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Kazakhstan proposes to create a council to increase transparency of tariff formation

In Kazakhstan, it is proposed to create a Tariff Policy Council to increase transparency of tariff formation, said Vice Minister of National Economy Serik Zhumangarin, presenting the draft law on Natural Monopolies. "To increase transparency of tariff formation and public involvement in this process,...

Development Bank of Kazakhstan funds wind energy farm to open in 2019

The Development Bank of Kazakhstan (DBK) is financing CATEC Green Energy’s construction of a wind power plant near the capital. The initial section, with a capacity of 50 megawatts, will be completed by mid-2019. “The wind farm construction will contribute to the fulfilment of Kazakhstan’s...

Kazakhstanis assess quality of electricity supply in the country

The Committee for Atomic and Energy Supervision and Control of the Energy Ministry of the Republic of Kazakhstan conducted a survey of consumers on the quality of electricity supply, Kazpravda reports. According to the press service of the Energy Ministry of the Republic of Kazakhstan, the survey...

KazMunayGas rating affirmed at ‘BB-‘; outlook stable

S&P Global Ratings said that it has affirmed its ‘BB-‘ long-term corporate credit rating on Kazakhstan’s 100% state-controlled national oil company KazMunayGas NC JSC (KMG) and its core subsidiary KazMunaiGas Exploration Production JSC (KMGEP). The outlooks are stable. S&P...

Karachaganak consortium requested to increase contributions for large social projects of West Kazakhstan

Governor of West Kazakhstan Region Altay Kulginov has addressed the operator of the foreign consortium developing Karachaganak field to increase the financing of large social projects in the region, Kazinform reports. "According to the investors, in 2017 subsoil operators developing Karachaganak...

Mangistau region launches eco-green city project, advances energy solutions

A unique eco-green city worth $2.1 billion will be constructed in Aktau, according to the Mangistau region’s press service. The Mangistau region akimat (local executive body) signed an agreement on the construction and financing of the project with Global Project Capital Ltd, AAG Corporate...

Lukoil expects to sign new field development agreement with Kazakhstan

Lukoil is going to sign a new Caspian fields development agreement with Kazakhstan in coming future, Chief Executive Officer of the Russian oil major Vagit Alekperov told reporters on Thursday, TASS reports. "We expect we will sign a new field development agreement with Kazakhstan in the near future....

Green energy to satisfy electricity demand in East Kazakhstan

Solar installations, wind generators and a hydroelectric power station will be launched this year in the East Kazakhstan region. “These projects are implemented to develop the green economy, one of the main aspects of EXPO 2017. The idea of constructing such power stations is particularly relevant...

Oil sector played significant role in the improvement of the State budget in 2017

The oil sector has provided a crucial support to the consolidated budget of the country (which include National Fund) in 2017 – oil revenues increased by 60% while their share in revenues has increased to 30%. Against this background, growth in non-oil taxes by 11%, confirms the growing dependence...

Kazakhstan retakes major position in regional oil production: OPEC

The FSU’s oil supply is estimated to have grown by 0.20 mb/d in 2017 to average 14.06 mb/d, revised up by 0.03 mb/d due to higher-than-expected output in 4Q17. Total FSU liquids production in November increased by 0.13 mb/d to average 14.10 mb/d, mainly due to Kazakh oil output returning from...

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