Archive for July 1st, 2008
Alliance Bank looking for a buyer
London-listed Alliance Bank, Kazakhstan’s fourth largest bank, has hired two investment banks as it seeks to find a buyer who would buy a controlling stake in the bank.
Russia could buy Oman stake in CPC
Oman, a shareholder in the Caspian Pipeline Consortium (CPC), plans to pull out of the project citing low profitability of the venture, Interfex reported on Tuesday.
Kazakhstan News Roundup - July 1, 2008
energy:
Kashagan deal good for Western group — analysts
(Reuters) - Western companies developing the giant Kashagan oilfield struck a good deal when they signed a memorandum on the project’s future with Kazakhstan’s government last week, analysts said on Monday.
Production delay at Kashagan oil field
(Oil and Gas Journal) - The Kazakh government, winning important new economic concessions, agreed to a further delay in the start of production at the offshore Kashagan oil field after meeting with the Eni SPA-led consortium developing the field.
Kazakhstan to tender new oil and gas blocks
(Silk Road Intelligencer) - Kazakhstan plans to tender new onshore and offshore oil and gas blocks in 2009, after a tax reform takes effect, Reuters reported on Monday.
Tethys Petroleum: Commencement of AKK15 shallow gas exploration well (Market Wire - Fox Business)
mineral resources:
Sunkar Resources raised £33.6 million in IPO
(Silk Road Intelligencer) - Sunkar Resources raised £33.6 million ($67.2 million) in its IPO on the AIM in London this morning with the stock offering priced at 120p per share.
Frontier Mining 2007 pretax loss $4.3 million vs loss $2.6 million
(Thomson Financial - Hemscott) - Frontier Mining Ltd. posted a pretax loss of $4.31 million for 2007, versus a loss of $2.64 million last year.
business and economy:
S&P report says Kazakh banks’ falling asset quality has become a determining rating factor
(Interfax) - Standard & Poor’s Ratings Services said today that declining asset quality has become a critical problem for financial institutions in Kazakhstan and for the banking sector as a whole.
Kazakhstan Kagazy increases 2007 net profit by 443 percent
(Silk Road Intelligencer) - Kazakhstan Kagazy Plc, one of the Central Asia’s largest producers of paper, corrugated board and packaging, and a leading industrial real estate development company in Kazakhstan, earned $12.5 million in net profit in 2007 vs. $2.3 million in 2006.
National Bank of Kazakhstan: Exchange rates July 1, 2008 (Kazinform)
Indicators - June 30, 2008
(Reuters) - Kazakhstan’s economic indicators based on data provided by the State Statistics Agency, government institutions, the central bank and exchanges.
politics:
No single-party parliament in Kazakhstan - Nazarbaev
(Interfax) - Kazakh President Nursultan Nazarbaev believes that one of the key components of further democratic development in Kazakhstan is the presence of at least two parties in the parliament.
Kazakh PM, US delegation met over economic ties
(AP - BusinessWeek) - The prime minister of Kazakhstan has met with a U.S. congressional delegation to discuss bolstering economic ties.
society:
President opened festive events on Astana jubilee (Kazinform)
Kazakhstan Mineral Resources Roundup - July 1, 2008
Frontier Mining 2007 pretax loss $4.3 million vs loss $2.6 million
(Thomson Financial - Hemscott) - Frontier Mining Ltd. posted a pretax loss of $4.31 million for 2007, versus a loss of $2.64 million last year.
Sunkar Resources raised £33.6 million in IPO
(Silk Road Intelligencer) - Sunkar Resources raised £33.6 million ($67.2 million) in its IPO on the AIM in London this morning with the stock offering priced at 120p per share.
Kazakhstan Energy Roundup - July 1, 2008
Kashagan deal good for Western group — analysts
(Reuters) - Western companies developing the giant Kashagan oilfield struck a good deal when they signed a memorandum on the project’s future with Kazakhstan’s government last week, analysts said on Monday.
Production delay at Kashagan oil field
(Oil and Gas Journal) - The Kazakh government, winning important new economic concessions, agreed to a further delay in the start of production at the offshore Kashagan oil field after meeting with the Eni SPA-led consortium developing the field.
Tethys Petroleum: Commencement of AKK15 shallow gas exploration well (Market Wire - Fox Business)
Kazakhstan Business and Economy Roundup - July 1, 2008
S&P report says Kazakh banks’ falling asset quality has become a determining rating factor
(Interfax) - Standard & Poor’s Ratings Services said today that declining asset quality has become a critical problem for financial institutions in Kazakhstan and for the banking sector as a whole.
National Bank of Kazakhstan: Exchange rates July 1, 2008 (Kazinform)
Indicators - June 30, 2008
(Reuters) - Kazakhstan’s economic indicators based on data provided by the State Statistics Agency, government institutions, the central bank and exchanges.
Kazakhstan Kagazy increases 2007 net profit by 443 percent
Kazakhstan Kagazy Plc, one of the Central Asia’s largest producers of paper, corrugated board and packaging, and a leading industrial real estate development company in Kazakhstan, earned $12.5 million in net profit in 2007 vs. $2.3 million in 2006, according to consolidated financial results for the twelve months ended December 31, 2007.
Sunkar Resources raised £33.6 million in IPO
(Silk Road Intelligencer) - Sunkar Resources raised £33.6 million ($67.2 million) in its IPO on the AIM in London this morning with the stock offering priced at 120p per share.
The Kazakh phosphate miner opened at 123p and closed at 110p.
“This IPO is an important milestone in the development of Sunkar and it is a clear indicator of investors’ faith in the attractiveness of our asset base and Kazakhstan,” said chief executive Serikjan Utegen in a press release.
“We look forward to developing the mine during the course of the year and are determined to develop Sunkar into one of the region’s leading phosphate production companies.”
Canaccord Adams is the nominated adviser and joint broker to the company, and GMP Securities Europe is acting as a joint broker.
Kazakhstan to tender new oil and gas blocks
Kazakhstan plans to tender new onshore and offshore oil and gas blocks in 2009, after a tax reform takes effect, Reuters reported on Monday.
