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| 09 November 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Politics and Macroeconomics |
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ADB
Forecasts Short-Term Economic Growth |
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The
president of the Asian Development Bank (ADB), Tadao Chino, believes
that Kazakhstan’s economic growth will average 7% annually over the
next several years. “As
a whole, Asian countries are growing very rapidly. This year all 40
developing countries that are members of ADB have achieved 7% growth
rates on average. And this year, Kazakhstan’s growth rate in
particular looks very strong. I think that 7% annual growth for a
short-term period is nothing special,” Mr. Chino said at a briefing
after a meeting with the president of Kazakhstan, Nursultan Nazarbaev,
on Monday in Astana. “Kazakhstan
can be congratulated with its achievements,” he noted, “but what is
more important is that its leadership realizes perfectly the challenges
it must face.” In particular, Kazakhstan understands the necessity to
keep on diversifying its economy. It fairly distributes the benefits
gained from economic development to the population. ADB
had forecasted Kazakhstan’s economic growth in 2005 to be 9% more than
in 2004. Chino continued by saying that in turn ADB is ready to
thoroughly assist in the development of fields that are the highest
priority from the perspective of improving the lives of the population. (Interfax-Kazakhstan) |
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GDP
Up 9% In 2005 |
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The
first Prime Minister of Kazakhstan, Daniyal Akhmetov announced on Monday
at a joint session of the parliament that the GDP could increase to a 9%
growth rate in 2005. A
draft of the republican budget for 2005 has forecasted GDP to be KZT
5.85 trillion (current exchange rate at 132 KZT/USD 1) with a growth
rate of 7.9% in 2004. The prime minister explained that the growth rate
in GDP was forecasted to decrease in 2005 vs. 2004, because of an
expected decrease in the growth of oil production in 2004. Therefore, if
the growth rate of oil recovery in Kazakhstan is expected to be 9.4%
this year, it is expected to be 5.1% for next year. Daniyal
Akhmetov’s rationale for a decrease in the growth rate of oil recovery
is the significant preparatory work on a number of large deposits on the
Caspian shelf during this year. The premier believes that over the next
three years, the rates will increase.
Another reason for providing a cautious GDP growth forecast is
that growth rates in the prices of nonferrous metals are tending to drop
substantially”. (Interfax-Kazakhstan)
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Kazakhstan
Reduces Gold Output By 4% And Silver Output By 13% In January-September |
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In
January – September of the current year, Kazakhstan produced 6,996 kg
of affined gold, or 4% less than during the same period of 2003, and the
output of affined silver for the accounting period decreased by 13%,
down to 522,193 kg, the national statistics agency reported. At
the same time, in January-September of 2004, the nation produced
1,093,343 tonnes of aluminium (103% against the Jan-September of 2003),
and 228,586 tonnes of untreated zinc (104% respectively). In addition,
the statistical agency reported, the output of refined copper in the
form of billets other than sintered goods, subject to rolling, extruding
and forging, totalled 336,054 tonnes (106%). According to the statistical agency’s information, in January-September of the current year compared with the same period of 2003 Kazakhstan boosted production of magnesium and magnesium products, including waste and scrap metal, with the exception of magnesium carbide, by 27%, titanium and titanium goods, including waste and scrap metal, with the exception of titanium carbide, by 23%. (Interfax-Kazakhstan)
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President
Dissatisfied With Bank Credit Policy |
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Kazakhstani
President Nursultan Abishevich Nazarbaev has criticized commercial banks
