Archive for October 22nd, 2008
Kazakhstan Daily News Roundup - October 22, 2008
ENERGY:
Petrolinvest mulls USD 150-250 million share issue
(Reuters) - Polish oil venture Petrolinvest is reportedly in talks with private equity funds to sell up to $250 million worth of new shares to raise cash for drilling in Kazakhstan.
AGIP taps WorleyParsons group for Kashagan contract
(Oil and Gas Journal) - Agip KCO has chosen an engineering consortium led by WorleyParsons Europe Ltd. to design facilities for the second phase of massive Kashagan oil field in Kazakhstan.
India may source uranium from Kazakhstan
(Business Standard) - With the recently acquired waiver from the Nuclear Suppliers Group (NSG), India is now scouting for uranium from countries such as Kazakhstan, Uzbekistan and Niger to fuel its atomic power plants.
BUSINESS AND ECONOMY:
Despite the “sudden stop” Kazakhstan won’t be calling on the IMF for help
(RGE Monitor) - In contrast with Iceland, Kazakhstan has $49.5 billion of reserves to weather its crisis in the short term — they would also cover the $16.9 billion of debt maturing next year, including $6.9 billion owned by banks.
Kazakh banks face tough 2009 debt repayment - central bank
(Reuters - FXStreet.com) - Kazakh banks will be unable to refinance any of their $12 billion debt scheduled for 2009 due to a tough credit environment but state support will help them meet their obligations.
Kazakhstan’s foreign debt rose by 4 percent in first half of 2008 (SRI)
Kazakhstan cuts 2008 GDP growth forecast to 5 percent
(Reuters) - Kazakhstan cut its 2008 economic growth forecast on Tuesday to 5.0 percent from an earlier estimate of 5.3 percent, as Central Asia’s biggest economy continued to falter under the weight of a global credit crisis.
Astana acts aggressively to contain financial crisis
(EurasiaNet) - Kazakhstan is making a massive cash injection into its economy in an effort to soften the impact of the global credit crunch.
Rescue measures to improve Kazakhstan’s international ratings – Economy Minster
(Interfax) - Kazakhstan’s government pins hopes for an upward adjustment of its sovereign rating and credit outlook for the Kazakh banking system after implementing steps to support the country’s economy.
Kazakh banks to face liquidity challenges
(Financial Times) - Kazakh banks have undergone a tough survival test since the onset of the global financial crisis a year ago ended a spell of foreign borrowing to fund an oil-driven domestic consumer boom.
Kazakhstan gambles on Kapchagay development
(bne) - One of Kazakhstan’s two designated gambling zones, Kapchagay will soon see the creation of a $10bn casino city. A major tourist resort will later be built here as part of the $20bn G4 City project.
Kazakhstan’s gold and currency reserves decreased by 2.3 percent in first half of October (SRI)
Inflation in Kazakhstan slows down: National Bank (Kazinform)
BTA Bank pioneered information Security Management System in Kazakhstan (The FINANCIAL)
National Bank of Kazakhstan: Exchange rates October 22, 2008 (Kazinform)
Indicators - October 21, 2008 (Reuters)
POLITICS:
Premier Wen’s visit to promote China-Kazakhstan strategic partnership
(Xinhua) - The Chinese Foreign Ministry Tuesday said that Premier Wen Jiabao’s upcoming visit to Kazakhstan will greatly promote the development of China-Kazakhstan strategic partnership.
Kazakhstan withdraws soldiers from Iraq
(Reuters) - Kazakhstan pulled its soldiers out of Iraq on Tuesday following a five-year stint designed to highlight the ex-Soviet nation’s support for the Unites States.
REGIONAL NEWS:
China’s CNPC taps Uzbek field
(Oil and Gas Eurasia) - China National Petroleum Corporation (CNPC), the country’s largest oil company, has signed an agreement with Uzbekistan’s state oil company to jointly develop an oilfield in the central Asian country.
Kazakhstan Regional News Roundup - October 22, 2008
China’s CNPC taps Uzbek field
(Oil and Gas Eurasia) - China National Petroleum Corporation (CNPC), the country’s largest oil company, has signed an agreement with Uzbekistan’s state oil company to jointly develop an oilfield in the central Asian country.
Kazakhstan Politics Roundup - October 22, 2008
Premier Wen’s visit to promote China-Kazakhstan strategic partnership
(Xinhua) - The Chinese Foreign Ministry Tuesday said that Premier Wen Jiabao’s upcoming visit to Kazakhstan will greatly promote the development of China-Kazakhstan strategic partnership.
