Kazakhstan Chamber of Commerce in the USA

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Kepco, Samsung May Build Kazakh Plant From 2013, Official Says 0

Posted on November 12, 2011 by Alex

Nov. 1 (Bloomberg) — A venture between Samsung C&T Corp., Korea Electric Power Corp. and Kazakhstan may begin building a $2.2 billion power plant near the financial capital of Almaty as early as 2013, a deputy industry and technology minister said.

Construction may be completed by 2018 or 2019, Bakhytzhan Dzhaksaliyev said in the city. The venture may hold a tender for an engineering, procurement and supervision contract next year, ensuring purchases of Kazakh goods and services, he said.

The partners are in talks over their shares in the venture, Dzhaksaliyev said today, adding the government will own the plant and the venture recover its costs by selling the power.

The plant is part of the venture’s $4.5 billion plan to develop electricity operations in the country. Kazakhstan’s sovereign wealth fund was seeking to increase its stake in the venture to 51 percent by persuading Kepco and Samsung to reduce their ownership, Interfax reported in August.

In March 2009, Kepco and Samsung said the coal-fired plant would be built by 2014, in Balkhash, 370 kilometers (230 miles) northwest of Almaty, with a 1,200 to 1,500 megawatt capacity. They would build, own and operate the plant, the companies said.

The energy unit of the state-run National Wellbeing Fund Samruk-Kazyna would hold 25 percent plus one share of the power plant, the fund said in September 2009. Kepco and Samsung C&T Corp. would have 70 percent minus one share, and Kazakhmys Plc get a 5 percent stake in the venture, the fund said.

–Editors: Tony Barrett, Torrey Clark

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: StephenVoss at sev@bloomberg.net

SOURCE: http://www.kazakhembus.com/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=793&cntnt01origid=15&cntnt01returnid=201

 

 

 

Kazakhstan Daily News Roundup – November 8, 2011 0

Posted on November 08, 2011 by Alex

Australian firm wins Aktogay contract 0

Posted on October 23, 2011 by Alex

Ausenco Limited, an Australian engineering services provider, has been awarded a $31 million contract for Kazakhmys’ Aktogay copper project, the company said in a statement.  Ausenco’s role “involves the engineering and design of the open-pit mine.”  Last year, Kazakhmys, Kazakhstan’s largest copper miner, formed a joint venture with Chinese Jinchuan Group Ltd to develop the Aktogay copper  deposit in eastern Kazakhstan.  The project is likely to cost $1.5 billion to $2.0 billion to complete and will boost Kazakhmys’ copper concentrate production by 100,000 tonnes per year.

SOURCE: Kazakhstan Daily News Brief, October 18, 2011

Kazakhstan’s most influential businessmen 1

Posted on October 17, 2011 by Alex

Timur Kulibayev, head of the state-owned holding Samruk-Kazyna and son-in-law of Kazakhstan’s President Nursultan Nazarbayev, was named the most influential Kazakh businessman in a ranking published  this month by Forbes Kazakhstan, a local edition of the business magazine.  Kulibayev, together with his wife Dinara Kulibayeva, owns Almex, a conglomerate with interest in banking, construction, mining, and other  sectors.  Kulibayev also heads the Kazenergy Association, an influential oil and gas lobbying group, and is said to hold significant interests in Kazakh energy sector.

Bulat Utemuratov, an influential advisor  to Nazarbayev, was second on Forbes’ ranking.  Utemuratov sold his stake in ATF Bank, Kazakhstan’s fifth largest bank, to the Italian banking group Unicredit at the top of the market in 2007 for $2.2 billion.

Through various investment vehicles he is involved in banking, metals and mining, real estate and telecommunications. Third on the list is Patokh Khodiev, one of the three founders and largest shareholders in the Eurasian Natural Resources Corporation (ENRC), the world’s largest ferroalloys producer.  Khodiev, who holds  Belgian citizenship, controls various other mining and financial services assets, together with his two partners – Alexander Mashkevich and Adilzhan Ibragimov.

Mashkevich, an Israeli citizen and the most well-known of the trio of ENRC founders, ranks fourth, according to Forbes. Vladimir Kim, the chairman of Kazakhmys, Kazakhstan’s biggest copper miner, took fifth place in the ranking.  Earlier this year, the U.S. edition of the Forbes magazine estimated Kim’s net worth at $4.7 billion, making him Kazakhstan’s richest man.

