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| 2 June 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Politics and Macroeconomics |
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Kazakhstani
Devoted To Non-Proliferation |
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The
chair of the National Security Committee (NSC) General - lieutenant
Nartai Dutbaev announced in a speech that Kazakhstan is devoted to
obligations of non-proliferation. According
to Dutbaev, Kazakhstan has no intention to transfer data on nuclear
technologies to any third country. “The
Kazakhstani organizations and enterprises are not negotiating and have
no intentions of transferring data dealing with nuclear technologies to
any third-world country,” he said speaking Thursday in Sochi at the
two-day international meeting of heads of special services, security
services and law enforcement bodies of the CIS states, countries of
“eight”, NATO, European Union, Shanghai Cooperation Organization and
other countries, according to the NSC’s official website. The
special service head emphasized that Kazakhstan has laws “About use of
atomic energy” and “About export control” to regulate control
mechanisms and non-admission of illegal exports-imports and other
operations with nuclear, radioactive and dual-purpose materials. Dutbaev
also stressed that the republic has completed the first stage that
introduced the automated system of export control of arms, military
technical equipment as well as raw materials, equipment and technologies
necessary for their manufacture. Dutbaev
expressed confidence that “after involvement of all interested state
bodies in the system there will be full transparency and more effective
control over this process.” Dutbaev
added that Kazakhstan also passed control lists that meet the
international requirements for the non-proliferation of the weapons of
mass destruction. “Kazakhstan
is interested in the further promotion of consolidation processes and
will do its best to ensure that innovative approaches to strengthen the
cooperation of special services and law enforcement bodies in a view of
their features and variety are fully performed,” Dutbaev said. (Interfax) |
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Kazakhstan’s Improved Credit Increases Possibilities For Cheaper Borrowing |
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Amendments
to the existing “On Special status of Almaty” law envisage the
withdrawal of land lots and construction to make room for new
facilities. The Majilis Committee for Economic Reforms and Regional
Development proposes obligatory written notifications to land owners.
The committee amendments explain that the appropriation of land lots
belonging to property owners and nongovernmental landowners will be done
via written notification no later than three months prior to the
forthcoming land lot purchases. The Majilis representatives introduced some 10 amendments into this draft law. The amendments are detailed in the Comparative table and will be discussed along with the report of the Almaty Akim Victor Khrapunov during the Majilis plenary session. (KazInform) |
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Crude
Oil And Gas Condensate Production Up In 1st Qtr From Last Year
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In
January- April 2004 Kazakhstan produced some 16142.9 thousand tonnes of
crude oil and 2,433 thousand tonnes of condensate. The
first quarter totals comprise 11% and 20% more compared to January-April
2003, the State Statistics Agency reported. Natural gas production in
gaseous state totalled in the reporting period 3301 million cubic
meters, a 43% increase accordingly, and its output totalled 3272.1
million cubic meters, a 49% increase, according to National Statistics
Agency. (Interfax-
Kazakhstan) |
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Kazakhstan
To Supply Oil Via Iranian Route To Persian Gulf
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Kazakhstani
president Nursultan Nazarbaev in an interview with the English
"Financial Times" newspaper announced that Kazakhstan is
looking to supply its oil to the Persian Gulf via the Iranian route and
considers this route as the main route for exporting its natural
resources. According
to Nazarbaev, the South Iranian oil-export route seems more attractive
for both Kazakhstan and for US companies operating in Kazakhstan. Having
enumerated the routes through which oil supplies from Kazakhstan might
be transported, including the Baku-Ceyhan oil pipeline, Chinese route as
well as the Russian route, Nazarbaev remarked that the Iranian route
could be viewed as the best for Kazakhstani oil exports. Nazarbaev emphasized that the current political relations between Iran and USA make the implementation of such project practically impossible and expressed hope that relations between two countries would improve. The newspaper points out that Nazarbaev made statements around the same time Astana reached an agreement with Beijing on the pipeline construction to ensure China's growing need for energy resources. (Khabar) |
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Equities |
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The
KASE-Shares index increased by 0.15% to 187.71 by the end of period on
May 26 2004.
