News Roundup

News Roundup - February 20, 2008

By SRI ⋅ February 20, 2008 ⋅

Reuters: EBRD to support Kazakh banks amid credit woes

The European Bank for Reconstruction and Development [EBRD.UL] plans to earmark up to half a billion dollars in much-needed funding for Kazakh banks as they struggle to borrow internationally, it said on Tuesday…

CNN Money: Global liquidity squeeze seen impacting Kazakh banks’ asset quality - S&P

Standard & Poor’s Ratings Services said as the global market turmoil stretches on, Kazakhstan banks’ asset quality is increasingly threatened by an expected slowdown in economic growth and the tight domestic credit and liquidity conditions, which are likely to persist through 2008 and possibly into 2009…

Arabian Business: Banking system in Kazakhstan loses momentum as global markets suffer, says S&P

The global liquidity squeeze has put Kazakh banks and regulators to their toughest test in years, said Standard & Poor’s Ratings Services in a report, “Bank Industry Risk Analysis: Tightened Liquidity Makes Banks In Kazakhstan Slam On The Brakes.” …

RIA Novosti: Kazakhstan plans to double oil production by 2015

Kazakhstan intends to double oil production by 2015 up to 120-130 million metric tons (about 880-950 million bbl) per year, a Kazakh energy and mineral resources vice minister said on Tuesday…

Reuters: Kazkommertsbank says unaware of RenCap purchase

Kazakhstan’s top bank, Kazkommertsbank , said on Tuesday it had no information about a large purchase of its shares by a Russian investment bank which was reported by Russian media earlier this week…

Forbes: Kazkommertsbank says has no information on any large-scale share purchase

JSC Kazkommertsbank responded to recent media speculation by saying it has no information about any large-scale purchase of its shares…

Reuters: GE, Kazakhstan in joint locomotive project

General Electric Co. will start production of new diesel-powered locomotives in the Central Asian state of Kazakhstan before the end of the year, its local partner said on Tuesday…

Eurasia Daily Monitor: Nazarbayev’s message to his people fuels controversies

The most salient features of Kazakh President Nursultan Nazarbayev’s February 6 address to the nation, presented at a joint session of government and parliament and broadcast on two national television channels, were its brevity and poor delivery…

UPI: Analysis: Kazakhstan rules oceans

Awash in oil revenues, the Kazakh government is now to spend some of its lucre on a pressing defense need that its military planners have overlooked since independence in 1991 — a navy…

Financial Times: Mittal could lose Kazakh mine rights

Kazakhstan has warned ArcelorMittal, the world’s biggest steel company, that it could be forced to close one of its coal mines if it does not improve safety following an explosion last month that killed 30 people…

RIA Novosti: ArcelorMittal Temirtau could lose mining license in Kazakhstan

ArcelorMittal Temirtau, owners of the Abaiskaya mine, where 30 miners died in a methane blast in January, could lose their license over safety violations, the Kazakh emergency minister said Tuesday…

Sydney Morning Herald: Corporate and exploration update

The directors of Augustus Minerals Limited are pleased to provide an update of recent exploration activities from the Dostyk Partnership Entity (Dostyk Project) and the Mt Palmer Project. These initial results are considered highly encouraging…

Forbes: Frontier Mining to begin pre-feasibility study at Benkala Copper in Q2

Frontier Mining Ltd said the pre-feasibility study on its Benkala copper porphyry deposit in north-western Kazakhstan will begin in the second quarter, and that it will begin a Conceptual Study for the deposit, which will form the basis for pre-feasibility study…

easier travel: Air Astana invest in Kazakhstan regional airports

“Air Astana” JSC has started realization of the huge investment project aimed at aircraft anti-icing services improvements at the RK airports. The total cost of the project is almost 2 million USD…

Guardian Unlimited: Russian company wins Turkmen China pipeline tender

A top Russian engineering company has won a tender to built a segment of a new natural gas pipeline that will take Turkmenistan’s gas to China while bypassing Russia, the government and the company said…