News

Kazatomprom, a subsidiary of Samruk-Kazyna, and Mongolia’s Mon-Atom have agreed to cooperate on uranium exploration and production in Mongolia, the Kazakhstani atomic company announced in a statement.

«Kazakhstan — the world leader in uranium production — is focused on further strengthening its status. Collaboration with Mon-Atom is an important step in this direction. This partnership opens new prospects for joint uranium production projects in Mongolia, allowing both countries to solidify their positions in the uranium industry,» the company stated.

The agreement for strategic cooperation between the two mining companies was reached during President Kassym-Jomart Tokayev’s...

The Ministry of Ecology of Kazakhstan has identified a potential cause for the mass deaths of seals in the Mangystau region, suggesting that some of the animals may have died due to human factors, specifically entanglement in fishing nets.

According to Vice Minister of Ecology Zhomart Aliyev, the Ministry of Ecology and Natural Resources is closely monitoring the situation with the seals and a special regional commission is investigating the case.

«The information regarding the seal deaths has been confirmed and water samples have been collected. The regional commission includes representatives from veterinary inspection and the...

According to the Ministry of Finance, the government has achieved only 75.6% of its tax revenue target. Commenting on the matter, Finance Minister Madi Takiyev told a Kursiv.media correspondent that last year’s overly optimistic projections are partly to blame for the shortfall.

The minister explained that when planning this year’s budget, the ministry relied on budget performance data from previous years. Notably, in 2022, budget revenue increased by 143%, which was factored into projections for 2023 and subsequently 2024.

Due to lower-than-expected tax revenue, the budget deficit reached $6 billion in September, 17.7% higher than the planned $5.1 billion.

However...

From January to September, Kazakhstan’s export of crude oil and gas condensate to the U.S. reached 1.4 million tons, worth $934.2 million, marking a 1.7-fold increase in volume and a 1.8-fold increase in revenue, as reported by the State Revenue Committee under the Ministry of Finance.

According to open-source data, overall oil exports from Kazakhstan grew by 0.7% year-on-year to 53.8 million tons ($33.9 billion) over the first nine months of the year. Italy remains the largest importer of Kazakhstani oil, purchasing 23 million tons (+27.8%) produced in Kazakhstan for $14.9 billion (+41.9%).

The Netherlands acquired 5.5 million tons of...

Cheap Russian wheat is creating problems for Kazakhstani grain producers. In response, Kazakhstani authorities have introduced a temporary ban on grain imports to protect the domestic market. However, these measures are insufficient to address systemic issues within the industry, as reported by Halyk Finance.

According to the company’s analysts, Kazakhstan is experiencing tough competition in the global grain market, intensified by the influx of cheap Russian commodities. As a result, Kazakhstani producers are forced to lower their prices or risk losing traditional markets such as Uzbekistan, Afghanistan and Turkmenistan. According to the Ministry of Trade, over the first eight months...

Nurlan Smagulov, founder of Astana Motors, plans to expand vehicle leasing for individuals and businesses, with support from the U.S.-based Penske Automotive Group.

«Greg [Gregory Penske, head of the Penske Automotive Group] has given us valuable advice on developing our business. Next month, we’re sending our specialists to the U.S. to learn from Penske’s vehicle leasing operations. Penske is a market leader in the U.S., and we want them to help us develop this business in Kazakhstan, offering vehicle leasing to both individuals and businesses. We aim to introduce car leasing and elevate the market to...

A citizen of Kazakhstan saved four people, including a nine-year-old child, by donating his heart, kidneys and lungs for transplant, the Ministry of Healthcare reported. 

The donor was a 39-year-old man whose relatives consented to the transplant. The operation took place on Oct. 23 in the East Kazakhstan region.

«A male, born in 1977, received a heart; a female, born in 1962, received lungs; a child, born in 2015, received a kidney; and a female, born in 1966, obtained another kidney,» the statement read.

In Kazakhstan, an adult citizen who has been declared dead may...

Kazakhstan’s oil and gas company KazMunayGas (KMG), a subsidiary of Samruk-Kazyna, and China National Petroleum Corporation (CNPC), Asia’s largest oil and gas producer, will collaborate on oil prospecting in Kazakhstan’s Kyzylorda region, according to KMG.

«In 2013, oil production in the Kyzylorda region peaked at 11 million tons, but output has since dropped significantly, reaching under 4 million tons by 2023. This year’s forecast anticipates an additional 3% decline, bringing production to around 3.6 million tons, down 100,000 tons from last year. Therefore, KMG plans to ramp up exploration, survey new areas and introduce innovative technologies...