KASE-Shares
index and weekly volume of trades
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Note:
KASE-Shares index is based on ask prices for equities in A Listing In the period
between May 20 and May 26 2004, the volume of equity trades at the KASE
increased to USD 194,413,157 from USD 9,577,544 in the previous period.
The shares traded during the period were common shares of Almaty
Kus (ALKS), Bank CenterCredit (CCBN), Kazakhmys
(KZMS), Ordabasy (ORDB), ValutTransit Bank
(VTBN) and ValutTransit Zoloto (VTZL) and preferred shares
of Alyuminiy Kazakhstana (ALKZp), KazChrome (KZCRp),
Kazakhtelecom (KZTKp),
Ordabasy (ORDBp), ValutTransit Bank
(VTBNp) and ValutTransit Zoloto (VTZL). (Irbis) |
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Company News |
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Oil & Gas |
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Industrial
plants within the West Kazakhstan Oblast (WKO) will participate in bids
for the development of field infrastructures located in the Kazakhstani
Caspian sector in Atyrau oblast, TCO representatives announced on
Thursday, May 20 at a special presentation of WKO plants. “TengizChevroil”
company managers came from Atyrau to attend the meeting with WKO
industrial plants representatives. According to WKO deputy akim
Stanislav Kachalo, the oblast authority makes all efforts so that
industrial plants, in the course of industrial and innovation-program
implementation, would be prepared to output goods for companies who are
developing the Kazakhstani Caspian sector. Over
50 large industrial plants operate in the oblast, primarily
machine-building complex plants. Of those, some 16 have international
quality certificates. Until the end 2004 four additional plants plan to
obtain the mentioned certificates. Food
and light- industry plants as well as construction companies with
experience in Karachaganak expect to take part in bids for the
Kazakhstani Caspian sector infrastructure development. It is expected
that TCO representatives over a two-day period will visit the
“Metallist”, “Hydropribor,” “Agroremmash” plants. They will
visit the Karachaganak deposit and meet with KPO management, and
“Aksaiservice”. (Kazakhstan
Today) *** The
international consortium Karachaganak Petroleum Operating Co. has begun
supplying crude oil from the Karachaganak field in Kazakhstan through
the Caspian Pipeline Consortium system. By
the end of May, the CPC plans to transport 100,000 tonnes of
Karachaganak crude oil. Transport volumes will be gradually increased to
six million tonnes per year, the press service said. Initially,
CPC planned to begin transporting Karachaganak crude to the CPC system
through the new 635-km Karachaganak-Bolshoi Chagan-Atyrau pipeline in
September 2003. However, one of the first consignments of liquid
hydrocarbons did not meet technical standards. The
CPC press service said that the Karachaganak Petroleum Operating Co.
would become the second largest supplier of crude oil for CPC after
TengizChevroil. The
CPC currently transports 1.6 million tonnes of oil per month. “With
the inclusion of Karachaganak, we plan to reach volumes of two million
tonnes per month over the next few months. Hydraulically this will
amount to about 24 million tonnes per year (over 500,000 barrels per
day),” a source in the press service specified. The
CPC is also continuing work on plans to expand the pipeline system and
realize the forecasts of the oil extraction by oil companies. This
growth means that it is necessary to gradually expand the system by
building new pumping stations and reservoirs at the sea terminal, the
source indicated. Since
it started operating in October 2001, the CPC pipeline has transported
over 33 million tonnes of oil, including almost seven million tonnes
since the beginning of this year. The
total length of the Tengiz-Novorossiisk pipeline is 1,580 km. It joins
deposits in Western Kazakhstan with the Russian Black Sea coast. The
first stage of the pipeline has a capacity of 28.2 million tonnes of oil
per annum, which will gradually increase to 67 million tonnes per annum. Russia
holds 24% of the shares in the Caspian Pipeline Consortium, Kazakhstan -
19%, Oman - 7%. The remaining 50% of the consortium is divided among the
Chevron Caspian Pipeline Consortium Co. (15%), Mobil Caspian Pipeline
Co, (7.5%), Oryx Caspian Pipeline L.L.C. (1.75%), the Russian-U.S. joint
venture LUKArco Billion.V. (12.5%), the Russian-British joint venture
Rosneft-Shell Caspian Ventures Ltd. (7.5%), the Italian Agip
International (N.A.) N.V. (2%), the British BG Overseas Holdings Ltd.
