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Halyk Finance has reviewed the new refinery industry concept for oil prepared by the Ministry of Energy and has become very skeptical about the agency’s plan to produce enough oil products for the domestic market by 2050. The company’s analysts also doubt that the ministry would be able to boost petroleum product exports to 10% by 2050.

According to Murat Temirkhanov, advisor to the CEO of Halyk Finance, the draft concept of the refinery industry development until 2050 doesn’t address key problems of the industry and directly contradicts the president’s edict on economic liberalization.

«The government...

Kazakhstan is going to continue using the +7 country code, the press service of the Ministry of Digital Development, Innovations and Aerospace Industry reported. The agency has decided not to switch to the +997 country code, which has been reserved for Kazakhstan since 2021, due to financial and technological issues that may emerge in the future.

«When we dived into the issue of switching to the new code in conjunction with operators, we realized that although it is possible, the switch may have some financial and technical consequences for us. Furthermore, all our operators would be...

American PepsiCo will allocate $160 million for a new potato chip manufacturing site in the Almaty region of Kazakhstan. This factory is going to be the biggest such project in Central Asia. The project is expected to create 1,000 jobs during the construction process and 350 permanent jobs after it is completed in 2026.

The country’s government says the manufacturing site will fully rely on local raw materials and boost the region’s development.

The project details were discussed by Prime Minister of Kazakhstan Olzhas Bektenov and David Manzini, president for Russia and CIS at PepsiCo, whereas the general arrangement on...

Sergek Group, an IT company from Kazakhstan, has won the nomination for «Best Smart Traffic Management Solution» at the Future Digital Awards for Smart Cities & IoT Innovation 2024. According to the company’s press release, Sergek presented its solutions for sustainable development and smart cities.

As CEO of Sergek Group Asset Akhmetov underlined, the company’s success in the contest proves that Kazakhstani IT solutions for smart cities are applicable worldwide. Despite competing against many well-known international companies, Sergek managed to secure second place after an American IT company won the platinum award.

«This win once again...

Shares of NewLake Capital Partners, a real estate firm specializing in properties for licensed cannabis producers, rose by 2% on Thursday, June 13. The company announced that it would pay a dividend of $0.43 per share for the second quarter of 2024.

Details

NewLake Capital Partners’ stock price increased by 2.08% on Thursday, June 13, on Nasdaq, reaching $19.65 per share. Over the past year, NewLake’s shares have gained 62.16%. However, since its initial trading in mid-2021, the stock has decreased by almost 30%.

On Thursday, NewLake announced a second-quarter dividend for 2024 amounting to $0.43 per share...

According to the Kazakhstan Stock Exchange (KASE), American sanctions against the Moscow Exchange (MOEX) won’t bring any legal consequences for KASE, as the Russian exchange controls just a small fraction of it.

On June 12, the U.S. Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury added the Moscow Exchange (MOEX) to its SDN list, which means all its accounts in American banks and depositories must be blocked, whereas US citizens and entities are prohibited from any sort of cooperation with the exchange. MOEX already announced that it would stop trading with US dollars and euros.

The U.S. government has put KBR-Technologii from Kazakhstan on its sanction list, accusing it of illegally supplying drone components to Russia. These dual-use goods were exported from Kazakhstan to Russia via Belarus, according to some media reports.

Interestingly enough, the company sanctioned by the U.S. Office of Foreign Asset Control of the Treasury Department (OFAC) was established on May 13, 2022, just a few months after the full-scale Russian invasion of Ukraine. It was registered in North Kazakhstan, which is very close to Russia.

However, a registration number mentioned by OFAC indicates another company called MJ QAZAQ TRANS. It was...

According to Assel Marchenko, deputy head of the National Payment Corporation of Kazakhstan (NPCK), the agency isn’t going to develop any payment system similar to the Russian Mir.

«We have no plans related to the creation of any alternatives to Mir. We haven’t even thought about this,» Marchenko said in an interview with Kursiv.

In order to reduce the risk of secondary sanctions, the National Bank of Kazakhstan and the NPCK use the switching of card transactions. This project has been implemented to mitigate the risks for cardholders in Kazakhstan in conjunction with Mastercard, Visa...

