Kazakhstan Chamber of Commerce in the USA

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Kazakhstan Daily News Roundup – October 8, 2010 0

Posted on October 08, 2010 by KazCham

HEADLINES:

KazMunaiGas to borrow $14 billion to fund major investment program
(SRI) – KazMunaiGas, Kazakhstan’s national oil and gas company, may borrow up to $14 billion to fund its $20-billion investment program until 2014 and is unlikely to seek an Initial Public Offering (IPO), the company’s CEO Kairgeldy Kabyldin said in Almaty on Thursday.

KMG EP to continue acquisitions spree
(SRI) – KazMunaiGas Exploration Production (KMG EP) will continue to acquire assets from its parent, Kazakhstan’s national oil and gas company KazMunaiGas, the parent company’s CEO Kairgeldy Kabyldin said on Thursday.

Tengizchevroil to submit expansion plan in 2011 – Mynbayev
(SRI) – Tengizchevroil (TCO), the Chevron-led venture, is expected to officially submit an expansion plan for Tengiz, Kazakhstan’s largest producing oil field, in 2011, Oil and Gas Minister Sauat Mynbayev said in Almaty on Thursday.

ENERGY:

Kazakhstan crude oil output 58.9 million tonnes in Jan-Sep (SRI)

Firms seek assurance as Kazakhstan plans oil boom (Reuters)

Azeris say Total puts off Caspian drilling to 2011 (Reuters)

BUSINESS AND ECONOMY:

Kazakhstan introduces ban on export of buckwheat, oil (Itar-Tass)

National Bank of Kazakhstan: Exchange rates October 8, 2010 (Kazakhstan Today)

Indicators – October 7, 2010 (Reuters)

METALS AND MINING:

ENRC eyes platinum, working on Zimbabwe project (Reuters)

FTSE miners face Kazakh power grab (Telegraph)

POLITICS:

Coup rumor a sign of factional infighting in Astana (EurasiaNet)

REGIONAL:

BP signs deal with Azerbaijan on big Caspian gas field

(AFP)

Voice of America reporter on trial in Uzbekistan (AP)

Turkmen activist allowed into human rights meeting (AP)

SOURCE: http://silkroadintelligencer.com/2010/10/08/kazakhstan-daily-news-roundup-october-8-2010/

Kazakhstan wants tighter oil drilling controls post BP spill 0

Posted on June 07, 2010 by KazCham

Telegraph.co.uk, June 3

Kazakhstan wants to tighten environmental safety requirements on Royal Dutch Shell’s giant offshore Kashagan development in the wake of BP’s ongoing Gulf of Mexico disaster, in a further sign that the blow-out will increase the cost of oil projects worldwide.

Sauat Mynbayev, Kazakhstan’s Minister of Oil and Gas said: “It’s clear that we need the consortium members to take seriously the signals from the Gulf of Mexico event, and it’s clear that going forward, environmental issues will find their expression not simply in making more environmental constraints.”

Kashagan’s total expected costs have already ballooned from $57bn (?39bn) to $136bn, making it one of the most costly projects under development anywhere in the world today. Further safety measures risk making costs blow out still further.

Mynbayev said that Kashagan was in some ways much simpler than BP’s Gulf of Mexico well: while BP is drilling at a depth of 1.5km, Kashagan is in such shallow water that it almost qualifies as an onshore field. The development is taking place on an artificial island in the North of the Caspian.

But he said that the dangers were in other ways greater. An oil spill in the land-locked Caspian could have more far-reaching environmental consequences as the oil would have nowhere to dissipate, and the extremely high concentrations of sulphur in the Kashagan reservoir mean that a leak would kill anything living nearby. “Obviously we must take all measures to make sure that that doesn’t happen,” he said.

Shell has a 16.8pc stake in the North Caspian Operating Company developing the field, alongside France’s Total, and Italy’s ENI, which is overseeing the development.



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