Kazakhstan withdraws soldiers from Iraq
(Reuters) - Kazakhstan pulled its soldiers out of Iraq on Tuesday following a five-year stint designed to highlight the ex-Soviet nation’s support for the Unites States.
Kazakhstan Business and Economy Roundup - October 22, 2008
Despite the “sudden stop” Kazakhstan won’t be calling on the IMF for help
(RGE Monitor) - In contrast with Iceland, Kazakhstan has $49.5 billion of reserves to weather its crisis in the short term — they would also cover the $16.9 billion of debt maturing next year, including $6.9 billion owned by banks.
Kazakh banks face tough 2009 debt repayment - central bank
(Reuters - FXStreet.com) - Kazakh banks will be unable to refinance any of their $12 billion debt scheduled for 2009 due to a tough credit environment but state support will help them meet their obligations.
Kazakhstan’s foreign debt rose by 4 percent in first half of 2008 (SRI)
Kazakhstan cuts 2008 GDP growth forecast to 5 percent
(Reuters) - Kazakhstan cut its 2008 economic growth forecast on Tuesday to 5.0 percent from an earlier estimate of 5.3 percent, as Central Asia’s biggest economy continued to falter under the weight of a global credit crisis.
Astana acts aggressively to contain financial crisis
(EurasiaNet) - Kazakhstan is making a massive cash injection into its economy in an effort to soften the impact of the global credit crunch.
Rescue measures to improve Kazakhstan’s international ratings – Economy Minster
(Interfax) - Kazakhstan’s government pins hopes for an upward adjustment of its sovereign rating and credit outlook for the Kazakh banking system after implementing steps to support the country’s economy.
Kazakh banks to face liquidity challenges
(Financial Times) - Kazakh banks have undergone a tough survival test since the onset of the global financial crisis a year ago ended a spell of foreign borrowing to fund an oil-driven domestic consumer boom.
Kazakhstan gambles on Kapchagay development
(bne) - One of Kazakhstan’s two designated gambling zones, Kapchagay will soon see the creation of a $10bn casino city. A major tourist resort will later be built here as part of the $20bn G4 City project.
Kazakhstan’s gold and currency reserves decreased by 2.3 percent in first half of October (SRI)
Inflation in Kazakhstan slows down: National Bank (Kazinform)
BTA Bank pioneered information Security Management System in Kazakhstan (The FINANCIAL)
National Bank of Kazakhstan: Exchange rates October 22, 2008 (Kazinform)
Indicators - October 21, 2008 (Reuters)
ANALYSIS: Kazakhstan gambles on Kapchagay development
(bne) - One of Kazakhstan’s two designated gambling zones, Kapchagay will soon see the creation of a $10bn casino city. A major tourist resort will later be built here as part of the $20bn G4 City project.
Kazakhstan Energy Roundup - October 22, 2008
Petrolinvest mulls USD 150-250 million share issue
(Reuters) - Polish oil venture Petrolinvest is reportedly in talks with private equity funds to sell up to $250 million worth of new shares to raise cash for drilling in Kazakhstan.
AGIP taps WorleyParsons group for Kashagan contract
(Oil and Gas Journal) - Agip KCO has chosen an engineering consortium led by WorleyParsons Europe Ltd. to design facilities for the second phase of massive Kashagan oil field in Kazakhstan.
India may source uranium from Kazakhstan
(Business Standard) - With the recently acquired waiver from the Nuclear Suppliers Group (NSG), India is now scouting for uranium from countries such as Kazakhstan, Uzbekistan and Niger to fuel its atomic power plants.
ANALYSIS: Despite the “sudden stop” Kazakhstan won’t be calling on the IMF for help
(RGE Monitor) - In contrast with Iceland, Kazakhstan has $49.5 billion of reserves to weather its crisis in the short term — they would also cover the $16.9 billion of debt maturing next year, including $6.9 billion owned by banks.
Kazakhstan’s gold and currency reserves decreased by 2.3 percent in first half of October
(SRI) - Kazakhstan’s gold and currency reserves, including funds accumulated in the National Fund, fell by 2.3 percent since the beginning of October to to $48.391 billion, Interfax reported on Tuesday.
By mid-October, the National Fund held $27.416 billion.
Kazakhstan’s foreign debt rose by 4 percent in first half of 2008
(SRI) - Kazakhstan’s gross foreign debt stood at USD 100.6 billion at the end of July, a 4 percent increase from the beginning of the year, according to Anvar Saidenov, the central bank chairman.