Polymetal, which is set to be renamed Solidcore Resources shortly, wants to double its gold production to one million ounces by 2029. The company is also going to invest $800 million in the construction of Irtysh GMK (mining and metallurgic company), Polymetal said in a presentation during Investor’s Day.

The Irtysh GMK is going to be located in the vicinity of the town of Pavlodar. The $800 million factory is expected to be fully operational in the first half of 2028. Once commissioned, it will be producing about 15 tons of gold per year for more than 30 years.

As...

Batys Energo Prom and Wooju Entek will build a production facility for shipboard equipment in the West Kazakhstan region, according to the press service of the National Chamber of Entrepreneurs called «Atameken.»

The factory, which is set to be located in the industrial zone of the Poima settlement, will produce vessel equipment with the help of machinery from South Korea.

Once the production site is fully operational, it will export part of these products labeled with the «Made in Kazakhstan» mark to EU member states. Under the contract with the investor, the factory is also expected to produce various vessels...

The batch of humanitarian aid from the Chinese port of Lianyungang has come to Atyrau, the region of Kazakhstan hit by floods. According to the local Department of Emergency Situations, China has sent tents, bed sheets, rubber boots, shovels and water-absorbing tools.

«Our humanitarian aid has come with a bit of delay due to some reasons. However, it didn’t prevent us from showing that we do care about your country. Today, I am transferring the humanitarian aid to the Atyrau Social Development Fund on behalf of the Lianyungang Port,» said Zhao Wei, head of the Lianyungang...

According to a new report by Fitch, stronger lending regulation in Uzbekistan should mitigate overheating risks in the retail lending market and gradually improve banks’ loan book quality. Family business loans have led to large credit losses at some banks recently, the agency said.

Fitch experts believe that stricter regulatory control over retail loans introduced by Uzbek authorities is a response to rapid retail loan growth over the past several years. For instance, the country’s government has introduced maximum payment-to-income limits (60% maximum) on all retail loans; the initiative will enter into effect starting in July 2024. The rate...

Over the past six months, Kazakhstan issued about 500 licenses for geological exploration of solid minerals; 70 licenses were issued in May alone, according to Kanat Sharlapayev, minister of industry and construction.

«We have already introduced a decent order for obtaining exploration licenses. First come, first served. In May alone we issued 70 licenses for exploration. Over the past six months 500 licenses have been issued,» he said during the AMM 2024 forum.

As the official noted, investors’ interest in metal ore exploration in Kazakhstan is gradually growing. For instance, over the period from...

According to Beknur Nessipbayev, head of Astana Motors, one of the biggest car companies in Kazakhstan, a big war in the auto market is coming, driven by an influx of newcomers. He shared this opinion during the Kursiv Auto 2024 forum held in Almaty on June 10.

«There are so many new businesses trying to enter the market. We know that about 15 more automotive brands from China want to sell their cars in Kazakhstan. We are going to bump into a big war in the market. I mean, we can already feel this. We are...

Tourists came to Almaty from Paris intending to illegally penetrate the territory of the Baikonur Cosmodrome. As a result, one of them has died because of dehydration in the steppe, according to the RIA Novosti, citing a source familiar with the matter.

«Two French citizens were trying to illegally trespass the cosmodrome territory. They chose the so-called classic route which means they went from the highway toward high buildings they saw by foot across the steppe. One of the tourists got sick on the way,» the source told the media outlet.

As the 112 Channel...

Samsung C&T Corporation from South Korea wants to build renewable energy sources in Kazakhstan, the press service of Kazakh Invest reported after Gabidulla Ospankulov, chair of the Investment Committee of the Ministry of Foreign Affairs, met with Seung-Chan Jung, managing director of Samsung C&T Corporation in Central and Western Europe.

«Representatives of Samsung C&T corporation have confirmed they are eager to implement a set of projects in the sphere of renewable energy and its storage with the help of solar energy and batteries specially designed for that purpose,» the press service said.

South Korean investors...

Ex-head of the National Security Committee of Kazakhstan (KNB) Karim Massimov, serving his 18-year sentence for treason and attempting a coup, has written to the president of Kazakhstan asking for a pardon, according to Informburo.kz.

