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According to Andrey Romanov, project manager and deputy managing director of Kalamkas-Khazar Operating, LLP (KKO), a joint venture of KazMunayGas (KMG) and Lukoil, Front-End Engineering and Design (FEED), is set to begin in September 2024. The final investment decision is expected to be made by the fourth quarter of 2025, with offshore platform construction starting in 2026 and dredging of the lake bed scheduled for 2027-2028.

The project started in 2023 and will last until 2067, with an expected peak oil production of 4 million tons per year. Capital expenditures for the projects are estimated at $6 billion, while...

Qatar is investing $20 billion in Kazakhstan’s economy. Members of the Senate, the upper house of Kazakhstan’s parliament, have ratified an agreement between the two countries aimed at establishing a long-term relationship. All in all, nine projects are expected to be implemented, providing jobs for 14,000 people during construction and 3,000 permanent jobs once the projects commence their regular operation, said Senator Shakarim Buktugutov. 

Qatari investors will establish a new communication provider, construct a gas processing plant at the Kashagan Field and complete the second line of the Beineu-Bozoy-Shymkent gas pipeline. They will also build a power plant in the...

Investors in the Sax Invest pyramid scheme were scammed out of $18 million after being promised lucrative returns from securities trading and diamond mining operations in Angola.

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has launched an investigation into the scheme, which defrauded more than 3,000 investors between 2018 and 2022.

«The company was presented as an investment fund. However, the promised monthly dividends of 2% to 3% were only paid to participants by pulling in funds from new depositors,» said the ARDFM. «Investors were encouraged to hand over their money, under...

Four universities in Kazakhstan have made it onto the 2025 ranking of the world’s top universities, recently published by Times Higher Education (THE), a leading U.K.-based educational rating agency. These universities are Nazarbaev University (NU), Al-Farabi Kazakh National University (KazNU), Gumilev Eurasian National University (ENU) and Satbayev University, according to the Ministry of Science and Higher Education of Kazakhstan.

NU ranked in the overall 501-600 range, rising by several places from its previous standing. The university particularly excelled in the «Education» subject category, where it secured a position in the 251-300 range.

KazNU is in the 1001-1200 range, with notable...

Kazakhstan’s foreign liabilities increased to $259.2 billion in the second quarter (Q2) of 2024, a 4% rise year-on-year (YoY). According to the National Bank of Kazakhstan, a significant portion of this debt (77.4%) is concentrated in the hands of just 10 countries, with the Netherlands and the U.S. emerging as the major investors.

Quarter-on-quarter, Kazakhstan’s external liabilities grew by 5%. Since the end of last year, the increase has been 1.2% and in the previous five years, the growth has been 18%. This trend shows steady growth without major fluctuations.

As of July 1, the top 10 creditor countries and...

With a fortune of $3.6 billion, Vladimir Kim has become Kazakhstan’s most influential businessman and ranks No. 896 on Forbes’ list of the world’s richest people. He has built his wealth through mining and financial investments.

Copper: The new gold

Kim controls 63.5% of KAZ Minerals Ltd., one of Kazakhstan’s largest mining companies. KAZ Minerals operates several major mineral deposits:

Copper has become increasingly valuable due to global demand, driven first by energy transition...

According to Timur Suleimenov, Chair of the National Bank of Kazakhstan, the Moscow Exchange (MOEX) has made the principal decision to exit the Kazakhstan Stock Exchange (KASE), where it holds a 13.1% stake. The National Bank currently controls 46.9% of KASE shares.

«The decision for MOEX to drop its stake in KASE has been made and is supported by our Russian colleagues. I am convinced this is the right and professional decision. As a true partner, MOEX acknowledged that its status as a sanctioned entity isn’t beneficial for KASE,» Suleimenov stated.

He did not provide...

Rolex, a Swiss premium watch manufacturer, has won a lawsuit in the Astana court against a Kazakhstani brand for trademark infringement. The Kazakhstani company had used the “C.” trademark and registered a name similar to Rolex’s well-known watch model, Cosmograph. The court ruled that the trademark registration in Kazakhstan was illegal, upholding the decision of a lower court. Both courts cited Rolex’s longstanding registration of the trademark, which has been in place since 1961, according to a statement from the Astana court.

The Kazakhstani trademark, previously referred to as “Cosmo,” was registered last June and used for watch-related products, although...