Indian steel tycoon Lakshmi Mittal, who owns Kazakhstan’s largest steel mill, ArcelorMittal Temirtau, was sixth on the list, followed by the last of the ENRC trio,  Ibragimov.  Chairman of Bank CenterCredit Bakhytbek Baiseitov was ranked eighth while Nurzhan Subkhanberdin, the controlling shareholder of Kazakhstan’s largest bank Kazkommertsbank, was ninth.  Nurlan Smagulov, head of the industrial conglomerate Astana Group, rounded out the top ten.

SOURCE: SRI, Kazakhstan Daily news Brief, October 17, 2011

Kazakhstan Daily News Roundup – October 3, 2011 0

Posted on October 03, 2011 by Alex

ENERGY:

Kashagan moving towards first oil 
(SRI) – The Western-led consortium developing the giant Kashagan oil field is working towards commissioning its facilities to launch commercial production in 2012, the Panorama business weekly reported on Friday.

BMB Munai announces cash dividend from Emir Oil deal (SRI)

Kazatomprom ups 2011 uranium output forecast (SRI)

Ukrainian companies interested in participating in hydrocarbon exploration and production projects in Kazakhstan (Interfax)

BUSINESS AND ECONOMY:

BTA makes $175-million payment on trade finance loan (SRI)

Ex-Im Bank lends $425 million to Kazakhstan’s railways (SRI)

Foreign debt rises by 5% in first half – central bank (SRI)

Tsesnabank to raise $37 million (SRI)

Asian Development Bank to provide local-currency financing to Kazakh SMEs (SRI)

Kazakhstan important link between China and Europe (Trend)

KazAviaSpektr to launch an agricultural plane plant in December in Karaganda (Interfax)

Indicators – September 30, 2011 (Reuters)

METALS AND MINING:

Kazakhmys begins share buyback program (SRI)

Fortis Mining granted halt pending Potash Salt Deposits geological report (Proactive Investors)

SOCIETY:

Top Kazakh Muslim cleric raps tough new religion law, warns of extremism (Reuters)

Kazakh strikers demand apology from president’s son-in-law (RFE/RL)

REGIONAL:

Moscow strives to clarify vision for Central Asian alliance (EurasiaNet)

In post-Soviet Central Asia, Russian takes a backseat (RFE/RL)

Obama, Uzbek leader discuss Afghan supply route (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/10/03/kazakhstan-daily-news-roundup-october-3-2011/

Kazakhstan Daily News Roundup – August 26, 2011 0

Posted on August 27, 2011 by Alex

ENERGY:

LG Chem to build $4-billion petrochemical plant in Kazakhstan
(SRI) – LG Chem, South Korea’s largest chemical company, signed a $4-billion deal on Thursday to develop a long-planned petrochemical complex in Kazakhstan, the company said in a statement.

Kazakhstan, Korea agree on guarantees for the Balkhash power plant project
(SRI) – Kazakhstan and South Korea signed an “intergovernmental agreement” on Thursday guaranteeing Korean companies a 70% stake in a $4.5-billion project to develop and finance the construction of a coal-fired power plant in the city of Balkhash.

Kazakhmys sells oil unit for $100 million (SRI)

KazMunaiGas, Korean oil consortium sign agreement on drilling rig (SRI)

BUSINESS AND ECONOMY:

Development Bank of Kazakhstan loses $61 million in first half (SRI)

Indicators – August 25, 2011 (Reuters)

METALS AND MINING:

Kazakhmys to buy back $250 million of shares listed in London
(SRI) – Kazakhstan’s Kazakhmys, a London-listed copper miner, said on Thursday its first-half profit before tax declined to $550 million from $631 million in the previous year and announced a share buyback worth up to $250 million.

Kazakhmys approves Bozshakol development project
(SRI) – Kazakhstan’s largest miner Kazakhmys has approved a $1.8-billion development of the Bozshakol deposit, a major copper growth project equivalent to a third of Kazakhmys’ current output, the miner said as it presented its first-half earnings.

Glencore to consider options for gold assets in 2012 (SRI)

Kazzinc accumulates copper concentrate stockpile worth $127 million (SRI)

Kazakhmys welcomes central bank’s decision to buy Kazakh gold (SRI)

REGIONAL:

PetroChina in Dushanzi refinery overhaul – sources (Reuters)

Russian spaceship crashes back to Earth (AFP)

SOURCE: http://silkroadintelligencer.com/2011/08/26/

 

Kazakhstan Daily News Roundup – August 25, 2011 0

Posted on August 25, 2011 by Alex

Kazakhstan Daily News Roundup – August 12, 2011 0

Posted on August 12, 2011 by KazCham

Central Asian fuel crisis eases
(bne) – Russian gas deliveries to Kyrgyzstan and a cut in export duties for Tajikistan are bringing to an end the price hikes and fuel shortages that have crippled parts of Central Asia over the past few months.