for insufficient crediting of small and medium-size businesses. “Today,
most bank credit is allocated in financial projects for privileged
companies and bank affiliate industrial and trade groups. Why are banks
so greedy when it comes to giving credit to small and medium-size
business?” the head of state asked on Wednesday in Astana at a session
of the new convocation of parliament. Nazarbaev
emphasized, “In previous years, the country established privileged
conditions for the financial sector”. “Now, we must and we will
demand real returns from this sector,” he added. The president said,
“The economy has investment resources today, the assets of banks,
pension funds and insurance companies are growing”. “But these are
not working sufficiently toward long-term goals,” he said. In connection with this, the head of state announced, “financial institutes need to expand crediting of investment projects in the real sector of the economy and introduce new financial instruments accessible to all market participants”. (Interfax-Kazakhstan) |
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Russian
Minister Assumes Access To Pipeline In Kazakhstan |
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(Kazakhstan
Today) |
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Equities |
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The
KASE-Shares index increased by 0.20% to 205,96 by the end of period on
November 2 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 October 27
and November 2 2004, the volume of equity trades at the KASE increased
to USD 17,339,556 from USD 11,951,334 in the previous period. The shares
traded during the period were common shares of Alyans Bank (LSBN),
ATF Bank (ATFB), Bank CenterCredit
(CCBN), Kazakhtelecom (KZTK), Ordabasy (ORDB), Temirbank
(TEBN), ValutTransit Bank (VTBN) and
ValutTransit Zoloto
(VTZL) and preferred shares of ATF Bank (ATFBp),
Kazakhtelecom (KZTKp), MangystauMunayGas
(MMGZp), Ordabasy (ORDBp) and ValutTransit Bank (VTBNp).
(Irbis) |
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Company News |
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Oil & Gas |
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Karamay,
a petrochemical company under the Chinese oil concern, PetroChina, has
suggested that their Kazakhstani partners begin the production of
bitumen at the Pavlodar oil refinery, the deputy general director of the
Peijun Wu Company told journalists in Xian, Shensi province in western
China. The Chinese estimate an investment of 30-50 million Chinese yuans
and are available for the provision of equipment and technology to the
RK. The
technology would refine crude oil into high quality high-octane
gasoline, diesel, mazut, rubber material and bitumen, used for repairing
roads, constructing highways and making water proof coating for
hydro-technical facilities. Representatives
from Karamay took part in the third international conference in Xian in
October 26-28 entitled, “The Revival of the Silk Road and Construction
of Transportation Infrastructure.” The company operates the Karamay
oil field located on the northern border of Kazakhstan and is one of the
largest petrochemical productions in Northwest China. (KazInform) *** The
Caspian Pipeline Consortium system transported over 2 million tonnes of
oil for the first time, a source in the CPC press service stated. The
source said that the volume of transportation through the system in
October amounted to 2.113 million tonnes compared to 1.832 million
tonnes in September. The 400th tanker was loaded with CPC oil on October
27. The
total length of the Tengiz-Novorossiysk pipeline is 1,580 km, which
connects deposits in Western Kazakhstan to the coast of the Black Sea in
Russia. The pipeline will have a capacity of 28.2 million tonnes of oil
during the first stage, which will gradually increase to 67 Million
tonnes annually. The
Caspian Pipeline Consortium includes the participation of the following
countries and companies: Russia with a 24% interest, Kazakhstan with
19%, Oman at 7%, Chevron Caspian Pipeline Consortium Co. at 15%, Mobil
Caspian Pipeline Co. with 7.5%, Oryx Caspian Pipeline L.L.C. with 1.75%,