(2%) and the Kazakhstan Pipeline Ventures L.L.C. (1.75%). The
Karachaganak deposit is one of the major deposits in the world with
reserves of over 1.2 billion tonnes of liquid hydrocarbons and 1.3
trillion cubic meters of gas. KPO develops the deposit on the basis of
the production sharing agreement. KPO includes the Italian Eni and
British BG (32.5% each), ChevronTexaco - 20% and the Russian Oil Company
"LUKOIL" - 15%.
(Interfax-Kazakhstan) *** Nelson
Resources Ltd., the Canadian-based company, became owner of a 60% share
of the Karakuduk oil deposit located in Mangistau oblast in Kazakhstan,
according to the company’s press release. Nelson
Resources Ltd Company holds 60% of the shares of Chaparral Resources
Inc., which belongs to the Central Asian Industrial Holdings (CAIH)
Company. Chaparral Resources Inc. holds 60% of the shares in JV
“Karakudukmunai.” The remaining 40% are owned by CJSC “NC
“KazMunaiGas.” As a result of this purchase, it now holds a 36%
share in Karakuduk development, according to Nelson Resources Ltd. The
Canadian investor, as a major shareholder of Chaparral Resources Inc,
will be involved in this project and will take into account the
interests of all stockholders by fulfilling production programs, oil
exports and profits increase. The
purchase of Karakuduk shares is a sign of Nelson Resources Ltd growing
interest in oil and gas projects in Kazakhstan, the official message
states citing the company president. Company management hopes that this
transaction will positively affect its profits in 2004. The
Karakuduk deposit is located approximately 365 km southeast of Aktau
city and around 160 km south of Tengiz - the largest oil deposit located
in the Atyrau oblast. The deposit’s territory totals 68.4 square km.
Oil was discovered there in 1972, some 18 wells had been drilled. But
infrastructure in this region was poorly developed, and oil drilling was
suspended. (Kazakhstan
Today) *** The
shareholders of the joint-stock company PetroKazakhstan Oil Products
decided to reform the company into a limited liability partnership
(LLP). The
shareholders meeting also chose to elect a JSC board of directors with
authorities until its re-registration into the LLP. The board includes
Bernard Isautier, Thomas Dvorak and David Rice. Thomas Paul Dvorak has
been elected president. According
to the agenda, the PKOP shareholders approved the financial report and
the order of distribution of net income and dividends for 2003 and
decided not to calculate dividends for ordinary shares in 2003. PetroKazakhstan
Inc. is an independent, integrated international energy company engaged
in the exploration, production and export of crude oil and the refining
and marketing of refined products in Kazakhstan. PetroKazakhstan
Inc. is the founder of PetroKazakhstan Kumkol Resources, a subsidiary
which develops oil fields located in the Kyzylorda Oblast as well as
PetroKazakhstan Oil Products that owns and operates Kazakhstan’s
largest and most modern refinery located in Shymkent. In
2003, PetroKazakhstan extracted about 7.17 ml tonnes of oil. Last year
in Kazakhstan over 51.3 million tonnes of oil and condensate were
extracted as compared to almost 47 million tonnes in 2002. (Interfax
- Kazakhstan) *** Nursultan
Nazarbaev’s signing of agreements with China on the development of
bilateral cooperation in the oil and gas field and construction of the
Atasu-Alashankou oil-pipeline has laid the foundation for future
cooperation in the oil and gas sphere between Kazakhstan and China, the
Kazakhstani Minister of Energy and Mineral Resources Vladimir Shkolnik
commented on the results of president’s state visit to China. Shkolnik
said that the agreements not only stipulate the conditions and technical
aspects of Atasu-Alashankou oil pipeline construction but also envisage
the development of strategic cooperation in energy, mainly in the field
of oil and gas, between the two countries. The agreement stipulates that
Chinese petroleum companies may approach the Caspian oil deposits in
Kazakhstan and of Kazakhstani oilmen are admitted to explore Chinese
oil-deposit development, including those in the South-Chinese Sea.
