97 million barrels...

In January 2024, Kazakhstan managed to boost its exports of cathode copper abroad from 29,200 tons to 41,700 tons (+42.9%) year-on-year, the Ministry of Industry and Construction reported, citing QazIndustry.

China is the absolute leader in terms of the volume of cathode copper it purchases from Kazakhstan. In January, this country bought 26,700 tons of the product, which is a 63.7% increase compared to 16,300 tons last year.

Turkey is the second-biggest importer of cathode copper from Kazakhstan. In January 2024, its imports amounted to 13,000 tons of copper, twice as much as last year. Latvia is the third biggest...

Kazakhstan and Macau, a special administrative region of China, have signed an agreement introducing a visa-free regime. The document will enter into force once domestic procedures are done, Kazakhstan’s Foreign Ministry noted.

«Kazakhstan’s Ambassador to the PRC Shakhrat Nuryshev and Secretary for Administration and Justice of the Macau Special Administrative Region of China Cheong Wen Chon have signed an agreement on mutually lifting the visa requirement for 14 days. The document will enter into force once all domestic procedures are completed,» the foreign ministry said in a statement.

The agency believes the agreement will boost...

The National Bank of Kazakhstan plans to introduce one QR code for all banks by the first half of 2025, not the end of 2024 as it said previously, according to Bloomberg, citing Timur Suleimenov, chair of the regulator.

«The National Bank plans to introduce a pilot project for a payment system based on one QR code for all commercial banks in the first half of the next year. I talked to executives of banks and told them that we need a system available for all. It seems that the two largest credit entities have created...

According to Deputy Chairman of the Management Board of KazMunayGas (KMG) Kuanysh Kudaibergenov, Kazakhstan has managed to re-launch the Kalamkas Sea/Khazar project thanks to a strategic partnership with Russian Lukoil.

«After long-term negotiations, KMG has managed to engage Lukoil as a strategic partner, as this company had already implemented similar projects in the Russian section of the Caspian Sea. It’s worth noting that the fact we have a strategic partner that possesses necessary technologies related to exploring offshore oil fields was the key factor that helped us re-launch the project. Otherwise, it would lay on a...

In the first quarter of 2024, the total amount of transshipment of cargo through the seaport of Aktau surpassed 1.1 million tons. This is a 14% increase over the same period last year, according to Kazakhstan Railways.

According to the company, the port exported 24,000 tons of grain and more than 920,000 tons of oil and oil products in the first quarter. The port also shipped 7,400 twenty-foot equivalent units (TEU), which is a 33% increase over the previous year. There are no details about what type of cargo it was.

Many types of cargo, including thermoplastic elastomers, are transported...

Over the period from January to March 2024, KazTransOil (a subsidiary of KazMunayGas) shipped 2.507 million tons of Russian oil to China compared to 2.396 million tons over the same period last year (+4.6%), the company told Kursiv.

«In the first quarter of 2024, KazTransOil shipped 2.507 million tons of Russian oil to the People’s Republic of China via the Atasu-Alashankou oil pipeline. In Q1 of 2023, the company shipped 2.396 million tons of Russian oil to the PRC via the same pipeline,» the company said in a statement it sent to Kursiv.media.

In January...