Kazakhstan Chamber of Commerce in the USA

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“People’s IPO” to create wealth, bolster capital markets 0

Posted on October 31, 2011 by Alex

The dual goal of the planned “people’s IPO” program is to create a wealth creation conduit for the Kazakh population and  to  bolster  the  development of domestic capital markets, Marcia Favale-Tarter, an investment banker and advisor to Kazakhstan’s Prime Minister Karim Masimov, told Bloomberg on the sidelines of the Kazakhstan Business Forum in London last week.

The “people’s IPO,” a privatization program in which the Kazakh government will sell stakes in some of the country’s largest companies to domestic investors, will help create an investment culture among the Kazakh population, improve corporate governance, and bolster the development of the country’s investment infrastructure, according to Favale-Tarter. Air Astana, KEGOC, and KazTransOil will headline the offerings, but “all companies underare being evaluated.”

SOURCE: SRI, Kazakhstan Daily News Brief, dated 24 October, 2011, available at http://silkroadintelligencer.com/wp-content/files/srikznewsbrief_oct24_2011.pdf

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

Kazkommertsbank receives $130 million to fund stalled construction projects 0

Posted on October 13, 2011 by Alex
(SRI) – Kazkommertsbank has received a third KZT19.3 billion ($130 million) tranche of government funding to finance stalled construction projects in Astana and Almaty, the bank said in a statement on Thursday.

The funds will be used to fund residential construction by Global Building Contract (GBC), a joint venture between the state-owned holding and investment company Samruk-Kazyna and Kazkommertsbank. GBC has been set up in 2009 to finish the construction of several major residential development projects started by Kuat, once Kazakhstan’s largest construction company which had collapsed in the aftermath of the credit crunch in 2007. The company, whose executives have been accused of massive fraud, had halted work at a number of sites in Almaty and Astana.

Kazkommertsbank has already received two tranches worth KZT20 billion ($135 million) and KZT14.7 billion ($99 million) in December 2009 and November 2010, respectively.

SOURCE: http://silkroadintelligencer.com/2011/10/07/kazkommertsbank-receives-130-million-to-fund-stalled-construction-projects/

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 17, 2011 0

Posted on August 19, 2011 by Alex

ENERGY:

Tethys narrows losses in first half of 2011 (SRI)

MIE Holdings acquisition of BMB Munai’s Emir Oil approved by Kazakh Ministry of Oil and Gas (SRI)

Caspian states review oil spill response (UPI)

BUSINESS AND ECONOMY:

Halyk Bank H1 net income up 27%
(SRI) – Halyk Bank, Kazakhstan’s second-largest lender by assets, said on Tuesday its net income grew by 26.9% year-on-year to KZT21.1 billion ($144 million) in the first half of 2011.

Samruk-Kazyna gives up control of Development Bank of Kazakhstan, other assets
(SRI) – In a move to reorganize the management of state-owned assets, the Kazakh government transferred control of the Development Bank of Kazakhstan and other entities from Samruk-Kazyna to other government agencies, the Kazakhstan-Novosti news agency reported.

Indicators – August 16, 2011 (Reuters)

METALS AND MINING:

Kazakhstan raises steel output in Jan-July (SRI)

Frontier Mining receives second $5 million tranche for Benkala copper project (Proactive Investors)

POLITICS:

Profile: Aset Isekeshev – Minister of Industry and New Technologies, Deputy Prime Minister
(SRI) – Aset Isekeshev, one of Kazakhstan’s most influential politicians, serves as the Deputy Prime Minister and Minister of Industry and New Technologies.

SOCIETY:

Almost 40% of Kazakhs oppose hijabs – poll (Interfax)

SOURCE: http://silkroadintelligencer.com/2011/08/17/

 

Kazakhstan Daily News Roundup – July 8, 2011 0

Posted on July 07, 2011 by KazCham

Samruk-Kazyna will inject cash into BTA Bank if needed – executive

(SRI) – Kazakhstan’s state-owned holding and investment company Samruk-Kazyna will inject cash into BTA Bank if the lender requires financing to avoid a second default, Bloomberg reported on Thursday, citing deputy CEO Aidan Karibzhanov.

KMG EP blames strikes, power cuts for fall in H1 production
(SRI) – KazMunaiGas Exploration Production (KMG EP) blamed emergency power cuts and strikes at its major producing fields for a 3% year-on-year fall in crude oil output in the first half of this year.

ENERGY:

CPC exports down 4.4% in H1 (SRI)

Kazakhstan, Russia to invest $1 billion to upgrade power plant (SRI)

Integra sets up geophysical surveys at Lake Zaisan in Kazakhstan (OilVoice)

Tethys announces pre-acidized flow rate of 520 bpd at AKD05 Doris well (Proactive Investors)

KMG EP calls for unbiased attitude to ongoing industrial action (Interfax)

BUSINESS AND ECONOMY:

Astana Finance settles arbitration proceedings with Barclays (SRI)

Central bank to buy stake in State Pension Fund from EBRD – Marchenko (SRI)

Kazakhstan’s foreign reserves decline by 1.9% in June – central bank (SRI)

Metrokombank raises capital to fulfill requirements (SRI)

Current account grows 58% in Q1 – central bank (SRI)