Karachaganak partners and Kazakh government continuing dispute settlement negotiations(SRI)

Korea may offer stake in energy company in exchange for uranium access in Kazakhstan (SRI)

Oil and gas production up in Jan-July (SRI)

Uranium One jumps most in three years as quarterly profit climbs fivefold (Bloomberg)

BUSINESS AND ECONOMY:

KASE Index up and down in wake of global market volatility
(SRI) – Following the global trend, Kazakh stock market soared the most in two years on Wednesday on U.S. Federal Reserve pledges to keep interest rates near zero, only to give up much of the gains the following day.

Industrial production goes up 4.8% in Kazakhstan for Jan-July (Interfax)

Nazarbayev and Yanukovych discuss trading and economic cooperation (Interfax)

Ukraine’s PM offers Russia, Kazakhstan to coordinate grain policy (Interfax – Kyiv Post)

Fitch assigns Alliance Bank senior unsecured notes ‘RR4? recovery rating (SRI)

Indicators – August 11, 2011 (Reuters)

METALS AND MINING:

ENRC admits inquiry over audit allegations (The Telegraph)

Kazakhmys eyeing Central Asia for business expansion (Interfax)

POLITICS AND SECURITY:

U.S. and UK continue training of Kazakhstan military after Afghanistan rebuff (EurasiaNet)

SOCIETY:

U.S. rights body urges release of Kazakh lawyer
(Reuters) – The U.S.-based human rights body Freedom House has demanded the immediate release from prison of a Kazakh labor lawyer, saying trumped-up accusations were used to punish her for supporting striking oil workers.

REGIONAL:

China train maker signs $395-million contract with Turkmenistan (AFP)

Land seizures in China’s Kashgar fuel anger among Uighurs (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/08/12/kazakhstan-daily-news-roundup-august-12-2011/

Kazakhstan Daily News Roundup – July 15, 2011 0

Posted on July 14, 2011 by KazCham

Kazakhstan Daily News Roundup – July 7, 2011 0

Posted on July 06, 2011 by KazCham

Kashagan said in crisis (again)

(bne) – Shell and its partners developing the Kashagan oilfield will have to ask the Kazakh government for an extension to the 2013 deadline for the first oil from the troubled project, in what would be a humiliating move that could have dire consequences for the future of the project, according to The Daily Telegraph.

ENERGY:

Consortium launches $5.4-billion pipeline expansion (SRI)

Max Petroleum to raise production in Q3; receives trial production approval (SRI)

Gazprom cosies up to Kazakh billionaire (Financial Times)

Jupiter Energy eyes significant milestones in coming months (Proactive Investors)

BUSINESS AND ECONOMY:

BTA makes $166.4 coupon payment (SRI)

On the move: BTA Bank, Samruk-Kazyna (SRI)

Saks, de Beers opening stores in Kazakhstan (SRI)

Monthly inflation 0.3% in June (SRI)

Kazakh central bank leaves refinancing rate unchanged at 7.5% (SRI)

S&P affirms Kazpost ratings, withdraws them upon company request (S&P)

New defaults on the Kazakhstan Stock Exchange possible – KASE chairman (Interfax)

Indicators – July 5, 2011 (Reuters)

METALS AND MINING:

Kazakhstan may build new gold refinery to help boost output (SRI)

Kazakhmys to consider acquisitions with “huge” production potential (SRI)

Kazakh, Slovak companies to mine for lead ore in eastern Kazakhstan (SRI)

Sunkar reports progress on Chilisai project study (SRI)

First Quantum won’t sell its congolese plant to ENRC, pursues mine rights (Bloomberg)

POLITICS AND SECURITY:

The scent of elections (EurasiaNet)

Kazakhstan opens naval air base, intimidates strikers? (EurasiaNet)

SOCIETY:

Sting cancels Kazakh concert over oil worker dispute (SRI)

Kazakhs invest in new Astana (euronews)

Authoritarian Kazakh prez to be hero of fairy tale (AP)

REGIONAL:

U.S. shifts supply routes to Central Asia – report (AFP)

Turkmenistan president ’sings own birthday song’ (AFP)

SOURCE: http://silkroadintelligencer.com/2011/07/07/kazakhstan-daily-news-roundup-july-7-2011/



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