News Roundup - September 4, 2007

Wall Street Journal: Chevron Hit With Big Fine In Kazakhstan

Authorities in Kazakhstan said they have slapped a $609 million fine on a Chevron Corp.-led consortium developing the huge Tengiz oil field, a further blow to investment confidence in the oil-rich Central Asian state…

CNN Money: Chevron Kazakh Group Head: Abiding By International, Kazakh Sulfur Rules

The top official of the Chevron Corp.-led oil consortium in Kazakhstan said Thursday the group is complying fully with international and Kazakh regulations on sulfur disposal…

Bloomberg: Kazakhstan Credit Risk at Two-Year High on S&P Threat

Kazakhstan credit-default swaps soared to the highest in more than two years after Standard & Poor’s said it may cut the country’s investment-grade ratings as rising borrowing costs jeopardize an eight-year economic boom…

The Financial Times: Kazakhstan Imposes Fine on Chevron Consortium

Kazakhstan yesterday imposed a fine of more than half a billion dollars on an oil consortium led by Chevron, in a move that threatens to worsen the investment climate on the natural resources-rich Central Asian republic…

The Financial Times: Kazakh Banking System Under Threat

The cost of protecting Kazakhstan’s debt against default soared to the highest on record after Standard & Poor’s said rising borrowing rates threatened the country’s banking system and could lead to a ratings downgrade…

Reuters: Roxi Agrees Option on $425 Million Kazakh Deal

Acquisitive Kazakhstan-focused oil and gas explorer Roxi Petroleum said on Thursday it had signed an option to buy 50 percent of ADA Group for $425 million…

Forbes: Several Kazakhstan Government-Related Entities Placed on Negative Watch

Standard & Poor’s Ratings Services placed its ratings on a number of Kazakhstan government-related entities on negative watch, after the long-term rating on the Republic of Kazakhstan was placed on negative watch…

Forbes: Kazakhstan-Based EDB Affirmed After Sovereign Ratings Placed on Watch

Standard & Poor’s Ratings Services said it has affirmed its ‘BBB+’ long-term and ‘A-2′ short-term issuer credit ratings on Kazakhstan-based Eurasian Development Bank (EDB), with a stable outlook, despite the recent creditwatch action on the sovereign…

EnerPub: Kazakhstan: Energy Profile

Kazakhstan is important to world energy markets for its significant oil and natural gas reserves. After years of foreign investment into the country’s oil and natural gas sectors the landlocked country is beginning to realize its potential…

CNN Money: Transmeridian Exploration Announces Resumption of Production From Its South Alibek Field

Transmeridian Exploration Incorporated (AMEX:TMY) today announced that it has resumed production of oil from its South Alibek field in western Kazakhstan. The company has received all necessary consents and approvals for its amended gas utilization plan from the appropriate national and local authorities…
Regnum: Expert: Financial Crisis in Kazakhstan Gives Up for Lost Its Integration Ambitions
“The large-scale financial crisis in Kazakhstan gives up for lost its integration ambitions in Central Asia,” an expert in post-Soviet issues who preferred to stay unnamed said commenting to a REGNUM correspondent on lowered sovereign ratings of Kazakhstan to “negative.”…