Kazakhstan Chamber of Commerce in the USA

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UPDATE 2-KMG considers loans for major Kazakh oil projects 0

Posted on October 13, 2011 by Alex

Fri Oct 7, 2011 6:00pm IST

* Tengizchevroil plans 12-mln-tonne per year oil processing plant

* First oil expected to flow 2018

* Kazakhstan planning major expansion in oil output by 2020 (Adds foreign expansion plans)

By Maria Gordeyeva

ALMATY, Oct 7 (Reuters) – Tengizchevroil (TCO), the Chevron-led oil venture in Kazakhstan, is considering borrowing on capital markets to help finance a planned $18.5 billion expansion project, Kazakh state oil and gas firm KazMunaiGas said.

KazMunaiGas (KMG) holds 20 percent in TCO, where Chevron holds 50 percent, ExxonMobil 25 percent and Russia’s LUKOIL 5 percent.

“At this (expansion) stage TCO plans building an oil processing plant with an annual capacity of 12 million tonnes of oil per year,” KMG said in a written response to Reuters questions.

“The first oil (at this stage) is forecast to flow in 2018. After the implementation of the project, the consolidated volume of oil output at the Tengiz and Korolyovskoye fields will total 37 million tonnes to 40 million tonnes per year.”

Last year TCO increased output by 15 percent to 25.9 million tonnes, cementing its position as the largest oil producer in Kazakhstan.

Kazakhstan, Central Asia’s largest economy, is the second-largest crude producer in the former Soviet Union after Russia.

Kazakhstan plans to produce 80.4 million tonnes of oil in 2011, which would increase to 132.1 million tonnes by 2020.

The start-up of the Kashagan field in the Caspian Sea, run by another international consortium, North Caspian Operating Company (NCOC), will be the main driver of the forecast growth.

KMG, which owns 16.81 percent in NCOC, said it also did not rule out borrowing to finance its share in the development of the giant field.

“The project of Kashagan’s development is financed with the company’s own funds, but in the future, if there is a lack of own funds, the project will be financed with borrowed capital,” KMG said.

“The current oil price on international markets allows KMG to fund independently a number of large investment projects, including the North Caspian project.”

Commercial production at the first phase of Kashagan is scheduled to begin by the end of 2012 or early 2013.

EXPANSION ABROAD

KazMunaiGas plans to boost its crude output to 33.7 million tonnes by 2020 from this year’s forecast of 22.1 million tonnes, the company said this week.

KMG controls London-listed KazMunaiGas Exploration Production (KMGq.L) (KMG EP) and includes its output and financial indicators in its consolidated results.

The company and its production subsidiary have repeatedly stated their intention to develop business beyond Kazakhstan’s borders. In August last year KMG EP agreed to acquire 35 pct in a North Sea exploration licence owned by BG .

In May this year KMG EP withdrew from talks to develop the Akkas natural gas field in Iraq jointly with South Korea’s KOGAS . The Korean company will now develop Iraq’s largest gas field on its own.

KazMunaiGas told Reuters it was looking for new business opportunities abroad.

“The main elements of expanding our business geography are winning new contracts in the near abroad (the CIS), where Turkmenistan and Russia are of particular interest,” KMG said.

“… and acquiring new promising assets in the far abroad — Iraq, Iran and North Africa — and forming strategic alliances with international partners to purchase foreign assets,” it added. KMG did not elaborate. (Writing by Dmitry Solovyov; Editing by Robin Paxton and David Cowell).

SOURCE: http://in.reuters.com/article/2011/10/07/kazmunaigas-idINL5E7L713X20111007

Kazakhstan Daily News Roundup – October 6, 2011 0

Posted on October 06, 2011 by Alex

Kazakhstan Daily News Roundup – September 7, 2011 0

Posted on September 07, 2011 by Alex

Kazakhstan Daily News Roundup – August 31, 2011 0

Posted on August 31, 2011 by Alex

ENERGY:

Kazakh oil fund to reach $72.5 billion in 2015 (SRI)

Kazakhstan has no plans to raise oil export duty until at least 2014 (SRI)

Crude output at oil facility hit by strike “almost back to normal” – KMG EP (SRI)

Central Asia – China gas pipeline to double capacity by 2015 (SRI)

Zhaikmunai nearly doubles income in first half (SRI)

Jupiter Energy pushes forward with exploration at Block 31 (Proactive Investors)

BUSINESS AND ECONOMY:

Alliance Bank slashes dividend, reports loss in first half (SRI)

Kazakhstan’s economy to grow 7% annually in 2012-2014 – Kelimbetov
(SRI) – Kazakhstan’s economy will grow by at least 7% annually in 2012-2014, based on an expected average oil price of $80 per barrel in 2012 and $70 from 2013 to 2016, Minister of Economic Development and Trade Kairat Kelimbetov told a government meeting on Saturday.

