News

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...

According to the Senate, the upper house of Kazakhstan’s parliament, regular citizens sent them 5,070 requests demanding the adoption of a law that would protect women and children from domestic violence. The campaign has been launched by Erkindik Qanaty, a public foundation calling for the criminalization of domestic violence

«As of April 9, the Senate received 5,070 official requests from regular citizens, public and human rights organizations supporting the adoption of a law protecting women’s rights and children’s security,» the Senate said in a statement. 

The Write a Letter to the Parliament campaign with the...

According to the Kazakhstan Stock Exchange (KASE) website, the Development Bank of Kazakhstan (DBK) will pay $202.4 million in dividends for 2023 to the government. This is half of the net profit of $404.9 million the company reported last year.

The sole shareholder of the DBK is the Baiterek national managing fund controlled by the government of Kazakhstan. It is expected to receive the tranche until June 27, 2024, or 42,500 tenge per one common share. 

In September 2023, the DBK said that it would pay half of its net profit or $38.2 million in dividend payouts for 2022 to...

According to Shyngys Ilyasov, advisor to the energy minister in Kazakhstan, the country’s Ministry of Energy hasn’t received any inquiries from Russian authorities with a request to supply gasoline to Russia if it faces a fuel deficit. This statement was an official reaction of Kazakhstani authorities to a publication by Reuters, asserting that Kazakhstan could prepare 100,000 tons of gasoline to supply it to Russia.

«We haven’t received any requests from the Ministry of Energy of Russia so far. I mean, this information is baseless,» Ilyasov noted.

In turn, the news agency reported that the...

Irkaz Metal Corporation, a subsidiary of Iranian Kavand Nahan Zamin, is going to implement the third phase of its mining complex, which will have a capacity of an additional 5,000 tons of cathode copper at the Borly field in the Aktogay district of the Karaganda region.

The company plans to process 2.5 million cubic meters of copper ore (4.575 million tons) with heap leaching and produce an additional 5,000 tons of cathode copper per year. The company will need 137,250 tons of sulfuric acid to deliver this plan. 

The producer will store ore in a pile, while productive solutions will...

Lukoil, one of the biggest oil companies in Russia, has paid $200 million to KazMunayGas (KMG) for a 50% stake in the Kalamkas Sea project. Under the deal, the two companies will produce oil in three oil fields: Kalamkas Sea, Khazar and Auezov. The deal was reached in February 2023 and closed in September. According to Kommersant, a Russian business media outlet, KMG disclosed the contract value in its annual report.

Lukoil paid for a 50% stake on September 21, 2023, and may pay an additional $100 million as a reward if «certain requirements are met.»

During a meeting of the national emergency operation center in Atyrau, Prime Minister Olzhas Bektenov instructed authorities in flooded regions to strengthen their control over the sanitary and epidemiological situation and prevent looting of properties evacuated people have left behind.

«The situation with floods is difficult. The president ordered us to maintain law and order in flooded areas. We must also provide people with everything they need to live their normal lives. This is why I am instructing you to strengthen your control over the situation and prevent food prices from increasing. We have already started...

Governor of the Atyrau region Serik Shapkenov has declared a state of emergency. Vice Minister Kanat Bozumbayev previously advocated for the move.

«The discharge of water from the Iriklinsk water reservoir is about 2,500 cubic meters per second. It may increase to 4,500 cubic meters. So, we have 20 days to prepare for the flood. We will declare a state of emergency not to scare people but to roll out necessary measures to deal with the floods,» Bozumbayev stated.

During a meeting with representatives of emergency agencies, Bozumbayev said that local executive bodies need...

Kazakhstan reported an increased inflow of tourists. In 2023, more than one million foreigners visited the country, a 17% increase over 928,000 in 2022.

At the same time, the number of domestic tourists increased by 647,000 people compared to 2022, reaching 7.5 million, which is 1.7 million more than in 2019.

The vast majority of tourists chose Almaty as a leading destination in Kazakhstan. In 2023, more than two million tourists, including 540,000 foreigners, visited the city.

According to the Bureau of National Statistics, in 2023, the city of Almaty spent $4.7 million on tourism development.

The agency reported that...