Archive for February 28th, 2008
Kazakhstan Strengthens Its Grip over Key Sectors of the Economy
Kazakh Prime Minister Karim Masimov announced that Kazakhstan will set up a national mining and metals company in which all state-owned mining and metallurgical holdings are to be consolidated. According to analysts, this is a consistent with the Kazakh government’s plan to strengthen its control over key sectors of the economy.
“A special mining company is likely to be set up within the framework of [the state holding company] Samruk with similar powers to those of KazMunaiGas, only in the sphere of solid minerals,” Masimov announced in Astana according to Interfax. The need to create such structure was also expressed by President Nursultan Nazarbayev in his presidential address on February 6.
Nazarbayev has asked Samruk and the regional development enterprises to spearhead the development of the mining and metallurgical sectors in Kazakhstan. “It is necessary to effectively utilize our mining and metallurgical interests in Kazakhstan, and to regain control over the use of [Kazakhstan’s] mineral resources,” said Nazarbayev.
The government’s stake in Eurasian Natural Resources Corporation Group (ENRC), a mining group listed on the London Stock Exchange (LSE) and operating in Kazakhstan, is currently its largest holding in the mining and metallurgical sectors. These sectors are among the most developed and significantly contribute to the country’s economy. However, as the most significant state enterprises were privatized in the 1990’s, the government was forced to give up direct control over them.
News Roundup - February 28, 2008
Reuters: Chevron-led Kazakh oil venture to boost ‘08 output
A Chevron-led Kazakh oil venture plans to increase its output sharply this year after new production facilities start up, the company said on Wednesday…
Easybourse: ArcelorMittal faces $828 million tax bill in Kazakhstan - report
A Kazakh subsidiary of steelmaker ArcelorMittal (MT) must pay 100 billion tenge ($828 million) in back taxes, Kazakhstan Today news agency reports Wednesday, citing a tax committee spokesman…
Interfax: KazMunayGas to explore Zhambyl block in Caspian
Kazakh oil and gas company KazMunayGas will explore the Zhambyl block on the Caspian shelf under a contract signed with the Energy and Mineral Resources Ministry in Astana on Wednesday…
Interfax: South Kazakhstan estimates flood losses
Kazakh Industry and Trade Minister Vladimir Shkolnik has instructed the administration of South Kazakhstan oblast (SKO) to estimate the flood damage in the region by Saturday…
Interfax: Atyrau Financial Police refutes all allegations of illegal property seizure
A group of residents of Atyrau oblast at a press conference on Tuesday in Almaty accused the regional court and financial police of criminal raiding through misappropriating private property of 8 owners and of more than 20 their relatives…
Last year the officers of the Almaty Department of the National Security Committee (KNB) confiscated 285 kg of drugs, Major General Nurzhan Myrzaliev said…
Fox Business: Tethys Petroleum Limited: New appointments
Tethys Petroleum Limited today announced that Piers Johnson would join the Board as an independent Non-Executive Director at the beginning of April of this year. He will also join the Company’s Audit Committee…
RIA Novosti: Russia’s space agency says Baikonur launch site still important
The construction of a new space center in Russia’s Far East should not affect launches at the Baikonur space center in Kazakhstan, the head of the Russian space agency (Roscosmos) said on Wednesday…
Guardian Unlimited: OMV says a challenge to find gas for Nabucco
An alternative pipeline backed by the European Union and United States to reduce European reliance on Russian gas faces a challenge securing supplies, the chief executive of lead consortium member OMV said…