On the move: Former Justice Minister named chairman of Sberbank Kazakhstan (SRI)

Kazakhstan to export 3 million tonnes of grains to China (SRI)

BTA Bank adds $1.5 billion in provisions in July – regulator (Bloomberg)

Indicators – August 27, 2011 (Reuters)

METALS AND MINING:

Central Asia Resources to commence Kazakhstan gold mining in September (Proactive Investors)

POLITICS AND SECURITY:

Suspect killed as police admit terror in oil-rich western Kazakhstan (EurasiaNet)

SOCIETY:

Kazakhstan reels from impact of nuclear tests, 20 years on (AFP)

REGIONAL:

Nabucco more likely after Fukushima – EU’s Oettinger (Reuters)

Turkmenistan frees over 3,700 prisoners in amnesty (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/08/31/kazakhstan-daily-news-roundup-august-31-2011/

 

Kazakhstan Daily News Roundup – August 25, 2011 0

Posted on August 25, 2011 by Alex

Kazakhstan Daily News Roundup – August 23, 2011 0

Posted on August 24, 2011 by Alex

ENERGY:

Caspi Meruerty postpones drilling of exploration well
(SRI) – Caspi Meruerty Operating Company B.V. (CMOC) had to postpone the drilling of a planned exploration well at the Zhemchuzhina (Pearls) oil block in the Caspian Sea due to unavailability of suitable drilling equipment in the region, the Panorama business weekly reported on Friday.

KazMunaiGas net income grows 70% in first half
(SRI) – Kazakh national oil and gas company KazMunaiGas said its first-half net income increased 70% from a year earlier to KZT246.2 billion ($1.7 billion), the company said in a statement on Monday.

Kazatomprom to sharply increase uranium pellets exports to China
(SRI) – Kazatomprom, Kazakhstan’s state owned uranium miner, plans to increase 100-fold its sales of uranium pellets to China, as the country aims to nearly triple the number of nuclear power plants it operates, Bloomberg reported on Monday.

BUSINESS AND ECONOMY:

Kazakhstan’s financial sector problems drag on
(bne) – Astana Finance is struggling to reach a debt restructuring deal with creditors after Kazakhstan’s sovereign wealth fund Samruk-Kazyna pulled the plug on extra financing for the troubled firm.

Kazakhstan’s wheat crop expected at 14.5 million tonnes
(SRI) – Kazakhstan expects to harvest 14.5 million tonnes of wheat this year, out of a total projected grain crop of 18-18.9 million tonnes, Interfax reported on Monday, citing Agriculture Minister Asylzhan Mamytbekov.

Kazakhstan to spend KZT1.5 trillion ($10.2 billion) on industrialization projects in 2011 (Interax)

Fitch rates Kazakhstan’s KazExportAstyk ‘B’; Rating Watch Negative (SRI)

Labor unrest denting Astana’s economic image (EurasiaNet)

Indicators – August 22, 2011 (Reuters)

POLITICS:

CEC confirms Senate election results (Interfax)

REGIONAL:

Biden offers U.S. support for democratic Mongolia (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/08/23/

 

Kazakhstan Daily News Roundup – August 9, 2011 0

Posted on August 08, 2011 by KazCham

ENERGY:

KazMunaiGas raises $1-billion syndicated loan (SRI)

Kazakhstan increases uranium output in H1 (SRI)

Max Petroleum makes new oil discovery in Kazakhstan (Proactive Investors)

BUSINESS AND ECONOMY:

BTA reshuffles management amid performance worries
(SRI) – BTA Bank is set to replace chairman Arman Dunayev with CEO Anvar Saidenov as it tries to improve performance, Bloomberg reported last week, citing two sources familiar with the decision.