Kazakhstan and China have begun developing the necessary working
conditions for Kazakhstani and Chinese oilmen. (KazInform) *** The
Kazakhstani Agency for Land Management and LLP “TengizChevroil,” one
of the major subsoil users in Kazakhstan, has organized a conference in
Atyrau devoted to land legislation and practice and the creation of
stable land use during “TengizChevroil” oil deposit” development.
The principal goal of the conference is to discuss issues concerning
land and subsoil use and legal ways of resolving those issues. Vice
akims of Aktubinsk, of the West Kazakhstan, Mangystau and Kyzylorda
oblasts, heads of land management oblast committees, TCP
representatives, KazMunayGas, Kazakhoil, Agip, Aktobemunay,
Karachaganak, MangystauMunayGas, Karazhanbasmunay, Kumkolneftegas
companies, research organizations and state enterprises for land
development and geodesy were invited to the conference.
(KazInform) *** The
Norwegian prime minister Kjell Magne Bondevik has announced Norway’s
intention to participate in the development of Kazakhstani and Russian
Caspian-shelf oil and gas deposits. On
Tuesday, Bondevik participated in the opening ceremony in Astana of the
honorary consulate and representative offices of the Statoil Company. On
May 25-26 the Norwegian prime minister makes his first official visit to
Kazakhstan. “The
fact that Statoil has opened its office in Astana and that the consulate
of Norway is open in Kazakhstan shows that we want to participate in the
development of the Caspian Sea oil and gas deposits,” Bondevik said. Bondevik
also pointed out that Statoil has plans and interest in the performance
of particular projects in the Kazakhstani section of the Caspian Sea. According
to the Statoil press service, Statoil is interested in development of
the Isatai and Abai structures and in the joint participation with the
Russian party in the development of the Central deposit project. Bondevik
added that “the issue concerns not only Statoil. Norway also has oil
and gas industry branches and we think that this branch can also
successfully cooperate in development of oil and gas deposits in
Kazakhstan,” the prime minister said. Thus, among potential Norwegian
partners of Kazakhstan, Bondevik mentioned such large companies as
Werner, ABB that according to the premier, are looking to expand their
presence and their investments throughout Kazakhstan”. (Interfax-Kazakhstan) *** The
republican budget committee chaired by Prime Minister Daniyal Akhmetov
has once again reviewed the "KazMunayGas" development plan for
2004-2006, according to the Kazakhstani Ministry of Economy and Budget
Planning press service. The main trends of the CJSC
"KazMunayGas" investment projects include the Atyrau ORP
reconstruction, the main gas pipelines Middle Asia-Center upgrading,
further financing of operations on Amangeldy deposit and active
participation in the Caspian sea-shelf development program. According
to D. Akhmetov, the company-restructuring program does not correspond to
current world standards. "One should more seriously consider
optimising the company's structure," Akhmetov said. The press
service also said "that comments made during the first review of
the JSC "NC "KazMunayGas" plan were not fully considered
specifically concerning tariff and dividend policy, and justification of
some investment projects." The Ministry of energy and mineral resources jointly with JSC "NC "KazMunayGas " was instructed to complete the development plan and to submit it to the government for consideration within two weeks. (RusEnergy) |
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Banking and Finance |
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The
Kazakhstani parliament has ratified at a plenary meeting held in the
Senate on Thursday a letter-agreement between Kazakhstan and the
International Bank for the Reconstruction and Development for the
allocation of grant USD 680.05 thousand to prepare the second stage of
the “Post privatisation support of agricultural industry.” The
document has been sent to the president for his signature. The
Kazakhstani national budget for 2004 stipulated the co-financing of the
project in the amount of KZT 6,249 Million (current exchange rate KZT
136.45/$1). The long-term project has been underway since June 1998 when
the agreement was signed with IBRD to allocate loans so the project
could be implemented. The
total cost of the project is USD 85 Million. The project is designed for
