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Archive
#3 (87), May 2014
Exclusive
KMG is Ready for Different Scenarios
The National Company’s operational results of 2013 were summarized and its priorities for the current year were defined at the expanded Board of JSC National Company KazMunayGaz.
Government Welcomes the Investors
The Government of Kazakhstan is targeted at significant liberalization of the investment climate. It is a forced measure - according to official statistics, last year, the foreign direct investment inflow in the country decreased by $ 4.8 billion - up to $24,137 billion against $28,935 billion in 2012. Significant reputational damage to positioning of Kazakhstan as the "Oil Klondike" was caused by the accident at the Kashagan field almost immediately after the start of production in the autumn of last year.
Projects
Maersk Oil has reached 100 wellmilestone at the Dunga Field
Maersk Oil has drilled 100 out of the 198 wells planned within the Dunga Phase II Development Project. Once completed and started up, each 1,700 m deep well is expected to produce between 25 to 50 tonnes of oil per day.
Technology
Sour Natural Gas Capabilities
More than 50 years of experience in devepopment and operations. Proprietary technologies to separate contaminants from natural gas. Superior focus on safety, reliability and efficiency.
Focus of the Issue: Russian Vector
Eurasian Economic Union. Risks and Opportunities for Kazakhstan
As expected, May 29, 2014 the Treaty on the establishment of the Eurasian Economic Community (EEC) will be signed in Astana, Kazakhstan. Meanwhile, during the meeting of the presidents of Russia, Kazakhstan and Belarus held in Minsk on April 29, there was a discussion of the preparations for the signing of the Treaty, which once again showed the hidden differences existing between the participants of the integration process.
On the Way to the Common Economic Space
The Republic of Kazakhstan is one of the closest countries for the Russian Federation. Historically, Russia and Kazakhstan have strong friendship. In recent years, a significant contribution to the development of trade and economic relations of our two countries was made by the formation and functioning of the Customs Union between Russian, Kazakhstan and Belarus, as well as the formation of the Common Economic Space of three countries.
Information on Subsoil Becomes Open
For the years of independence, the mineral resources sector of Kazakhstan fully adapted to the requirements of the world market. Having the significant mineral reserves, Kazakhstan is a major exporter of energy feedstock, ferrous, non-ferrous and noble metals. Given the significant role of the mineral-raw-material base in the country's economy, a serious assessment of its status is required at the present stage.
LUKOIL's Castling in Kazakhstan
On April 15, the Russian Company LUKOIL announced its’ secession from the Caspian Investment Resources Ltd., the joint venture with Chinese Sinopec in Kazakhstan. LUKOIL sold out its’ share to the Chinese partner of the joint venture for $ 1.2 bln. Purchase and sale Agreement was signed on 15th of April. The price is subject to a number of adjustments on the date of the deal completion which is planned to be finalized before the end of this year. Upon result of the deal, Sinopec consolidates 100% of Caspian Investment Resources Ltd.
World Standards at Gazpromneft-Lubricants Ltd
The second phase of the production facility for mixing, dispensing and packaging of oils was commissioned at the Omsk Lubricants Plant (OLP) at the beginning of April. With an introduction of the high-tech facility, the production capacity of the plant is up to 300 thousand tons of lubricants, including packaging of 180 thousand tons of finished products.
Legislation
An Overview of Important Amendments into Kazakhstan Laws Governing Enforcement of Judicial Acts Introduced in January 2014
Kazakhstan laws which govern enforcement of judicial acts were considerably amended in January of this year. These amendments effectively represent policy change towards enforcement of judicial acts in Kazakhstan, making it easier to enforce acts of courts and hold debtors liable for the failure to enforce. The new law may potentially affect everyone doing business in Kazakhstan, especially businesses. In this article, we would like to briefly describe the latest amendments into the law and compare the amended law with the previous regime.
Presentation
International Business Week in Atyrau
The most important region-scale events, related to the petroleum and construction industries- Atyrau Oil & Gas 2014 and Atyrau Build 2014 are held from 1 to 3 April in Atyrau city. The venue is the Atyrau Sport Complex and the temporary showroom, specially built for these exhibitions. Traditionally, OILTECH Atyrau 2014 and the 8thAtyrau Regional Petroleum Technology Conference are hosted by the Renaissance Atyrau Hotel during the same period – April 1-2.
The Concept of II World Anti-Crisis Conference for the UN Member States will be Introduced at VII Astana Economic Forum
21st-23rd May 2014 Kazakhstan Capital Welcomes Participants of VII Astana Economic Forum. The world remains under a strong pressure of economic recession. We live in interconnected and interdependent world where financial economic recessions serve as catalysts of crisis situations in many areas: deterioration of banks and budget systems’ financial state, poor level of trust to markets that negatively influences mass consumption and investments. In turn, this leads to the growth of unemployment and debt deficit in many countries.