«In March 2024, he (Karim Massimov) sent a petition asking the president of Kazakhstan for a pardon,» the KNB told the media outlet.

The law enforcement agency also said it is investigating two more pre-trial cases against Massimov, who is also accused of laundering money or other property obtained by illegal means and taking especially large bribes.

In April...

Ex-minister of Digital Development, Innovations and Aerospace Industry Bagdat Musin is set to be the new chair of Kazakhtelecom, the KazTag news agency reported, citing people familiar with the matter.

As the media outlet reported, Musin will replace Kuanyshbek Yesekeyev, appointed as an adviser to President Kassym-Jomart Tokayev on June 10. Kursiv has already requested Kazakhtelecom to comment on the staff changes.

Musin served as a digital minister from September 2020 to April 2024. He had also worked as a deputy minister for three months before being appointed minister. Over his career, he worked as the chairman of Kazpost, National...

Nariman Bekturov, head of marketing and client service in JAC Motors Qazaqstan revealed the reason Chinese cars have flooded the Kazakhstani market.

«There was a lack of supply as many budget models and brands left our market. Of course, the Chinese saw those empty niches and occupied them. Why? Because their cars are more affordable. Furthermore, they produce quite good vehicles that offer nearly the same level of comfort as many more expensive cars,» Bekturov said during a speech at the Kursiv Auto 2024 forum in Almaty.

As he noted, Chinese automakers often offer various...

Freedom Capital Markets (FCM), an investment and banking subdivision of Prime Executions, Inc. (a subsidiary of Freedom Holding Corp.), has appointed Edward Maguire as its new senior managing director of the U.S. equities research team. According to the company’s press release, McGuire previously worked at SMBC Nikko Securities America.

FCM believes that Maguire’s extensive experience will help implement the company’s global strategy and promote further growth. In particular, he is expected to enhance and expand customer service offerings in U.S. equities, sales and trading.

Maguire has been working in equity research, banking and finance for 30 years. Before joining SMBC...

The United States has imposed sanctions on several dozen citizens of Georgia, including multiple MPs, for “undermining democracy” and the brutal crackdown on peaceful protesters. This move followed the adoption of the foreign agent law by Georgian authorities, The Associated Press reported.

The U.S. has introduced visa restrictions against Georgian citizens deemed involved in human rights violations and undermining democracy in the country.

Even though Matthew Miller, the official spokesperson for the U.S. Department of State, didn’t reveal any names, the sanctions list may include 20 to 30 officials, deputies from the ruling party Georgian Dream (the initiator of the...

Two Kazakhstani companies, KTZ Express and QazTrade, in conjunction with the National Logistics Corporation (NLC), a logistical operator from Pakistan, have conducted a pilot intermodal shipment to the Jebel Ali Port in the UAE via Afghanistan and Pakistan.

According to Kazakhstan Railways, the cargo shipment from the «Pavlodar» special economic zone to the endpoint of the route took 38 days. The pilot project began by loading two 21-ton trucks, which then departed for the Zhetygen Transport Logistical Center, where the freight was reloaded into two 40-foot containers set up on trucks. The trucks then proceeded to the Karachi Port in...

Kazakhstan has signed contracts with Gazprom to allow the export of Russian gas to Uzbekistan and Kyrgyzstan via Kazakhstan. The signing ceremony was held during the St. Petersburg International Economic Forum, according to Interfax Kazakhstan.

The two sides – Alexey Miller, the chair of the board of directors of Gazprom and Roman Sklyar, the first vice prime minister of Kazakhstan – have signed two documents: the first one was a plan aimed at boosting Russian gas export to Uzbekistan via the Central Asia – Center gas pipeline; the second was a contract on the export of Russian gas to northern...

According to Vice Prime Minister Serik Zhumangarin, Kazakhstan does not support the sanctions imposed by Western nations against Russia but has to adhere to them due to economic reasons.

«Of course, these sanctions bother us as well. Many logistical and supply chains have been torn apart because of this. We are not part of the anti-Russian coalition and do not support unilateral sanction policies, but we are going to continue to comply with these sanctions because it is in our interest. We are a small economy and won’t endure sanction pressure,» the official said.

He...