10 years and is planned to be implemented in three stages. Between 1998
and 2003, with loans allocated by IBRD totalling USD 15 Million,
Kazakhstan implemented a pilot project intended to improve the stability
of the agricultural loan system and agricultural plants profitability
stabilization by allocating them "soft" loans over a long-term
period. In the second stage, all oblasts in Kazakhstan are expected to
be covered. (Interfax-Kazakhstan) *** In
2004 Kazakhstani commercial Halyk bank (HB) plans to boost net profit to
KZT 8 Billion (current exchange rate KZT 136.83/USD1) comparing to
profits of over KZT 5 Billion in 2003. “If last year Halyk bank,
according to Kazakhstani standards of financial accounting, gained net
profits of KZT 5 B, this year we want to reach KZT 8 B, or 60%
growth", the First Deputy chairman of HB board Serik Svyatov said
on Tuesday. HB
net profits rose 42,4% and totalled KZT 1,626 Billion in the first
quarter 2004 compared to the corresponding period in 2003, Svyatov said
at press conference the same day. According
to Svyatov, some 65% of HB revenues in the first quarter were derived
from the accrued interest of some 23.7% in commission. Svyatov also said
that HB plans to increase equity capital up to KZT 35,5 Billion this
year compared to KZT 21,1 Billion for 2003. To continue the growth of
the index, the bank plans to use the year-end net profits along with two
additional issues of the simple personal shares. The eighth issue
amounts to KZT 1,3B and the ninth totals KZT 5,5 Billion. The
HB affiliated network includes 575 structural subdivisions, including 20
oblast and regional, and 135 district branches. (Interfax-Kazakhstan) *** The
Kazakhstani Development Bank approved as of April 1, 2004 the
implementation of some 38 investment projects and export operations with
a KDB participation volume of over USD 330 Million, the Kazakhstani
Development Bank president Kambar Shalgimbaev said on Friday during the
27th annual meeting of Association of Development Financial Institutions
in Asia-Pacific “ADFIAP.” The projects will create about 50.000 new
jobs. From
its inception on April 25, 2001, the KDB received 172 applications
amounting to USD 4459.6 Million, and approved for financing some 20
investment projects totalling USD 504.9 Million, with KDB’s share
totalling USD 201 Million. For
January 1, 2004 KDB assets totalled KZT 84.1 Billion; its equity capital
amount is KZT 41.7B. According to the 2003 results, the bank gained net
profits amounting to KZT 1.2 Billion. The Bank authorized capital stock
in 2004 increased up to KZT 45.4 Billion. (Kazakhstan
Today) *** The
JSC “State Insurance Corporation for Export Credits and Investment
Insurance” founded on January 2004 (SICECII) has become an active
participant in the development of the insurance market in Kazakhstan.
The corporation has already received 20 insurance applications, of which
13 applications have been approved for a total of USD 14.2 Million. The
chairman of the corporation’s board, Alikhan Smailov, stressed that
the SICECII foundation is one of the newest infrastructure elements of
the Kazakhstani market economy for the appraisal and support of
government export operations and the direct investments by Kazakhstani
companies in other countries. The intention of this policy is to transit
from raw-material exports to the material-processing sphere in order to
increase commodity value. More
and more business professionals show interest in the insurance services.
“Currently, some 130 of the 750 raw-material export plants are
interested in our services,” Smailov said. “Until the end of 2004,
the corporation plans to insure no less than 1% of non-primary exports,
until the end of 2005, a minimum of 2%, until the end of 2006, 3%.
Within three years, we want to reach a level that corresponds to world
practice”. (Kazakhstan
Today) *** Four
foreign investors, all Kazakhstani commercial banks, submitted
applications for the purchase of the Kyrgyz bank. "Halyk Savings
Bank of Kazakhstan" won the tender to buy all shares of AOOT
"Kairat Bank" owned by the Kyrgyz government. In
addition to the tender winner, applications for the purchase of 100%
shares of Kyrgyz bank were submitted by "Caspian bank,"
"Alliance bank" and "CenterCredit bank." The tender
was conducted by the US Company -consultant "Bearing Point."
According to a source in Kyrgyz State Committee on State Property
Management, "Halyk Bank" won the tender by proposing the
highest bid for the state -owned shareholdings - USD1.250.000.
