Italy's Eni group and Kazakhstan's London-listed KazMunaiGas last night signed a preliminary agreement that could result in up to $50bn of investments in the central Asian state's upstream and downstream oil and gas sectors.
Kazkommertsbank (KKB) has repaid a $500-million Eurobond at maturity using its own funds, the bank said in a statement on Tuesday.
Kazakhstan's port city of Aktau on the Caspian Sea has had some ups and downs in its short history. Founded just half a century ago, it thrived as a center of the Soviet uranium and chemical industries but then plunged into decline amid the economic chaos that accompanied the collapse of Communism. The last decade has seen Aktau reinvent itself as an oil town, and it now figures prominently in President Nursultan Nazarbayev's ambitious development strategy.
Karachaganak Petroleum Operating (KPO), a joint venture led by British BG Group and Italian Eni, suspended legal proceedings against the Kazakh government to recover more than $1 billion in export duties it had paid to Kazakhstan, Reuters reported.
Karim Masimov took main post in Kazakhstani government at the period when all country’s management had “hit the roof” from “colored freebie”. In august 2007 year crisis came along into the Republic but the Cabinet preferred to not pay attention to it for a long time. After that $19 billon of dollars were thrown in haste for struggling with the crisis. The effect was the same if they didn’t spend such amount. In other words the effectiveness was close to zero. Kazakhstan needs PM-ant to be able to laboriously and step-by-step work. Mr. Masimov stayed as a butterfly. He flies under the field of problems unable to change or correct something principally.
Turkmenistan has completed construction on its 188-km section of a 7,000-km natural gas pipeline that extends from Turkmenistan to China, according to official media.
From five Frances which could be placed on territory of Kazakhstan, only two are completely useful for agriculture. It’s quite enough too. However, colossal potential of agricultural sector of the country is not utilized in a proper way, but also decreasing step-by-step.
Kazakhmys, the Kazakh mining giant, yesterday announced major funding plans, including borrowing $2bn (£1.3bn) in loans, which it hopes will help get some major unfunded copper projects off the ground.
The former Soviet bloc economy will contract by a sharper-than-expected 6.3 percent in 2009 before returning to growth next year, the European Bank for Reconstruction and Development forecast Thursday.
