News Roundup - November 20, 2007

EurasiaNet: Appearance of damaging audio tapes perhaps linked to Aliyev trial

Leaked tape recordings that expose allegedly illicit practices by members of President Nursultan Nazarbayev’s administration may be connected to the trial of former presidential son-in-law Rakhat Aliyev, local political analysts believe…

Reuters: Kazakhstan’s ZhaikMunai sets range for London IPO

ZhaikMunai, an independent Kazakh oil and gas company, set an indicative price range of $13-$16 per global depositary receipt (GDR) for its planned listing on the London Stock Exchange, it said on Monday…

Hemscott: Hambledon to raise 4 mln stg in placing; 1st Sekisovskoye gold bar in Dec

Hambledon Mining PLC said it is raising about 4 mln stg before expenses through the placement of 22.97 mln new shares to cover its immediate needs and provide a significant contingency for any commissioning problems…

Gazeta.KZ: Gold and currency reserves of Kazakhstan grew up by 2.8% in the first half of November

International reserves of Kazakhstan in the whole (in current prices) including National Fund assets (according to preliminary data, USD 20 333.8 million) grew up 2.8% and amounted USD 38 521,7million, as reported by KZ-today agency referring to RK National Bank information…

Forbes: KazMunaiGaz buy of 75 pct stake in Rompetrol cleared by EU

The European Commission said it has cleared Kazakh national oil company KazMunaiGaz (KMG)’s proposed acquisition of 75 pct of Rompetrol Group’s share capital…

The Moscow Times: Nazarbayev not concerned by slowdown

Kazakhstan’s economy is not threatened by a global credit crunch and a construction slowdown may put growth on a more sustainable path, President Nursultan Nazarbayev said Thursday…

Forbes: Chagala forms joint venture to operate recreational facility in Kazakh town

Chagala Group Ltd said it has signed a joint venture agreement with Kazakhstan-based Maverick to renovate, own and operate an accommodation and recreational facility…

Forbes: Frontier Mining says Kazakhstan government approves Benkala project subsoil use

Frontier Mining Ltd said the government of Kazakhstan has approved the company’s Benkala copper project subsoil use contract, confirming the ownership interest in Benkala of the joint venture company in which Frontier has a 50 pct interest…

ABCmoney.co.uk: Severstal extends offer for Celtic Resources to Dec 7; has 45.6 pct acceptances

OAO Severstal said its Centroferve Ltd subsidiary has extended its revised offer for Celtic Resources Holdings to Dec 7…

Rigzone: KPO celebrates FPSA 10th anniversary

In 1997, an international consortium including BG Group, Eni, Chevron and LUKOIL reached a major milestone with the conclusion of the FPSA in Washington DC. The FPSA established the formal relationship between the operating venture and the Republic of Kazakhstan and it continues to govern the development of the giant Karachaganak field…

kazinform: Kazakh Leader to visit Slovakia, Romania and Hungary

President of Kazakhstan Nursultan Nazarbayev will pay state visits to Slovakia, Romania and Hungary on November 20-24…

Canada Newswire: Alhambra Resources Ltd. - third quarter operational updates

Alhambra Resources Ltd. is pleased to provide a number of operational updates on its Uzboy Project located in north central Kazakhstan for the period ending September 30, 2007…

Reuters: Kazakh Halyk Bank 9-month income up sharply

Kazakhstan’s Halyk Bank reported on Monday a sharp rise in net income for the first nine months of the year and said it was likely to beat its expectations for the whole of 2007…

The Oil and the Glory: The coming oil plateau

Why is Big Oil behaving so gingerly in its negotiations to save its position in Kazakhstan’s Kashagan oilfield? One reason is that it’s the only oilfield discovery in the last 17 years capable of producing more than 600,000 barrels a day…