news roundup
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)
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One comment for “Kazakhstan News Roundup - July 1, 2008”
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Kazakhstan is, potentially, one of the richest country’s in the world with an area almost equal to that of India and a population of only 16 million( equal to Bombay). It is one of the few countries in the world that export metals, hydrocarbons and agricultural products on a large scale.If it can put it actstogether through improved governance,decentralization and devolution and capacity building of its populace as well as private and public sector institution building, it can be a shining example for the whole region and beyond.
In the end a humble piece of advice: limit the role of and not give much credence to the advice of IFIs(WB,ADB,EBRD,IMF and others)who have a record of devastated economies and societies behind them and who have many devilish axes to grind while serving the interests of their real masters.