Thousands of people have gathered near the country’s parliament to protest the preliminary results of parliamentary elections, which declared the victory of the Georgian Dream political party. This victory would allow Georgian Dream to form a cabinet for the fourth time in a row, as reported by the BBC. Both President Salome Zourabichvili and the opposition have refused to accept the final results of the elections.

Giorgi Vashadze, one of the leaders of the United National Movement opposition party, spoke on behalf of the coalition of opposition parties, calling for new elections under «the supervision of an international election administration...

Qazaq Air, a Kazakhstani airline controlled by the Samruk-Kazyna National Welfare Fund, has successfully passed the IATA Operational Safety Audit (IOSA). The procedure covered all key company activities, including flight safety and passenger service. The recently obtained certificate will be valid until November 2026, according to the airline’s media statement. 

The audit procedures were carried out by an independent company certified by the International Air Transport Association (IATA) to do so. The air carrier believes that certificate will enable the company to reinforce its position in the airline market and continue enhancing its safety standards.

In late May, President Kassym-Jomart...

Analysts from Freedom Broker recommend buying shares of Kaspi.kz, a fintech company, following the publication of its third-quarter 2024 financial statements. They expect the price of the company’s American Depositary Share (ADS) to rise by 22%, increasing from $108.40 to $132 on Nasdaq.

«We have updated overall financial indicators in our valuation model, most of which have remained at the same level. We have also reduced the equity value, resulting in a price update for one ADS of Kaspi.kz, now set at $132, with a 22% growth potential from the current price. Thus, we have upgraded...

Kcell issued three-year coupon bonds worth $30.5 million on the Astana International Exchange (AIX), with proceeds allocated for refinancing existing liabilities, according to details shared with the Kazakhstan Stock Exchange (KASE). Just under a month earlier, Kcell closed a $184 million loan facility with Halyk Bank.

This latest bond issue marks the fourth under Kcell’s $203.7 million bond program. The recent issue volume is 150 units at a par value of $203,700 each and a 14.75% coupon rate (0.5% above the National Bank’s base rate).

On Sept. 4, 2024, Kcell issued $61 million in coupon bonds to improve its loan...

Kazakhstan’s Ministry of Energy will extend the ban on exporting oil products (gasoline and diesel fuel) outside the Eurasian Economic Union (EEU) until Jan. 1, 2027. This decision, drafted as an order by the ministry, has been coordinated with other public agencies such as the ministries of finance, trade and integration, and national economy.

The draft decision, posted for public discussion, states:

«To impose a ban until Dec. 31, 2026, on the export from the territory of the Republic of Kazakhstan outside the customs territory of the Eurasian Economic Union of certain types of petroleum...

More than 150 corpses of endangered Caspian seals were found on the shore of the Caspian Sea in the Mangystau region. Kazakhstan’s Ministry of Agriculture told Kursiv.media that the reason for the massive death of animals is yet to be clarified.   

«In the Bautino district of the Tupkaragan district, the recent storms have washed hundreds of bodies of critically endangered seals to the shore. Scientists say that they have found 151 corpses for now,» Azamat Sarsenbayev, a Kazakhstani blogger, posted on his Instagram.

Scientists are currently investigating the cause of the seals’ deaths. So...

Kazakhstan’s Ministry of Digital Development stated that within the next 10 to 15 years, Central Eurasian countries — Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan, Tajikistan, Azerbaijan, Turkey, Georgia and Mongolia — will each have a company worth more than $1 billion entering the global market.

«Organizers of the first Central Eurasia @ Silicon Valley Tech Conference projected that unicorn companies — tech giants valued at over $1 billion with global reach — will emerge within the next 10 to 15 years across Central Eurasia, in countries such as Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan, Tajikistan, Azerbaijan, Turkey, Georgia and Mongolia...

A resident of Kazakhstan’s Zhambyl region petitioned a court to confirm his birth and obtain proper identification documents. It was revealed that he was born in the middle of the steppe to a family of shepherds. Since his parents lived in a remote area, they never registered his birth with health facilities or the civil registry, according to Kazakhstan’s Supreme Court.

In his petition, the man stated that he was born at home on Feb. 6, 1998, to a family of shepherds. His mother never sought medical support or a birth certificate from local authorities, though he did receive all...