On the move: Kazkommertsbank (SRI)

Sberbank to issued $684-million worth of debt by 2012 (SRI)

Inditex to buy out its franchises in Kazakhstan (SRI)

Fitch withdraws ratings of Astana Finance and Astana Finance Leasing (Fitch)

Kazakhstan to produce 18-20 million tonnes of grains in 2011 – Nazarbayev (Interfax)

Indicators – August 8, 2011 (Reuters)

METALS AND MINING:

ENRC Q2 ferrochrome up, running at full capacity (Reuters)

ArcelorMittal Temirtau in $150 mln furnace upgrade (Reuters)

Polyus has 3 million ounces of gold in Kazakhstan, Romania (Bloomberg)

Frontier Mining: Three directors boost holdings in firm (Proactive Investors)

POLITICS AND SECURITY:

Kazakhstan returns prisons to tough Interior Minsitry control after riots and breakouts (The Telegraph)

Kazakhstan makes ‘quantum leap’ in its EU relations (TheParliament)

Kazakhstan launches Steppe Eagle exercises (Trend)

SOCIETY:

Is state-sponsored hacking curbing Internet freedom? (EurasiaNet)

REGIONAL:

Turkmenistan sets presidential vote for February 12 (AFP)

Central Asia’s 10 most influential (and connected) women (RFE/RL)

Kazakh bid for more Kyrgyz water comes up dry (RFE/RL)

Tajikistan bans youth from mosques (AFP)

SOURCE: http://silkroadintelligencer.com/2011/08/09/kazakhstan-daily-news-roundup-august-9-2011/

Kazakhstan Daily News Roundup – August 1, 2011 0

Posted on July 31, 2011 by KazCham

Kazakhstan Daily News Roundup – May 30, 2011 0

Posted on May 30, 2011 by KazCham

ENERGY:

KMG EP looks for new exploration assets at home and abroad
(bne) – KazMunaiGas Exploration Production is making a big push to acquire new oil and gas prospects both in Kazakhstan and abroad in order to maintain production levels as its main fields mature.

KazMunaiGas may transfer Kashagan stake to traded unit
(Bloomberg) – KazMunaiGas may transfer its stake in the Kashagan oil field to its London-traded unit, KazMunaiGas Exploration Production, said Kairgeldy Kabyldin, the CEO of the Kazakh state oil producer.

No plans to raise oil export duty – Mynbayev (SRI)

Kashagan extractions to start by 2012, Eni’s Descalzi tells Sole (Bloomberg)

Zhaikmunai reports $11.2 million in first-quarter income (SRI)

KazMunaiGas says workers’ strikes have little impact on output (Bloomberg)

BUSINESS AND ECONOMY:

Alliance Bank hires law firm to recover embezzled assets (SRI)

On the move: Samruk-Kazyna Real Estate Fund (SRI)

Emerging markets head for IMF unlikely – Marchenko (Financial Times)

BTA Bank bonds ‘everyone loves to hate’ slide to record lows (Bloomberg)

British court orders arrest of brother-in-law of Kazakh BTA bank ex-head (RIA Novosti)

China invests $5.5 billion in Kazakh economy in 2010 (SRI)

Astana closing in on WTO membership (EurasiaNet)

Indicators – May 27, 2011 (Reuters)

METALS AND MINING:

No new shares for Kazakhmys Hong Kong listing
(SRI) – Kazakhstan’s largest copper miner Kazakhmys said Friday its board of directors has approved a secondary listing of the company’s shares on the Hong Kong Stock Exchange in June but the listing won’t result in the issue of new shares.

Red October may buy stake in Kazakhstan copper project (Mining Weekly)

POLITICS:

Kazakh opposition calls for halt to China expansion
(Reuters) – Opposition activists in Kazakhstan called on the government on Saturday to stop Chinese investment in the country’s natural resources, saying Beijing could be preparing a land grab in Central Asia.

Jailed Kazakh human rights activist released on furlough (RFE/RL)

REGIONAL:

Tethys Petroleum finds oil at Tajik well; shares jump (Reuters)

Tajikistan at growing risk of insurgency – report (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/05/30/kazakhstan-daily-news-roundup-may-30-2011/

 

Kazakhstan Daily News Roundup – May 26, 2011 0

Posted on May 26, 2011 by KazCham



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