JUNE 16 2016 (The Conway Bulletin) – Tsesnabank, one of the largest banks in Kazakhstan, completed its takeover of Russian Plus Bank by buying a 14.7% stake from UAE based Linex Global. Tsesnabank, which had bought a controlling stake in Plus Bank in January, now owns 99% of the bank. Adilbek Dzhaksybekov, mayor of Astana, owns Tsesnabank.
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(News report from Issue No. 285, published on June 17 2016)
JUNE 8 2016 (The Conway Bulletin) — Kairat Satybaldy, the eldest nephew of Kazakh President Nursultan Nazarbayev, and Vyacheslav Kim, both linked to Kaspi Bank, one of Kazakhstan’s most prominent high street banks, bought into AllurGroup, a carmaker with its main operations in Kostanai, in the north of the country. Through Alatau Invest Capital, a financial vehicle, Mr Satybaldy has said he wants to invest in the car-making industry.
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(News report from Issue No. 284, published on June 10 2016)
ALMATY, JUNE 6 2016 (The Conway Bulletin) — Kazakhstan’s energy minister Kanat Bozumbayev denied that the government was using multi-billion dollar fines against the consortium operating the Karachaganak gas and condensate field to negotiate more favourable terms to a Production Sharing Agreement (PSA) drawn up in 1997.
Mr Bozumbayev’s comment contradicts statements by shareholders in Karachaganak. Russian oil company Lukoil said in its Q1 report that Kazakhstan’s total claims for the renegotiation of the Karachaganak contract have grown to $1.8b, up from $1.6b it had highlighted in April.
At a press conference in Astana, Mr Bozumbayev tried to shrug off the allegations.
“The reason I do not comment on these issues is that my words are then taken out of context and I read that Kazakhstan wants to sue,” media quoted him as saying. “Kazakhstan is holding friendly negotiations with the shareholders of the Karachaganak project.”
Mr Bozumbayev’s comments are the most clear to date that the Kazakh government is holding direct talks with the Karachaganak partners on a new PSA deal.
Essentially, the Kazakh government wants a greater share of the profits from Karachaganak. Last week, the FT reported that the Kazakh government had rejected a $300m deal to settle the dispute.
The consortium is Eni (29.25%), BG (29.25%), Chevron (18%), Lukoil (13.5%) and Kazmunaigas (10%).
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(News report from Issue No. 284, published on June 10 2016)
JUNE 8 2016 (The Conway Bulletin) — ALWA, a German plastics manufacturer, bought a 15% stake in Orient Finance Bank, an Uzbekistan-based lender, for 9.3b sum ($3.2m), news agency Trend reported. The bank was able to sell the stake by increasing its capitalisation. This is in line with the government policy of selling off stakes in state-owned or state-participated assets.
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(News report from Issue No. 284, published on June 10 2016)
JUNE 8 2016 (The Conway Bulletin) — The Kazakh government said it will have to recalculate costs for the construction of a petrochemical technopark in a Special Economic Zone near Atyrau, due to the depreciation of the local currency. Nurlan Rakhmetov, managing director at Samruk-Kazyna, the country’s sovereign wealth fund, said costs will rise. As of June 1, the local consortium building the technopark has received 40.7b tenge ($120m) from the state budget.
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(News report from Issue No. 284, published on June 10 2016)
JUNE 6 2016 (The Conway Bulletin) — Russian PM Dmitri Medvedev said that state-owned gas company Gazprom will invest around $1.5b in Kyrgyzstan’s energy infrastructure and that it will cancel export duty on oil and oil products. Mr Medvedev made the statement while in Bishkek on an official visit. Oil and petroleum products make up 51.9% of Kyrgyz imports from Russia.
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(News report from Issue No. 284, published on June 10 2016)
JUNE 7 2016 (The Conway Bulletin) — South Korean automaker Hyundai said it has sold 500 Aero City buses to Turkmenistan, for $66m. Hyundai has already sold 700 buses to Turkmenistan over the past seven years. The new buses will mostly service the capital, Ashgabat, during the Asian Indoors Games in 2017.
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(News report from Issue No. 284, published on June 10 2016)
JUNE 6 2016 (The Conway Bulletin) — Azerbaijan’s state-owned energy company SOCAR said its Romanian subsidiary SOCAR Petroleum made a profit in 2015 for the first time since 2011 despite a fall in revenues. SOCAR Petroleum owns several filling stations across Romania. Low oil prices reduced total revenue at SOCAR Petroleum but also gave it a higher profit margin on sales.
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(News report from Issue No. 284, published on June 10 2016)
JUNE 6 2016 (The Conway Bulletin) — Azerbaijan’s state-owned energy company SOCAR said it aims to increase oil and gas production at several offshore fields in the Caspian Sea. The company said it will build nine new platforms to drill 81 wells. CEO Rovnag Abdullayev said a new gas platform in the Guneshli block will be the first to be entirely designed and built by SOCAR.
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(News report from Issue No. 284, published on June 10 2016)f
JUNE 7 2016 (The Conway Bulletin) — A new Hyatt hotel will open in mid- June in Uzbekistan’s capital, Tashkent, sources told local media. The US-based company had planned to open the new hotel in 2013. The original plan was a $113m investment and completion by early 2015. According to reports, costs have now grown to around $205 and include an investment from the government. The hotel will open just days before a meeting of the Shanghai Cooperation Organisation in Tashkent.
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(News report from Issue No. 284, published on June 10 2016)