LUKArco B.V. with 12.5%, Rosneft-Shell Caspian Ventures Ltd. with 7.5%,
Agip International (N.A.) N.V. with 2%, British BG Overseas Holdings
Ltd. with 2%, and finally Kazakhstan Pipeline Ventures L.L.C. with a
1.75% interest in the consortium. Last
year the CPC pumped 14.778 million tonnes of oil. (Interfax
Oil Information Agency) *** PetroKazakhstan’s
net income for the third quarter of 2004 is USD 176.2 Million, which is
a 93.2% increase compared to the same period last year. Cash flow
increased by 72.3% up to USD 186.9 Million. PetroKazakhstan's production
volume totalled 14.52 million barrels in the third quarter of 2004
averaging 157,786 barrels of oil per day (bpd), which is 2.0% more than
the third quarter in 2003, which averaged 154,712 bpd. Production in the
third quarter this year also presented a 4.4% increase from production
during the second quarter of 2004, which averaged 151,104 bpd. Wells
developed in Kyzylkiya, Aryskum, Kumkol North and Akshabulak fields
helped to increase PetroKazakhstan’s production rate. The
drilling campaign in Aryskum continues to develop with the completion of
eleven wells during the third quarter of 2004, bringing the total so far
this year to fourteen. The Company plans to drill four more wells before
the end of the year. Other
wells drilled in this quarter include one production well in the
Kyzylkiya field and three in the neighboring licensed territory of
Kolzhan in the north, bringing the total number of wells drilled in the
area this year to thirteen. Upgrading
the Akshabulak processing facilities continues, which will increase
production rates to over 60,000 bpd, 30,000 bpd net, by mid 2005. Two
development and field delineation wells were drilled last quarter. (Golden
Eagle Partners) *** Saipem
will construct and install an offshore pipeline system as a part of the
development program for the Kashagan field, located in the Caspian Sea,
read a message on the official Eni site on Tuesday. According
to the press release, “Saipem has been awarded a USD 520 Million
contract following an international tender. Saipem will install the
pipeline system between 2006 and 2007 with a new lay barge and new
trenching equipment.”
Kashagan is managed by the Agip KCO international consortium,
which was created pursuant to the 40-year PSA signed in 1997. The North
Caspian Consortium will launch industrial extraction in 2007/2008.
According to Agip KCO, Kashagan’s recoverable reserves are a minimum
of 7-9 billion barrels, and the total geological reserves are 38 billion
barrels. Consortium
participants are ENI as the operator with 16.67% shares, Total with
16.67% shares, Shell with 16.67%, Inpex with 8.33%, ConocoPhillips with
8.33%, and BG with 16.67%. BG announced its withdrawal from the
consortium, and both Kazakhstan and the project participants aspire to
purchase its shares. (Interfax-Kazakhstan) *** The
14th well is currently operating at the Amangeldy gas deposit in the
Zhambyl Oblast. In
the beginning of the exploitation of natural resources, Amangeldy Gas
CJSC received only about 25 thousand cubic meters of gas, the minimum
yield for the start of well exploitation. They intend to gradually
intensify their operations, however. Three wells are now being
developed. Two of these have been drilled, and Kazburgas-Taraz JSC is
deepening the third. Soon,
all 17 planned wells will supply gas to consumers in the Zhambyl Oblast.
(KazInform) *** PetroKazakhstan
Inc., a company incorporated in Canada, has announced that it has been
approved for listing on the Kazakhstan Stock Exchange under the trading
symbol of CA PKZ. PetroKazakhstan,
already listed on the New York, Toronto, London and Frankfurt Stock
Exchanges, is a vertically integrated, international oil company
operating solely in the Republic of Kazakhstan. The
Company will become the largest oil company listed on the Kazakhstan
Stock Exchange, in terms of market capitalization (US $2.7 billion as of
October 20, 2004). PetroKazakhstan's will be the first securities of a
foreign issuer admitted to the listing of the Kazakhstan Stock Exchange.
The company's upstream activities consist of exploration, development
and production in the South Turgai basin in south central Kazakhstan.
