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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...

According to Halyk Finance, the idea of transferring Western companies’ stakes in Tengiz, Karachaganak and Kashagan to Russia in exchange for frozen Russian assets is doubtful.

«The investment climate in the sphere of oil exploration and production in Kazakhstan isn’t that attractive due to problems with actual costs, difficulties in the domestic oil market, and requirements to investors. The idea of transferring shares in oil megaprojects in Kazakhstan to Russia, which is a target for Western sanctions, is doubtful. Don’t forget that Kazakhstan is trying to lower its dependence on Russia by pursuing alternative routes for...

Kazakhstan’s government wants to make investment agreements a more effective tool and cut the timeline for reviewing investors’ applications from 12 to 3 months, according to Primeminister.kz.

Authorities use investment agreements to attract big investors and guarantee that the tax legislation won’t change within the next ten years.

Within the framework of investment agreements, the Ministry of Economy suggested in March that corporate income tax would be lifted for investors whose projects are in the initial stages. The ministry also promised to provide taxpayers with fiscal assistance from their registration until the moment of deregistration.

The government also plans to...

According to the Ministry of Industry and Construction, Zhetysu Wolfram will produce wolfram ore in the Bugytinskoye field in the Almaty region. Chinese Jiaxing International Resources Investment Ltd. is the co-owner of the company.

Currently, Zhetysu Wolfram is building an enrichment facility and conducting some mining operations. Once the factory’s construction is complete in late 2024, about 1,000 new jobs will be created.

The company will produce and process 3.3 million tons of wolfram ore from the Bugytinskoye field at its new factory, which will produce 65% wolfram concentrate.

In the future, investors want to raise the processing level to...

According to the press service of the Ministry of Energy of Kazakhstan, since January 2023, it has signed five improved module oil production and exploration contracts worth $9 billion in total.

Two contracts are related to oil production and three are related to oil exploration. These projects include Kalamkas-Sea, Khazar, Auezov and Karaton Podsolevoy in the Atyrau and Mangystau regions. The national oil company KazMunayGas and foreign investors are involved in all these projects.

As the ministry noted, the sum of subscription bonuses (a payment for subsoil exploration and production) for two signed contracts was $32 million for Kalamkas-Sea, Khazar...

KazMunayGas (KMG, a subsidiary of Samruk Kazyna) has sold a 20% share in Silleno, a joint venture developing a $7.7 billion polyethylene project.

As KMG reported, the move happened on March 29. Now, the national oil company controls a 29.9% stake in the company. No details of the deal were provided.

At the same time, according to eGov there are several shareholders in Silleno: KMG, KMG PetroChem, Russian Sibur Holding and Chinese Sinopec Overseas Investment Holding (Singapore) PTE LTD.

In October 2023, while on an official visit to China, President Kassym-Jomart Tokayev met with Ma Yongsheng, chairman of the board...

Kazakhstan will participate in the International Aviation Safety Assessment (IASA) Program to obtain the special status necessary for direct air travel between Kazakhstan and the U.S.

«A preliminary assessment under the IASA is crucial for obtaining a Category 1 status from the U.S. Federal Aviation Administration (FAA), which would allow Kazakhstani airlines with necessary aircraft to launch direct air flights between Kazakhstan and the U.S.,» the Aviation Administration of Kazakhstan (AAK) said in a statement.

The two agencies have already reached an arrangement on the assessment, as the FAA wants to see whether Kazakhstan follows...

According to President Kassym-Jomart Tokayev, international terrorism is on the rise. This is why the Shanghai Cooperation Organization (SCO) should take systemic and decisive countermeasures. He made this statement during a meeting of security council secretaries from SCO member states.

«In 2023, regional and local conflicts grew by 30%, amounting to 183. This is the highest number over the past 30 years. Some experts believe that the global cycle of conflicts and violence is rolling out, which makes the threat of international terrorism more dangerous,» Tokayev stated.

He also highlighted that recent tragic events in...

According to a draft regulation by the Agency for Regulation and Development of the Financial Market (ARDFM), commercial banks must conduct biometric authentication if there is any sign of fraud. The document is available on the legalacts.egov.kz website.

All documents related to issuing a banking loan must be kept in the bank within the next five years to ensure no fraud. As the draft regulation says, repeating biometric authentication may help avoid fraud when perpetrators use static pictures or videos to fake necessary data.

If a bank has information about the illegal proliferation of a client’s data, it should implement...

According to Minister of Energy of Kazakhstan Almasadam Satkaliyev, there is no evidence of any spillage near the Kashagan oil field in the Caspian Sea so far. He also noted that satellite images of a spot on the sea surface might reflect a natural phenomenon.

«Over the years of the Kashagan maritime complex operation, there has not been a single oil spill. This is why we are examining this information. Specialists have reviewed the satellite image. It is a mixed picture. I mean, it might be a natural phenomenon. We are taking water samples from the...

According to Energy Minister Almasadam Satkaliyev, as of January 1, 2024, Karachaganak (one of Kazakhstan’s three biggest oil and gas fields) had 253 million tons of recoverable oil and condensate reserves.

«As of January 1, 2024, there were 253.2 million tons of oil and condensate and 791.7 billion cubic meters of gas,» he said during a cabinet meeting.

He also said several investment projects are expected to be implemented by 2028. Once this work is done, Karachaganak’s annual output will increase to 11 million tons.

In 2023, Karachaganak Petroleum Operating B.V. (KPO) reported an output...

Since April 1, 2024, the Kazakhstan Stock Exchange (KASE) has published three new indexes tracking the government security market: KZGB_CPm1m, KZGB_DPm1m, and KZGB_Ym1m. According to the exchange, the indexes will also calculate the index’s duration (change) in years and the modified duration (change in bond price with a one-basis-point change in interest rates).

KZGB_CPm1m (more than one month) is the net price index tracking unindexed securities with a maturity of 31 days or more issued by the Ministry of Finance, excluding the price of accumulated and unpaid coupon payments. The index’s starting rate was set at 1,000 tenge.

KZGB_DPm1m is...

S&P Global Ratings has canceled its ratings for ForteBank, as the financial entity decided to «suspend its participation in the rating process by the agency.» ForteBank will rely only on ratings from Moody’s and Fitch, the bank said in a statement.

According to Bekzhan Pirmatov, the bank’s board chair, ratings from the two agencies are enough for ForteBank to confirm its solvency and sustainability for clients, shareholders and investors.

«Ratings from Moody’s and Fitch, the two prominent international rating agencies, fully reflect the bank’s high performance, business model and market prospects. Our team is consistent regarding...