Astana’s Barys hockey club is set to remove all foreign players from its roster. Moving forward, all key positions on the team will be held by Kazakhstani athletes, who will be expected to take responsibility for the team’s performance, according to Kazakhstan’s Ministry of Tourism and Sports. Although a few North American players still remain on the team, they are expected to depart soon.

In parallel, the ministry has expressed its expectation for Barys head coach Galym Mambetaliyev to lead the team to new successes. Ending contracts with foreign players is seen as a step toward this goal.

The Ministry of Water Resources and Irrigation of Kazakhstan plans to expand its collaboration with France, according to a recent announcement. This followed a meeting between Water Minister Nurzhan Nurzhigitov and French Ambassador to Kazakhstan Sylvain Guiaugue, where both parties agreed to sign a memorandum and a trilateral agreement to support the exploration of underground water resources and conduct comprehensive scientific studies of the Ile-Balkhash Basin.

Two French agencies will participate in this effort: the Agence Française de Développement (AFD, French Development Agency) and the Bureau de Recherches Géologiques et Minières (BRGM, French Geological Survey). The Kazakh Water Ministry is...

Georgia’s President Salome Zourabichvili, has refused to accept the results of the recent parliamentary elections, held on Saturday. She has urged citizens to take to the streets to protest alleged vote-rigging. Former President Mikheil Saakashvili has echoed her call for demonstrations.

«This election was completely falsified. Your votes were stolen. We witnessed a Russian special operation and we were its victims. I refuse to accept these election results. We should not recognize them, as doing so would be equivalent to accepting Russian dominance. I invite everyone to join me on Rustaveli Avenue tomorrow at 7 PM...

The Eurasian Development Bank (EDB) has allocated the first tranche for the establishment of the National Digital Investment Platform in Kazakhstan. The project is aimed at transforming processes associated with raising investments. The platform is expected to enhance transparency and the efficiency of interactions between investors and public agencies.

Once available, the platform is going to streamline integration between participants of the investment ecosystem and simplify interactions between government bodies, the quasi-state sector and investors. The project has been initiated within the digital agenda of EDB member states.

The initiative was first announced by Kazakhstan’s Ministry of Foreign Affairs in...

Kazakhstan and European Union officials recently held their 21st meeting to discuss initiating negotiations on visa facilitation, according to Schengen.news.

Kazakhstan proposed several changes, including:

Kazakhstan assured the EU that these adjustments would not result in increased illegal migration and that Kazakhstan is committed to cooperating with European authorities to readmit citizens who remain in the EU illegally.

David O’Sullivan, the EU’s sanctions envoy, noted that relations between the EU and Kazakhstan are improving, and the proposed visa talks will further...

German Raiffeisen Waren, a multispecialty agriculture company, has discussed potential cooperation in agriculture with Kazakhstani state-owned Baiterek Holding. According to Baiterek, the enterprise plans to establish service centers and construct an assembly plant for Fendt and Valtra machinery.

Moreover, Raiffeisen Waren is also considering the supply of agricultural machinery to KazAgroFinance, a subsidiary of Baiterek, as well as leasing of the equipment to Kazakhstani farmers. KazAgroFinance has already worked with the Fendt and Valtra brands, leasing 34 pieces of machinery worth €3.9 million to farmers since 2000.

“Germany has long been a strategic partner for Kazakhstan. Baiterek...

KazTransOil (KTO), an oil pipeline operator and subsidiary of KazMunayGas, plans to reduce its oil supplies to Germany via the Druzhba pipeline by 11% in October, bringing the total to 133,000 tons compared to September. Meanwhile, the company is expected to increase its supplies through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 12%, reaching 160,000 tons, according to an official statement provided to Reuters Russia. 

Market participants attribute the planned reduction in oil supplies to the ongoing scheduled repair at the Karachaganak field. Meanwhile, the increase in BTC pipeline supplies is likely linked to the completion of maintenance at the Tengiz field...

Freedom Bank wants to leverage artificial intelligence (AI) to automate compliance checks on transactions and customers. The financial organization said that once the new mechanism is commenced, the analysis time will be reduced from two days to a few minutes. According to Aidos Zhumagulov, a member of the bank’s board, the new technology will mitigate the risks of secondary sanctions and become a benchmark for other financial institutions.

«Geopolitics has made us stand in the crosshairs of the corresponding banks since we are in a somewhat risky zone for them. They keep an eye on every...