Analysts have reported that Kazakhstan’s stock market has been experiencing significant growth despite global challenges. According to Cbonds, a financial market data vendor specializing in global bonds, the increased liquidity and activity in the stock market can be attributed to the easing of monetary policy and support for various reforms. Additionally, international rating agencies such as Moody’s view the country’s prospects positively.

It’s worth noting that the National Bank of Kazakhstan has reduced the base rate five times since last October, providing consistent support for the country’s market growth. Analysts from Cbonds report that this rate reduction has helped lower...

Kazakhstani authorities have accelerated the supply of irrigation water to the Aral Sea, feeding the dying lake with two billion cubic meters between January and October 2024, whereas in June, the body of water got 1.1 billion cubic meters.

According to the country’s cabinet, for the first time in five years, an annual plan for supplying water to the Aral Sea was nearly fulfilled. In previous years, the sea received about 350 million cubic meters of water annually. However, between January and October this year, it received five times as much. In June alone, 1.1 billion cubic meters were supplied...

Over the first nine months of 2024, the total trading volume on the Astana International Exchange (AIX) within the Astana International Financial Centre (AIFC) reached a record high of $922 million, a fourfold increase compared to the same period last year ($220 million). Shares of Solidcore Resources (formerly known as Polymetal) remain the most frequently traded securities on the exchange, AIX stated in response to an inquiry from Kursiv.media.

From January to August 2024, Solidcore reported $370 million in stock trades, compared to $17 million in the previous year. This indicates a growth rate of 21.7 times, as reported by...

According to Prime Minister Olzhas Bektenov, the country will establish a centralized national system for remote biometric authentication. He announced this initiative in response to an inquiry from a member of parliament.

The new system will be implemented across all industries, including banking and public services. A nationwide system is essential for creating a single base of biometric data to ensure that this information is relevant and secure.

«The launch of the national system is expected to occur through the establishment of a joint venture between National Information Technologies JSC and BTS Digital. This new entity...

Kazakhstan plans to boost its grain exports to China to three million tons by the end of the year, up from the original goal of two million tons. These figures were disclosed by Vice Prime Minister Serik Zhumangarin during a cabinet meeting.

«We initially planned to export two million tons of grain to China this year, but we can expand that supply to three million tons. We also need to increase our flour exports to Afghanistan. New contracts and logistics will be key topics during the upcoming Kazakhstan-Afghanistan business forum in Almaty,» Zhumangarin said.

According...

According to Timur Zhantikin, CEO of Kazakhstan Nuclear Power Plants (KNPP), a subsidiary of the Samruk-Kazyna holding, the idea of forming an international consortium to build Kazakhstan’s first nuclear power station is viable, though it depends on the stance of the Ministry of Energy.

«Our legislation allows for the creation of a consortium to construct a nuclear plant if this consortium is established as a legal entity. They must sign a special agreement outlining the responsibilities of all stakeholders. The consortium can then apply for the bidding process like any other company. We have experience dealing...

The Anti-Corruption Agency of the Republic of Kazakhstan has sharply criticized officials responsible for sports management, accusing them of excessive spending on foreign athletes. Earlier this year, President Kassym-Jomart Tokayev urged the country to stop naturalizing international athletes and instead focus on bringing in experienced foreign coaches.

An external analysis of corruption risks in the sports sector, conducted by the agency, revealed that over the past 33 years 126 foreign athletes have been signed for Olympic sports in Kazakhstan. However, half of these athletes eventually returned to their home countries. The agency emphasized that instead of investing in the development...

The Russian government has filed a lawsuit against several subsidiaries of Shell, reported Reuters, citing some legal documents. In Kazakhstan, the international corporation has been developing two big oil fields, Kashagan and Karachaganak.

The lawsuit was filed with the Moscow Arbitration Court on Oct. 2. It was initiated by Gazprom Export, the Ministry of Energy of Russia, the authorities of the Sakhalin region, Sakhalin Energy and the Prosecutor General’s Office of Russia. No other details of the case are available. Shell has declined to comment on the situation.

Before 2022, Shell had several projects in Russia. In particular, the...

Airports in Kazakhstan are going to introduce temperature checks for passengers once again in an attempt to prevent the deadly Marburg virus from spreading within the country. According to the World Health Organization (WHO), the virus is highly contagious and has the mortality rate of 88%. Furthermore, Kazakhstan’s Ministry of Healthcare has issued a list of recommendations for citizens staying in the affected countries.

