English | 中文版 |  Русский

Breaking News:

kazakhstan

editor picks 

Editor PicksView All

kazakhstan

Kazakh Leader Calls for Single Global Currency

Kazakhstan's president has called for the creation of a single global currency in order to solve the current financial turmoil

Kazakhstan's president has called for the creation of a single global currency in order to solve the current financial turmoil. Kazakh's president, Nursultan Nazarbayev, said currencies operating under the United Nations should be discussed at the upcoming Group of 20 meeting in London. Nazarbayev has long been an advocate of adopting a region currency, similar to the euro, by members of the Eurasian Economic Community. Kazakhstan is an economic powerhouse in the former Soviet Union region. Due to falling oil prices and diminished demand for its energy and mineral resources, the economy has taken a hit.

read source article

editor picks 

Other Important News In Kazakhstan


Second Astana Economic Forum Held in Kazakhstan

Kazakhstan is hosting the second Astana Economic Forum. In attendance are over 400 scientists and economists from forty countries and thirty-five international organizations.

Kazakhstan is hosting the second Astana Economic Forum. In attendance are over 400 scientists and economists from forty countries and thirty-five international organizations. Notable Nobel Prize laureates on economy Edmund Phelps and Robert Mundell are amongst the attendees that heard Kazkh President address the forum. President Nursultan Nazarbayev noting that pre-economic crisis states could easily manage to collect capital for the national fund. Since then, the failure of the financial system has hindered the development of the world. President Nazarbayev has called for a single monetary currency for all nations that has been supported by the Nobel Prize laureate attendees.

read source article

Japan's Toyota Tsusho Plans Food Wheat Imports From Kazakhstan

The trading company affiliated with Toyota Motor Corp., Toyota Tsusho Corp., plans to import milling wheat from Kazakhstan to Japan in order to diversity its supply sources as food demand continues to increase in Asia.

The trading company affiliated with Toyota Motor Corp., Toyota Tsusho Corp., plans to import milling wheat from Kazakhstan to Japan in order to diversity its supply sources as food demand continues to increase in Asia. The trading company is presently looking at potential routes from Kazakhstan after a trial run of feed barley from Kazakhstan in October. Historically, Japan's main agricultrual export partners have been from the U.S., Canada and Australia but due to Australia's drought exportable wheat has dropped. Kazakhstan's wheat is believed to contain higher protein that crops in Russia and Ukraine, which could potentially meet the quality requirements of Japanese millers. However, shipping costs from Kazakhstan are pricier than from the United States and Canada and takes twice as long.

read source article

Astana Wants Controlling Stake in Baku-Ceyhan Related Project

Kazakhstan is insisting on a significant stake in a pipeline venture.

Kazakhstan is insisting on a significant stake in a pipeline venture. The venture is designed to funnel oil into the Baku-Tbilisi-Ceyhan pipeline. Currently, Kazakh Caspian Transportation System (KCTS) has had problems starting operations due to ownership structure disputes. The delay is said to be caused by Kazakhstani authorities and international backers on the project, including energy firms Agrip and Chevron. Members are currently divided over the size of Astana's stake. The venture by KCTS looks to a pipeline stretching from Eskene to Kuryk, where a new port will be built to accommodate for supertankers capable of carrying up to 1.8 million barrels a day. Kazakhstan, however, are looking for 51 percent stake in the venture.

read source article

Kazakh Leader Calls for Single Global Currency

Kazakhstan's president has called for the creation of a single global currency in order to solve the current financial turmoil

Kazakhstan's president has called for the creation of a single global currency in order to solve the current financial turmoil. Kazakh's president, Nursultan Nazarbayev, said currencies operating under the United Nations should be discussed at the upcoming Group of 20 meeting in London. Nazarbayev has long been an advocate of adopting a region currency, similar to the euro, by members of the Eurasian Economic Community. Kazakhstan is an economic powerhouse in the former Soviet Union region. Due to falling oil prices and diminished demand for its energy and mineral resources, the economy has taken a hit.

read source article

CNPC Plans to Buy Oil Assets in Kazakhstan

China's National Petroleum Corporation (CNPC), parent company of PetroChina could potentially buy Kazakhstan's oil asset.

