Kazakhstan News
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KAZAKHSTAN, 2014/03/27
On his visit to the Netherlands to attend the world nuclear security summit in the Hague, Kazakhstan’s President Nursultan Nazarbayev has met His Majesty King of the Netherlands Willem-Alexander, Prime Minister Mark Rutte, and Chinese President Xi Jinping, according to the President’s Press Service.
In the talks with Prime Minister Mark Rutte, the sides dwelt on a wide range of bilateral cooperation and major issues on the international schedule, inclunding the situation in Ukraine. Part other things, they discussed nuclear disarmament, possibilities to expand the trade and economic, investments, technology and energy cooperation, and the program of the nuclear security summit in the Hague.
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KAZAKHSTAN, 2014/02/15
Kazakhstan’s President Nursultan Nazarbayev ordered officials on Friday to raid the country’s strategic oil reserve and slash banks’ bad loans, stamping his authority on the economy in an effort to prevent increase rates from slipping.
Nazarbayev, who has ruled the oil-rich country for additional than two decades, said the government should use 1 trillion tenge ($5.4 billion) from the rainy-day fund to boost the economy during 2014 and 2015.
Speaking days next a close-to 20 % devaluation of the tenge to deter speculators, he as well told the central bank to cut the share of non-performing loans (NPLs) in the banking sector in half by next year.
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KAZAKHSTAN, 2014/02/08
International Rating Agency Moody's Investors Service assigned a B2 rating and a Loss Given Default (LGD) score of 4 (53 %) to the proposed $400 million of notes to be issued by Kazakh Nostrum Oil & Gas Finance B.V. and jointly guaranteed on a senior basis by its indirect 100 % parent, Nostrum Oil & Gas LP, and all of its subsidiaries, the agency reported on February 4.
Concurrently, Moody's has affirmed Nostrum Oil & Gas's corporate family rating (CFR) and probability of default rating (PDR) at B2 and B2-PD, respectively. The outlook on the ratings is stable.
The proceeds from the issuance will be used for the sole purpose of financing a loan to Zhaikmunai LLP, a Kazakhstan-incorporated, 100 % not instantly owned operating subsidiary of Nostrum Oil & Gas. Moody's understands that, following the issue, Zhaikmunai LLP will substitute Nostrum Oil & Gas Finance as the issuer of the notes, in line with the approach taken for the two existing issues.
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KAZAKHSTAN, 2014/02/07
Kazakhstan plans to allocate over 164 billion tenges to finance the national geological projects in 2015-2019, Bazarbay Nurabayev, the chairman of the Geology and Subsoil Committee under the Industry and New Technologies Ministry said on February 4.
"The basis of holding exploration operations is to examine available data of the previous years. Advanced methods will be used while conducting exploration works," he said at a press conference in Astana.
Nurabayev as well noted Kazakhstan plans to introduce the Russian Bonitet system of historical costs calculation, which will allow reducing the period of determining the price of geological data from 240 days to one day.
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KAZAKHSTAN, 2014/02/07
Kazakhstan's car industry plans to increase car production to 60,000 per year from 2014, Kazakh Industry and New Technologies Minister Investment Issekeshev said at an expanded board conference of the ministry.
"The ministry will pay appropriate attention to the development of national machine building in 2014. We plan to produce over 60,000 cars per year in the industry this year," the minister said.
The minister stressed that the plan is based on the integration processes in which Kazakhstan participates.
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KAZAKHSTAN, 2014/01/06
Kazakhstan's GDP increase in 2013 is expected to be on plan at six %, Kazakh Minister of Economy and Budget Planning Erbolat Dossayev said at a briefing at the Central Communications Service.
The major reasons for GDP increase in Kazakhstan in 2013 were the high increase of investments in the fixed capital, the dynamic increase of service production, and an increase of figures in engineering and agriculture, according to the minister.
The minister stressed that a stable macroeconomic situation has contributed to the economic increase. The inflation amounted to 4.7 % in November 2013 compared to the same month of 2012 and it is expected that it will be equal to five % as of 2013.
The increase of investments in the fixed capital amounted to 8.7 %, according to the minister.
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KAZAKHSTAN, 2013/12/13
Kazakhstan's Baiterek National Holding has initiated establishment of the Central Asia Renewable Energy Fund LP, Novosti-Kazakhstan reported on December 11 with reference to the holding.
The Islamic Corporation for Development of Private Sector (ICD), private investor and Baiterek's subsidiary National Agency for Technological Development will form the new fund.
The major goal of the renewable energy fund will be investing in renewable and alternative energy for a period of 8 to 10 years in Kazakhstan. The initial target size of the fund will hit $50 million and again it is expected to be doubled.
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KAZAKHSTAN, 2013/12/13
Baku hosted an event dedicated to the 22nd anniversary of Kazakhstan's independence on December 11.
Organized by the Kazakh embassy in Baku, the event was attended by Azerbaijani government officials, heads and representatives of diplomatic missions accredited to Azerbaijan, and art and scientific figures.
Addressing the event, Kazakh ambassador to Azerbaijan Amangeldy Jumabayev said Azerbaijan and Kazakhstan established good and fraternal relations during the independence years.
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CHINA, 2013/08/10
Kazakhstan mulls signing an agreement on visa-free group travel with China, Tengrinews.kz reports citing deputy chairman of Tourism Commission of Kazakhstan Ministry of Industry and New Technologies Mukhit Saimassayev.
“Next the official visit of Kazakhstan President Nursultan Nazarbayev to China in April 2013 Kazakhstan is planing to declare 2017 a year of Chinese tourism in Kazakhstan. This initiative is included in the draft joint declaration nf further development of strategic partnership between Kazakhstan and China to be signed by Presidents of both nations during the visit of Chinese President to Kazakhstan. The plan is to sign the agreement between the governments of the two nations on visa-free group travel,” Saimassayev said.
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AZERBAIJAN, 2013/06/12
A drive is gathering pace in Brunei Darussalam to increase regional cooperation on energy provision as part of a broader bid by Asia’s oil producers to meet rising request from nearby fast-growing economies.
Brunei Darussalam is one of only three nations in “developing Asia”, alongside Kazakhstan and Azerbaijan, estimate still to be energy-self-sufficient in 2035, according to a statement published in April by the Asian Development Bank (ADB). The ADB analysis was based on a country’s projected primary energy mix until 2035, taking into account key factors such as the amount of coal needed to generate electricity, current indigenous reserves of fossil fuel and projected consumption in the interim years.