The Company operates 7 licenses (100% owner) and holds a 50% interest in
4 other licenses through joint ventures. Its current production is
approximately 160,000 barrels of light crude oil per day. Bernard
Isautier, President and Chief Executive Officer, commented, “We are
delighted and honored to begin trading our shares on the Kazakhstan
Stock Exchange. We believe that through listing on the Kazakhstan Stock
Exchange we will be able to support a professional and vibrant exchange
that will foster investment by Kazakh investors in businesses operating
in Kazakhstan. We are pleased to be involved with an institution that is
poised to grow and develop alongside the Kazakhstani economy,” the
PetroKazakhstan press release read. (Golden
Eagle Partners) *** Russia
will demand the Caspian Pipeline Consortium shareholders to adopt a
package agreement, Sergey Oganesyan, the director of Federal Energy
Agency Stated. “We
have prepared a package of demands which we believe must be adopted by
the shareholders. So far the adoption has been problematic.” Oganesyan
said. He said that in late 2004, Russia would begin sending its share of
the oil supply through CPC through the rail terminal under construction
near Kropotkinskaya Oil transfer plant. The
package agreement developed by the Russians includes an increase of
transportation tariffs through the CPC system and a decrease in credit
rates. The Russians also proposed to include a provision in the CPC for
a board of directors that would allow Russia enhance its role in the
consortium management. The
CPC pipeline Tengiz-Novorossiysk, 1,580 km long, connects the fields of
West Kazakhstan with the Russian coast of Black Sea. During its first
stage, the pipeline capacity will total 28.2 million tons per year
(Kazakhstan’s share – approximately 21 million tons). Gradually, the
capacity should grow to 67 million tons per year. Russia
owns 24% in CPC, Kazakhstani KazMunayGas – 19%, Oman CPC Co - 7%.
Another 50% of the consortium belongs to the American Chevron Caspian
Pipeline Consortium Co. (15%), Mobil Caspian Pipeline Co. (7.5%), Oryx
Caspian Pipeline LLC (1.75%), LUKARCO B.V. JV (12.5%), Rosneft-Shell
Caspian Ventures Ltd. JV (7.5%), Italian Agip International (N.A.) N.V.
(2%), British BG Overseas Holdings Ltd. (2%) and Kazakhstan Pipeline
Ventures LLC (1.75%). NaftaTrans
will transport Russian oil through CPC system. Rosneft and British-Dutch
Shell - Rosneft-Shell Caspian Ventures Ltd. have signed a respective
agreement with NaftaTrans for the supply of crude in volume 100 thousand
tons per month. The
Russian share in the CPC system is about 6 million tons of oil per year.
Rosneft-Shell owns 2 million of this. (Interfax-Kazakhstan)
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Banking and Finance |
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Kazkommertsbank
(KKB) placed USD 350 Million in five-year Eurobonds on international
capital markets late last week and increased its number of investors. “Kazkommertsbank
issued international bonds redeemable in 2009, which set a new benchmark
for all other bond issuers in Kazakhstan and increased the number of its
investors,” the KKB press service reported. The report emphasized that
applications from investors exceeded USD 1 Billion, KKB thereby increased
its funds being loaned up to USD 350 Million from USD 200MM as initially
planned. Commenting
on the results of the deal, KKB’s managing director, Andrey Timchenko,
noted “the expansion of the list of investors, including those in Asia,
Europe, and USA, where several important investors who had hesitated
during previous issues had purchased the bank’s securities.” KKB
is the largest bank of Kazakhstan. It was created in 1990. Today it has
branches in all business centers of Kazakhstan. The main shareholders of
the bank are its top managers. Among KKB shareholders are the European
Bank of Reconstruction and Development with a 15% share of
common voting stock.
(Interfax-Kazakhstan) *** The
Kazakhstani commercial ATF Bank plans to issue a USD 150 Million in
Eurobonds by the end of 2004 under favorable market conditions. The term
of the bonds are suggested to be 5-7 years. The
coupon rate for the bonds will be determined after the placement results.
The lead managers of the bonds are CSFB and HSBK. ATF
Bank has placed its first issuance of three-year Eurobonds worth USD 100
Million on international capital markets in April of this year. The
bank’s shareholders set this year’s limit for issuing loans at USD 450
Million. ATF
Bank has the fourth largest assets out of all the banks in Kazakhstan.
Total assets of the bank exceed USD 1 Billion. (Interfax-Kazakhstan) *** Beginning
in November 1st of this year, nearly one and half million Narodniy Bank
cardholders will be able to transfer money to each other, though the
bank’s ATM system. This service is referred to as “card to card”.
