MARCH 18 2015 (The Bulletin) – A court in Aktobe, west Kazakhstan, convicted three police officers of torturing a robbery suspect, media reported. The sentence is a rare victory for rights activists who say torture is used by Kazakh police to extract confessions.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 18 2015 (The Bulletin) – Ordinary Kazakhs have lost faith in the Central Bank and are expecting a tenge devaluation, media quoted Halyk Bank CEO, Umut Shayakhmetova as saying. She said the proportion of savings held in foreign currency had now risen to 70%. The Central Bank has promised not to devalue the tenge.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 13 2015 (The Bulletin) – Kashagan, the giant oil field in the Kazakh sector of the Caspian Sea which was supposed to lift Kazakhstan into the top tier of global energy producers, may not resume output until 2017, the Shell energy company said.
This is, effectively, a six month delay to the schedule Kazakh officials have been promoting. Kazakh officials had talked up 2016 as the re-start date.
“Replacement activities are ongoing, with production expected to restart in 2017,” Shell said in its annual report.
Shell owns a 16.8% stake in Kashagan.
It has reliable information on how essential maintenance is progressing.
Kashagan has turned into one of the biggest white elephants in global energy history. It was supposed to be operational by 2013 but leaky pipes were discovered shortly after output started at the multi-billion-dollar project.
Other Kashagan shareholders include Italy’s ENI, the US’ Exxon, France’s Total, China’s CNPC, and Kazakhstan’s KazMunaiGaz.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 13 2015 (The Bulletin) – Kazakhstan may delay modernisation work at its three refineries until 2016 because a cut in the price of rival Russian oil products has knocked their profitability, Yerlan Koibagarov, down-stream director at Kazakh state energy company KazMunaiGaz, was quoted by media as saying.
Upgrade work to the refineries is considered essential in the long run to boost output and guarantee the quality of Kazakhstan’s domestically produced oil products. Demand for oil has soared over the last few years, while output hasn’t been able to keep up.
“If this trend continues I really don’t know if we will have enough monetary funds for the modernisation or not,” the government-owned Astana Times newspaper quoted Mr Koibagarov as saying. “Maybe we will have to prolong the term.”
At the beginning of this month, Kazakhstan slapped a 45 day ban on the import of oil products from Russia. The problem is that the value of the rouble has dropped by around half over the past six months, while the Kazakh Central Bank has tried to maintain the value of the tenge. Global oil prices have also plunged.
Refineries and oil products are an important issue in Kazakhstan.
To head off general discontent about the lack of petrol, the Kazakh government has made self-sufficiency for oil products a major plank of their policies.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 17 2015 (The Bulletin) – Halyk Bank, one of Kazakhstan’s largest banks, posted a 58% increase in net profit in 2014 mainly due to a reduction in bad debt. This is good news for Kazakhstan’s banking sector which has been battling to reduce its proportion of bad debt.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 17 2015 (The Bulletin) – London-listed Kazakh packaging company Kazgazy issued a profit warning and said sales in Q1 were down 18% on Q1 2014. Kazagy blamed the fall in the value of the Russian rouble and said it will be forced to cut jobs and implement other cost savings.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 4 2015 (The Conway Bulletin) – The government of the Karaganda region has said that ArcelorMittal’s temporary move to knock 25% off its workers’ wages at its steel plant in Temirtau last month was illegal, the Tengrinews website reported. It has filed a lawsuit against ArcelorMittal, one of Kazakhstan’s biggest foreign investors.
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(News report from Issue No. 222, published on March 11 2015)
MARCH 11 2015 (The Bulletin) – Kazakh president Nursultan Nazarbayev declared he would run in a presidential election set for April 25.
His announcement ended speculation generated last week when he appeared to suggest this it was time for change.
Instead, live at a conference held by his Nur Otan party, Mr Nazarbayev declared that he would look to extend his 26-year-long reign over Kazakhstan.
“There is no bigger reward or happiness than to have the trust of my nation,” he said. “This inspires and invigorates me, and this is why I look youngish.”
Mr Nazarbayev is 74-years-old and has run Kazakhstan since independence from the Soviet Union in 1991.
He called an early presidential election this month after his supporters asked him to underline his authority during an increasingly turbulent economic time.
But succession issues are still at the forefront of Kazakhstan-watchers agenda because only last week Mr Nazarbayev appeared to suggest that he may call it a day.
“I have run Kazakhstan for many years already, I stood at the cradle of its independence, so maybe it was time to ‘change stage’, as they say in a theatre,” he said in televised remarks on March 8.
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(News report from Issue No. 222, published on March 11 2015)
MARCH 4 2015 (The Bulletin) – Kazakhstan banned the import of light oil products from Russia for 45 days from March 5 . The measure was brought in to stem the flow of Russian oil products, made cheaper by the fall in the value of the rouble, and to protect jobs and business at Kazakh refineries.
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(News report from Issue No. 222, published on March 11 2015)
MARCH 6 2015 (The Bulletin) – A military court in Kazakhstan sentenced Nurlan Zholamanov, the former head of Kazakhstan’s border forces, to 11 years in prison for corruption. Zholamanov’s imprisonment is one of the biggest cases in the government’s high-profile anti-corruption drive.
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(News report from Issue No. 222, published on March 11 2015)