"Halyk Bank" has also proposed a bank-development business
plan for stipulating investments for the next three years in the amount
of USD 7 Million. After winning the tender "Halyk Bank" should follow procedure on the transaction reconciliation with the Kyrgyz National Bank and the Kazakhstan National Bank. (KazInform)
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Metals and Mining |
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The
Kazakhmys Corporation has begun construction on a mining-and-enrichment
plant (MEP) on the base of the Abyz deposit. The plant's ore will be
supplied to Karagayly enrichment factory with subsequent processing at
Balkhash copper smelting plant. All plants are located in the Karaganda
oblast in North Kazakhstan. In addition, the company is studying the
possibility of developing alternative iron-ore deposits and is also
considering the possibility of developing a large Boschekul deposit in
the Pavlodar Oblast. Kazakhmys
Corporation specializes in the production of refined copper and copper
raw-products, and unites Jezkazgan Copper Smelting Plant (former
Jezkazgantsvetmet JSC), Balkhash Mining-Metallurgical Complex, Jezkent
MEP, East-Kazakhstan copper-chemical complex and other facilities. South-Korean
Samsung Corporation is one of the main shareholders in the Kazakhmys
Corporation. (Interfax-Kazakhstan) *** A
crushing and sorting factory that produces fractionated macadam opened
on the territory of the Karabas quarry in the Karaganda Oblast. The
factory is equipped with Sandvik Swedish equipment and works based on
modern technology. The factory is the only one of its kind in the CIS. The
construction of the factory was completed over a five-month period. The
factory belongs to “Karagandanerud” JSC. The enterprise has worked
in the region since 1949, and in 1992 it was one of the first in the
Oblast to be reorganized into a joint-stock company. USD 5 Million was
invested in the factory’s construction, half of which came from the
enterprise’s own capital. The factory can produce 1.5 million tonnes
of macadam annually. Seventy-five jobs have been created as a result of
the factory’s opening. Vladimir
Yurkin, President of OMC-Holding, the main shareholder of
“Karagandanerud,” said at the opening ceremony that the enterprise
is developing. “The enterprise’s work is stable, it manufactures
products, it fulfils its obligations, it has no salary debts, and it
provides more than 20% of the macadam market in the Central
Kazakhstan,” according to Yurkin. (KazInform)
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Energy and Power |
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The
Kazakhstan Electricity Grid Operating Company, KEGOC, has been admitted
to the Electricity Industry Union – EURELECTRIC, the association of
electric power industry within the European Alliance as an international
affiliated participant, the KEGOC press service reported on Monday. According
to the KEGOC press release, membership in EURELECTRIC means recognition
of the company’s achievements on an international level, including
active participation in reforming the branch to meet free- market
conditions, the modernization of the national electricity grid, and the
high level of management and leadership in Kazakhstan’s electricity
market. As
a result of its membership in EURELECTRIC, KEGOC can now receive
information on the intentions of leading electricity branch enterprises
and representatives concerning state regulation issues, new technologies
used in electricity manufacture, electricity supply and trade, research
of electricity experts on branch development, and statistical forecasts
and data on Europe’s electricity industry. KEGOC believes that
admittance to such an organization will offer new development
possibilities for the Kazakhstani electric power sector. (Kazakhstan
Today) *** Work
at KarGRES-1 in Temirtau, the oldest electric station in Kazakhstan, has
been stopped. Approximately 600 employees were sent home without pay.
The station generated heat – and electric energy for Western Temirtau.