«Sanitary and quarantine control has been established at the international airports to prevent the virus from entering the country. Every passenger arriving in Kazakhstan is subjected to contactless thermometry screening,» said Sarkhat...

The Federal Service for Veterinary and Phytosanitary Supervision of Russia (Rosselkhoznadzor) has asked Kazakhstan to cease giving its phytosanitary certificates to melon exporters starting Oct. 7, 2024. The Russian agency has already sent an official letter to Kazakhstan’s State Inspection Committee in the agro-industrial complex of the Ministry of Agriculture. 

«The resolution is taken on the grounds of multiple cases of the melon fly (myiopardalis pardalina), a quarantine object, discovered in the melons supplied from Kazakhstan. We also aim to preserve the phytosanitary welfare of Russia,» Rosselkhoznadzor said in a statement. 

Phytosanitary certificates are required...

Burservice, a Russian oil servicing company and a former subsidiary of Halliburton, is preparing to enter the markets of Kazakhstan and Uzbekistan, according to Roman Zhdanov, the head of the company’s board.

«Speaking of offices abroad, we currently have one in Belarus, also providing remote consulting services to customers from Central Asia. This market is of great interest to us, and we plan to enter the markets of Kazakhstan and Uzbekistan,» Zhdanov said in an interview with Interfax.

He also added that if the company’s business in Central Asia succeeds, Burservice will also explore opportunities...

President Kassym-Jomart Tokayev recently remarked on several high-profile cases streamed online by the Supreme Court, highlighting that these broadcasts are boosting legal literacy among Kazakhstanis, according to Kazinform.

Speaking at the Congress of Judges, Tokayev noted that millions of Kazakhstanis have tuned in to public trials, witnessing the transparency of the judicial system firsthand. He emphasized that these broadcasts have strengthened citizens’ trust in the system and raised their expectations of prosecutors and judges.

«Judges and prosecutors’ actions are now visible to all citizens. This transparency is a key benefit of the online judicial process. It...

Kazakhstan raised $1.5 billion by issuing its first dollar-denominated ten-year Eurobonds since 2015, according to the Ministry of Finance.

«Kazakhstan has successfully returned to the U.S. dollar-denominated Eurobond market for the first time since 2015 by placing an issue of $1.5 billion for 10 years with a coupon rate of 4.714%,» the ministry stated in a release.

The ministry said the deal was preceded by a one-day virtual roadshow, available only to states with high investment ratings. Over 100 investors from the U.S., U.K., Europe, Asia and the Middle East were consulted during the day...

The Ministry of Defense has outlined how it would allocate additional funds if defense spending is increased to 1% of GDP. The agency also commented on MP Ermurat Bapi’s suggestion to improve the combat readiness of the Kazakhstani army, calling it ‘timely and relevant.’

«These priorities include air defense forces, missile troops and artillery, air weapons and unmanned aircraft systems, which unfortunately have not received enough attention despite their proven effectiveness and significance in recent military conflicts. We will also focus on communication systems, as well as the full repair and modernization of armored vehicles,» the...

The Organization of the Petroleum Exporting Countries (OPEC) Secretariat has denied claims made by The Wall Street Journal, which reported that Prince Abdulaziz bin Salman, the oil minister of Saudi Arabia, threatened to drop the oil price to $50 per barrel if Kazakhstan and Iraq didn’t follow OPEC+ production quotas.

«With reference to the Wall Street Journal (WSJ) article, dated 2 October 2024, titled ‘Saudi Oil Min Said Prices May Fall to $50/B if Others Cheat, Sources Say,’ the OPEC Secretariat categorically refutes the claims made within the story as wholly inaccurate and misleading. The article...

A-Cars, a taxi and car leasing company in Almaty, is adding 138 electric vehicles to its fleet for taxi services.

«The company aims to purchase 138 M1-category vehicles — passenger cars designed to transport passengers and luggage with no more than eight seats, including the driver’s seat. These vehicles must be manufactured no later than 2024, equipped with a solely electric powertrain (hybrid options excluded) and have fewer than 500 kilometers on the odometer. The required package is the EV 57.6 kWh (kilowatt-hour) Leading Champion Edition,» the company stated on Oct. 1.

The chosen body...