This is the first money transfer system using ATMs in Kazakhstan and
Central Asia. In the opinion of Visa International payment system experts,
this novelty will revolutionize the money transfer system, the Narodniy
Bank press service reported. Cardholders
will be able to transfer money to each other during any time of the day
through ATMs (400 ATMs all over Kazakhstan). The receiver could be abroad
or in any city of Kazakhstan. In order to transfer money, one only needs
to know the receiver’s card number. The transfer amount is also
unlimited, and the currency will be tenge (KazInform) *** Bank
CenterCredit has been determined as one of the providers of the USD 20
Million loan for the foodstuff contract corporation Prodcorporation, the
largest Kazakhstani grain exporter. The
18-month loan has been organized together with the Dutch-based Rabobank
and the French-based Natexis Banques Populaires. Security for the
transaction will be receipts partially guaranteed by the Kazakhstani state
fund, guaranteeing performance of liabilities under grain receipts. In
the opinion of the Bank CenterCredit Chairman, Vladislav Li, this
transaction is unique since the Prodcorporation was offered favourable
interest rates for financing and privileged terms of credit. (Kazakhstan
Today) |
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Metals and Mining |
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Copper
Technology LLP, based in Kazakhstan began building a mining and
enrichment plant (MEP) to process copper and zinc ores from deposits in
the Chromtau region in the Aktobe Oblast. The first stone was recently
laid in the foundation for the future MEP. The
first stage of the investment project, which includes the development of
a quarry, the launching of enrichment, crushing and sorting operations,
has been assessed at USD 330 Million. The deadline for completion of the
first stage is the end of 2005. Copper Technology LLP implemented the
project jointly with the Kazakhmys Corporation, which will render
consulting and technical assistance.
USD 121 Million is being invested into the plant. Outokumpu
Technology Minerals OY, which will supply the equipment and technology
for the plant and will install Samdvik equipment. The
second stage envisions the creation of a mini-plant, which will produce
high-purity copper products made from HydroCopper technology with a
projected capacity of 40,000 tonnes annually. It also involves the
creation of a workshop to extract precious metals. The total amount of
investments for the second stage is USD 66 Million, and will be
completed in 2008. In
the 3rd stage, mines will be constructed at Priorskoe,
Vesenne-Aralchinskoe, Avangard, and Kyzyl-Kibachi deposits with an
investment of USD 130 Million. The scheduled completion time is 2018. The
fourth stage will be the production of electrolytic zinc and zinc
powder. Modern technologies will increase copper extraction by 15%, zinc
by 20-40% and precious metals by 15-25%. Considering traditional
technologies the volume of product sales will increase by USD 18 Million
annually due to a reduction in expenses. The output of rolled products
will increase by USD 30 Million annually. (Interfax-Kazakhstan)
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Energy
and Power |
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American
Energy Corporation (AES) companies produced about 8.263 billion
kilowatt/hour of electrical energy from January to September 2004
compared to 7.552 billion during the same period of last year. AES-Ekibastuz,
formerly Ekibastuz GRES-1 located in the Pavlodar Oblast in Northern
Kazakhstan, produced 5.073 billion kilowatt/hour from January to
September 2004 compared to 4.389 billion in the same period last year.
The increase in production is due to greater energy and heat consumption
caused by a surge in industrial development in Kazakhstan. AES
plans to increase electrical energy sales by 2.9%, up to 11.370 billion
kilowatt/hour in 2004, compared to 11.045 billion in 2003, and heat
energy by 0.8% up to 2.321 billion, compared to 2.302 billion
respectively. AES’
main energy consumers in Kazakhstan are large industrial enterprises
such as KazZinc, the Ust-Kamenogorsk Titanium-Magnesium Industrial
Plant, Kazfosfat, and others. Also, a number of Kazakhstan’s
neighbours use the services provided by AES, in particular, UES Rossia. (Interfax-Kazakhstan)
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Transport and Telecommunications |
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Sagingali
Abirov was appointed as the general director of the East-Kazakhstan
Kazakhtelecom branch by the Kazakhtelecom board. Mr.