At the close of the current heating season, the Karaganda oblast and the
Temirtau city authorities decided to close the station and terminate
investment agreement with “ABS-energy.” Over
the last few years, conditions at the station have become progressively
worse. Equipment and tool depreciation comprised nearly 100%. In 2002,
“ABS-energy,” a private company, took over KarGRES-1, but KarGRES-1
failed to fulfill its investment obligations. The
Kazakhstani Ministry of Energy formed a joint committee to consider the
station’s future. In the meantime, specialists believe that the
station can be restored on the previous base. No less than USD 7 Million
is required for the complete replacement of the equipment. KarGRES-1
former employees will request their pay from the previous investor,
ABS-energy. Currently employee-salary debts total KZT 38 Million. (Kazakhstan
Today) *** The
LLP "Petropavlovsk Electric Insulating Material Plant "
(PEIMP, in North Kazakhstan oblast) plans to gradually increase its
share in the CIS electric-insulating materials market to 15-25%. According
to LLP "PEIMP" general director Sergei Grigorenko, at present
LLP "PEIMP"'s
shares in this CIS market total nearly 3.5-5%. But by 2010, the company
plans to reach this index up to 8.7-9.2%, and "in the future- to
15-25%." With this goal, PEIMP is implementing an investment
project to increase the variety of goods and boost output volume. The
Implementation of the first stage (2003-2004) of project will enable
PEIMP to produce up to 720 tonnes of film-clad dielectric per year and
up to 1,000 tonnes of this product per year after the implementation of
the second stage in 2010. According
to Grigorenko, in 2003 LLP "PEIMP" attracted investments
(credits) in the amount of USD 1.5 Million for first project stage
implementation, of them USD 1 Million - for circulating assets increase
for purchasing raw materials, materials and USD 500.000 -for equipment
reconstruction and recovery. In January 2004, the plant had attracted
additional credit loans in the amount of USD 1 Million. The cost of the
second project stage is estimated at USD 5.5 Million. "PEIMP"
exports over 80% of its products to partners in Russia, Ukraine,
Chechnya, Sweden, Great Britain, and Finland. The plant was founded in
Petropavlovsk in 1941 on the base of the electric-insulating materials
plant that was evacuated from the Moscow oblast during the Second World
War. (Interfax-Kazakhstan)
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Transport and Telecommunications |
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A
regional branch of Intel Corporation opened in Almaty, the Intel
Regional Director for Kazakhstan, Central Asia and Transcaucasia Ian
Drew announced. According
to Drew, the tasks of the new department of Intel include developing
relationships with local customers in the sales and marketing spheres,
assisting the development of regional IT-infrastructure, popularising
computer technologies, and more actively promoting IT-solutions, based
on the latest Intel technologies. One of the main functions of Intel in
Almaty includes its mutual interaction with major regional enterprises
and organizations with the purpose of regularly informing them of
Intel’s latest technologies and developing long-term relations with
those organizations. Kirill
Tokarev, head of Intel representative office in Kazakhstan, noted that
the Corporation currently works with 280 companies to assemble computers
in 23 cities throughout Kazakhstan. In 2004, the activity will be
concentrated in the five largest Kazakhstani cities – Almaty, Astana,
Karaganda, and Ust-Kamenogorsk. (Kazakhstan
Today) *** Kazakhstan
is prepared to allocate USD 200 Million to create its own rocket-space
complex (RSC) “Bayterek” (poplar-tree). The Kazakhstani
Prime-Minister Akhmemtov said recently during his visit to Baykonur that
“we are ready to invest USD 200 Million in the “Bayterek”
project.” According to Akhmemtov, “Bayterek” will demonstrate
Kazakhstan’s new approaches to cosmonautics. Currently, Kazakhstan is
reconsidering its space program and studying the possibility of
participating in other space projects. The creation of the start complex
for Bayterek RSC will take five years. It
is expected that RSC Bayterek will be developed according to the Russia
“Angara” RSC. The creation of the infrastructure at Baykonur for the
launch of the Bayterek rocket-carrier will allow for the use of the
ecologically-safe heavy-class rocket to increase the weight of
satellites launched from the cosmodrome. Russia has rented the Baykonur cosmodrome from Kazakhstan since 1994. Pursuant to the agreements, the rent period is scheduled through 2050. According to the agreement, Russia has paid Kazakhstan the annual rent equivalent to USD 115 Million since 1999. (Interfax-Kazakhstan)
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Money Markets |
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KZT/USD market rate dynamics during the week |
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Currency Rates as of 1 June 2004 |
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Note: Some of the information quoted in this issue has been provided for us by Golden Eagle Partners. For more information on those articles, please contact: zhanar@maverick.kz |
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For
more information and other publications please contact Yelena Kovalenko
at +7 (3272) 596 708
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