Kazakhstan to increase financing of science (Interfax)

Indicators – July 7, 2011 (Reuters)

METALS AND MINING:

ArcelorMittal sees Kazakh unit buoyed by CIS demand (Reuters)

POLITICS AND SECURITY:

Kazakhstan is safe from Islamist revolution (The Moscow Times)

Suspects in the murder of policemen identified as members of radical Islam sect – media(Interfax)

87 candidates to vie for 16 seats in the Senate (Interfax)

SOCIETY:

Bringing Kazakh drylands back to life (World Bank Group)

SOURCE: http://silkroadintelligencer.com/2011/07/08/kazakhstan-daily-news-roundup-july-8-2011/

 

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/

Kazakhstan Daily News Roundup – June 24, 2011 0

Posted on June 23, 2011 by KazCham

ENERGY:

Kazakhstan’s uranium industry could lose its luster
(OilPrice.com) – Western investors have been salivating over the post-Soviet space’s energy riches since the 1991 collapse of communism. While focusing on the Caspian’s hydrocarbon reserves other mineralogical riches awaited development as well, none more so than Kazakhstan’s vast uranium deposits.

BUSINESS AND ECONOMY:

On the move: Samruk-Kazyna
(SRI) – The state-owned holding and investment company Samruk-Kazyna has appointed Askar Karimullin as the new director for financial institutions management, the company said in a statement.

Kazakh banks see deposit outflows in May – National Bank
(SRI) – Kazakhstan’s banks posted a cumulative net income of $9 million in the month of May. Halyk Bank, the second largest lender, reported a net profit of $19 million for the month, while BTA Bank, the third largest bank, showed a net loss $33 million, the National Bank of Kazakhstan said.

Kazakhstan Kagazy reaches debt restructuring agreement with EBRD
(SRI) – Kazakhstan Kagazy, a Kazakhstan-focused paper producer and real estate developer listed on the London Stock Exchange (LSE), has come to an agreement with the European Bank for Reconstruction and Development (EBRD) on the restructuring of its $38.6-million loan, the company said on Thursday.

Moody’s affirms Eurasian Bank rating with negative outlook (Moody’s)

Kazakhstani government to continue working on improving investment climate (Interfax)

Indicators – June 23, 2011 (Reuters)

MINERAL RESOURCES:

Rio Tinto ready to begin exploration Kazakhstan – executive
(SRI) – Rio Tinto Group, a British-Australian mining conglomerate, is ready to pursue a joint venture with Kazakh state-owned mining holding Tau-Ken Samruk to explore copper deposits in Kazakhstan, Reuters reported on Wednesday, citing Rio Tinto’s general manager for exploration in Central Asia Chris Welton.

Samruk-Kazyna to complete transfer of state-owned stakes in ENRC, Kazakhmys by end-2011(SRI)

ENRC subsidiary launches refurbished block at Aksu Power Plant (SRI)

POLITICS:

Rivals in Kazakh power struggle take their feud to Washington (RFE/RL)

 

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 16, 2011 0

Posted on May 16, 2011 by KazCham

HEADLINES:

New focus on “people’s IPO” following election
(bne) – With Kazakhstan’s presidential elections out of the way, the focus in Astana is on the “People’s IPOs”. Plans to sell minority stakes in various state-owned enterprises are a little behind schedule, but due to take place by the end of the year.

ENERGY:

MIE Holdings issues $400-million bond to buy Kazakh oil junior (SRI)

Max Petroleum begins drilling NARS-1 exploration well on Narmundanak South prospect(Proactive Investors)

Tub-Karagan-2 exploration well completed (Interfax)

Uranium One turns a profit in the first quarter, posts record revenue (Proactive Investors)

BUSINESS AND ECONOMY:

Kazkommertsbank issues $300-million Eurobond
(SRI) – Kazkommertsbank, Kazakhstan’s largest lender by assets, has placed a seven-year Eurobond worth $300 million at an annual rate of 8.50% on May 5, the bank said last week.

Kazakh bank BTA returns to profit, may sell assets
(Reuters) – Kazakh bank BTA is open to offers for its Belarussian and Turkish assets and will seek to expand lending to the retail sector and small businesses at home this year, the bank’s chief executive said last Thursday.

Kazakhstan Temir Zholy repays $450-million Eurobond (SRI)

Asian Development Bank to lend $500 million to Kazakhstan for SMEs (SRI)

On the move: Samruk-Kazyna (SRI)

Kazakhstan GDP grows 6.6% in Q1 – statistics agency (Reuters)

Kazakhstan oligarch suffers setback in London legal battle (EurasiaNet)

Indicators – May 13, 2011 (Reuters)

METALS AND MINING:

Glencore’s $7.6-billion Kazakh business under threat
(Telegraph) – Kazakhstan’s leading opposition figures have accused Glencore of benefiting from an illegal privatisation of assets, amid fears the recent commodities sell-off could hurt the company’s valuation or force it to pull its $61-billion flotation.

ENRC warns on cost pressures, Q1 output rises (Reuters)

POLITICS:

Kazakhstan making steady progress against corruption (The Hill)

Kazakhstan: Washington experts go on spin cycle (Eurasia Review)

Kazakhstan and NATO preparing for a new partnership stage (Interfax)

 



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