News Roundup

News Roundup - December 3, 2007

By SRI ⋅ December 3, 2007 ⋅

Wall Street Journal: Consortium inks preliminary deal in oil field dispute with Kazakhstan

The consortium of Western companies developing the Kashagan oil field in the Caspian Sea said Saturday it signed a memorandum of understanding with the government of Kazakhstan…

Bloomberg: KazMunaiGaz may raise stake in Kashagan to equal Eni

KazMunaiGaz National Co. said a proposal to raise its stake in the Kashagan venture was accepted by most of its partners, a step toward resolving disputes over developing the world’s biggest oil discovery in three decades…

Bloomberg: Kazakhs, Eni group extend Kashagan talks to Dec. 20

Kazakhstan agreed with Eni SpA and its partners developing the Kashagan oil field to extend for a second time talks aimed at resolving a dispute over delays and rising costs at the deposit…

CNN Money: Most companies OK to transfer a stake in Kashagan to KMG

All but one member of a consortium led by Italy’s Eni SpA (E) that is developing the giant Kashagan oil field in Kazakhstan have agreed to transfer part of their stakes to Kazakh state-run oil and gas company KazMunaiGas in an effort to solve a dispute with the Kazakh government, KazMunaiGas said Sunday…

International Herald Tribune: ENI-led group, Kazakh government to settle terms of Kashagan development by Dec. 20

An international consortium led by Italy’s ENI SpA said Saturday it had signed an agreement with the Kazakh government to finalize a settlement by Dec. 20 over the development of the Kashagan oil field…

Interfax: Agip KCO has yet to propose new Kashagan operator

The consortium of international investors Agip KCO has yet to make an official proposal as to a new operator of the Kashagan project, Kazakh Deputy Finance Minister Daulet Yergozhin said…

Reuters: Kazakhstan wants $7 billion for Kashagan delays

Kazakhstan demanded $7 billion in compensation from an Eni-led consortium on Friday for delays in developing the huge Kashagan oilfield, a source close to the talks said as a deadline for a settlement was hours away…

The Oil and the Glory: Satisfying the Kazakhs at Kashagan

My former newspaper, The Wall Street Journal, is reporting that the Italian-led consortium in Kazakhstan has signed a “memorandum of understanding” toward settling their dispute at the supergiant Kashagan oilfield…

BBC News: Kazakhstan picked to chair OSCE

Kazakhstan will assume the presidency of the Organization for Security and Co-operation in Europe (OSCE) in 2010, the body’s council has decided…

Reuters: Kazakhstan to assume chairmanship of OSCE in 2010

The Government of Kazakhstantoday announced that the Organization for Security and Cooperation in Europe (OSCE) has appointed Kazakhstan Chairman-in-Office (CiO) for 2010, with Foreign Minister Marat Tazhin to serve as Chairman…

Human Rights Watch: Kazakhstan: OSCE chairmanship undeserved

Kazakhstan should not have been named chair-in-office of the Organization for Security and Cooperation in Europe (OSCE), Human Rights Watch said today. Human Rights Watch said that Kazakhstan’s chairmanship risks undermining the integrity of the OSCE’s human rights principles…

Registan.net: At the center of Kazakhstan’s ‘ugly trade’

Months ago, we complained about The Economist’s coverage of Kazakhstan’s bid to chair the OSCE, in particular their dodgy characterization of recent history and their apparent confluence of Astana and Moscow…

Radio Free Europe / Radio Liberty: Kazakhstan to assume OSCE chairmanship in 2010

Kazakhstan will become the first ex-Soviet state to assume the chairmanship of the OSCE, it was announced here at the close of the organization’s annual ministerial meeting…

Neweurasia.net: Kazakhstan set to head OSCE in 2010

Kazakhstan’s got a great diplomatic victory. Having only several things on its side - like waivering away Russia’s plan to reform OSCE, declaring adherence to OSCE principles; oil and status of EU’s prospective supplier number one; reputation of tolerant country - diplomats made the West to put a blind eye on unfair elections, absence of media freedom and Soviet-type political system…

International Herald Tribune: Turkmenistan starts work on north-south rail link to Kazakhstan and Iran

Turkmenistan formally opened construction Saturday on a north-south railroad from the border with Kazakhstan to Iran, a project seen as an economic boon for the oil- and gas-rich Caspian Sea region…

Financial Times: Kazakhstan oil tax crackdown

Kazakhstan warned international oil companies at the weekend to stop living “in ancient times” as it prepared totightenthefiscal regimeat oilfields and increase state ownership of its flagship Caspian Sea development…

Reuters: Kazakhstan plans new oil production tax

Kazakhstan plans to introduce a new oil production tax to boost budget revenues, a senior official said on Friday, in a move certain to alarm foreign investors in the oil-rich Central Asian state…

Reuters: Kazakhstan to adopt biofuel law

Kazakhstan will next year adopt laws to regulate its fledgling biofuel industry and plans to construct at least two more plants in the next 18 months to produce environmentally friendly fuel from crops, industry officials said…

Reuters: Tethys Petroleum Limited: Kazakhstan operations update

Tethys Petroleum Limited today provided an update on its operations in the Akkulka and Kyzyloi areas of Kazakhstan, in particular on the AKK12 gas exploration/appraisal well…

Finance Asia: Kazakh bank discusses China dreams

Despite the global credit crunch, Kazakhstan’s banks remain acquisitive. FinanceAsia chatted with several executives of Bank TuranAlem, which is among one of the biggest banks and leaders in the Central Asia region, about its plans…

Forbes: Polish PKN Orlen official says eyeing stakes in three Kazakh oil producers

Polish oil refiner PKN Orlen is looking at options of buying stakes in three oil producers in Kazakhstan, with its board set to receive a recommendation on buying into one of the three, the company’s director for upstream business said…

Times Online: Former Kazakhmys chief sells for £160m

A former executive of Kazakhmys is set for £158 million after selling his stake in the former state-run Kazakh mining group. Ruslan Yun, who once headed its operating subsidiary in Kazakhstan, sold 11.7 million shares, representing 2.5 per cent of the company…

Hemscott: Hambledon Mining says production started at Ognevka treatment plant

Hambledon Mining PLC said production has started at its Ognevka treatment plant in Kazakhstan. The AIM-listed gold mining and processing company said full-time treatment started yesterday, following the resolution of some minor faults, and that the plant is operating as planned…