China's National Petroleum Corporation (CNPC), parent company of PetroChina could potentially buy Kazakhstan's oil asset. CNPC is expected to spend nearly 10 billion yuan building an oil pipeline in Kazakhstan that borders Russia. However, the report is unclear as to whether it is PetroChina funding the deal or CNPC. The details remain undisclosed.

read source article

LyondellBasell Goes to Kazakhstan

LyondellBasell Industries, a chemical company, has confirmed the agreement to participate in the development of an integrated Petrochemical complex in Western Kazakhstan.

LyondellBasell Industries, a chemical company, has confirmed the agreement to participate in the development of an integrated Petrochemical complex in Western Kazakhstan. The agreement is between LyondellBasell Industries and MEGEP of Kazakhstan. The companies are looking to develop and construct an integrated petrochemical complex and a Gas Separation Unit in the Atyrau region of Kazakhstan. The petrochemical complex would include an ethane cracker, a propane dehydrogenation unit, a polypropylene plant and two polythylene production facilities.

read source article

Low Oil Price, Econ Crisis May Cut Kashagan Costs - Shell

Low oil prices and the economic crisis has forced Kazakhstan's largest oil field Kashagan to slow down due to cut costs

Low oil prices and the economic crisis has forced Kazakhstan's largest oil field Kashagan to slow down due to cut costs. A representative from the Royal Dutch Shell PLC's (RDSA) announced that the company would continue to invest in Kashagan. They currently invest about $900 million per year. Shells owns 16.8 percent in the Kashagan consortium that includes the following: Kazakh state oil and gas company KazMunaiGas, ExxonMobil Corp., ConocoPhillilps, Eni SpA, Total SA and Inpex Corp.. Kashagan is forecasted to produce 1.5 million barrels of oil a day by 2019.

read source article

Nazarbayev Adds Billions More to Bailout lan

Kazakhstan's government is looking to further inject an additional $4 billion into its struggling economy over the span of the next two years

Kazakhstan's government is looking to further inject an additional $4 billion into its struggling economy over the span of the next two years. President Nursultan Nazarbayev announced in a joint session of parliament on March 6; he believes that the global economic crisis calls for "decisive action" that would protect the local economy. Nazarbayev also tried to calm locals and stated that the Kazakh economy has fared better compared to other crisis hit countries' rescue packages. The additional aid would be mostly sourced to the public sector. Since the economic crisis hit, $18 billion has already been allocated to ensure economic stability.

read source article

Kazakh Government Raises Social Spending as Revenue Falls 26%

Social spending, including pensions and benefits, will increase despite revenue falling by 26 percent in Kazakhstan.

Social spending, including pensions and benefits, will increase despite revenue falling by 26 percent in Kazakhstan. President Nursultan Nazarbayev told a conference on women's issues today. The news comes despite the government expecting economic growth to slow to 1 percent this year. Kazakhstan holds 3.2 percent of the world's oil reserves. Budget has fallen 26 percent compared to data from last year. Kazakhstan had already announced a $4 billion bank bailout to prevent economic contraction. The Central bank had already devalued the tenge by 18 percent after draining $3.5 billion of its foreign currency reserves. Foreign currency is believed to continue to flow into Kazakhstan. Miners and energy producers will continue to provide for the country's currency reserves.

read source article

Kazakhstan Oil Exports Unaffected by Pipeline Leak

Despite a reported oil leak, on a major pipeline in Kazakhstan, crude oil shipments to Russia have not been affected. Caspian Pipeline Consortium (CPC),

Despite a reported oil leak, on a major pipeline in Kazakhstan, crude oil shipments to Russia have not been affected. Caspian Pipeline Consortium (CPC), ships crude oil from Kazakhstan to Russia, had to partially suspend the pipeline. Currently, the CPC is shipping from reservoir facilities. Kazakhstan's Emergency Minister stated last week that he does not know when the pipeline shall be switched on. Some of the companies that may be affected include the U.S. Chevron-led pipeline groups and Russian pipeline companies.

read source article