Abirov graduated from the Moscow Electro-technical Institute of
Communications in 1981, and in 1993 he graduated from the Almaty
Institute of Management, Economy and Forecasting, with a specialization
in engineering and political science. Prior to this position he worked
as the general director of the Mangystau Oblast telecommunication
department. He
has worked in the communications field since 1981. He occupied various
positions from deputy head of the Tulkubas regional communications
department, to deputy director of commerce in the regional telecom
department in Aksay. He was the head of the center for expanded services
of the West-Kazakhstan Oblast telecommunication department, the deputy
general director of the department of corporate sales in Almaty, and the
director of the Mangystau Oblast telecommunications department. (KazInform) *** The
technical maintenance of airplanes in the Almaty international airport
has been recognized as meeting the standards of the European Aviation
Safety Agency (EASA), EASA Part 145. The airport’s aviation technical
center, Aviation Technical of Almaty International Airport, ATCAIA, has
obtained a certificate of recognition during the end of October, the
airport’s administration reported on Monday. “The
technical center of the Almaty international airport is the only one in
Kazakhstan that completed all necessary stages for obtaining a
certification on its own without attracting foreign companies and
consultants for a short period. It took 4 months from the moment the
application was submitted until the compliance certificate was
received,” an official representative of the airport said. He added
that during this time the engineering and technical staff working at the
center completed re-qualification training for all types of airplanes in
the Lufthansa Technical Training, Alteon and Airbus centers. The ATCAIA
was technically re-equipped. Aviation
authorities from Great Britain conducted the compliance audit for EASA
Part 145. It
was also noted that the Almaty international airport management would
obtain a certificate from the US aviation authority (FAA) in the near
future. Almaty International Airport plans to master difficult forms of
technical maintenance for western airplanes. The airport’s
representative said, “This will allow the Almaty airport to maintain
airplanes from any airline in the world, with various registrations”. (Interfax-Kazakhstan) *** The
National Company, Kazakhstan Temir Zholy was provided a loan for the
amount of USD 122 Million for the purchase of 200 modernizations sets
for 100 diesel-electrical locomotives from the world-famous General
Electric Company. The signing of the package of agreements on the loan
took place in Washington on November 1. The loan is being provided by
ABN-AMRO Bank, and US EximBank, according to the Kazakhstani Embassy to
the USA, is securing repayment. US
EximBank Phillip Merrill said that the current contract is EximBank’s
largest for cooperation with any railway company in the world. According
to Kazakhstani Ambassador to the USA, Kanat Saudabaev, the Strategy of
Industrial-Innovation Development, adopted at the initiative of
President Nursultan Nazarbaev, has opened special opportunities for the
expansion of participation of the US capital in the non-raw material
sector of the Kazakhstani economy. The diplomat expressed his hope that
the project will become the “locomotive” for GE participation in
this ambitious program, Saudabaev noted. (KazInform) *** The
Kazakhstani Prime Minister, Daniyal Akhmetov has assigned appropriate
agencies to examine the feasibility of an organization in Kazakhstan for
the assembly of NefAZ (Neftekamsk Bus Plant) passenger buses from ready
made parts. “The
prime-minister handed out assignments to conduct testing of the new
buses in all oblasts, and if it proves to be comfortable for passengers,
and meet international standards in terms of noise levels, safety and
other indicators, then they should submit their proposals by the end of
the month, and the implementation of the bus assembly project can take
place at a Kazakhstani machine-building enterprise” the Kazakhstani
government press-service reported. NefAZ
buses, intended for city based passenger transportation, are designed
for over 100 passengers, 25 of which are complete with seats. The
press release reported that the advantage of NefAZ buses is the fact
that their assembly utilizes the chassis of KamAZ trucks. They have
economical diesel engines, and are cheap to maintain. (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 9 November 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: zhonar@maverick.kz or newswire@ges.kz |
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For
more information and other publications please contact Yelena Kovalenko
at +7 (3272) 596 708
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