Our People > Sergey Kwan

Sergey Kwan

Journalist

Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
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Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

Articles

AI-92 Gasoline

Kyrgyzstan Seeks to Boost AI-92 Gasoline Production as Fuel Supply Pressures Persist

Kyrgyzstan is seeking to increase domestic production of AI-92 gasoline by upgrading surplus low-octane AI-80 fuel. The country continues to face rising fuel prices and supply uncertainty because it relies heavily on imports from Russia. Kyrgyz Petroleum Company (KPC) has issued a tender for chemical additives needed to produce AI-92 gasoline from AI-80 fuel. The company operates an oil refinery in Manas, formerly Jalal-Abad, in southern Kyrgyzstan. The facility can process 500,000 tons of crude oil annually. The refinery mainly produces AI-80 gasoline. Domestic demand for this grade has virtually disappeared, leaving significant stockpiles. Earlier this year, the government authorized exports of domestically produced AI-80 gasoline and diesel fuel to Tajikistan and Afghanistan. The move comes as Kyrgyzstan faces growing pressure from disruptions in the Russian fuel market. Russia supplies more than 90% of Kyrgyzstan’s imported petroleum products. It has imposed temporary restrictions on gasoline exports after Ukrainian drone attacks on oil-processing facilities reduced refinery output. Kyrgyzstan imports approximately 1.2 million tons of petroleum products annually. Domestic refineries currently satisfy only about 5% of national demand, while total annual fuel consumption is estimated at 1.6 million tons. KPC’s refinery is undergoing a $410 million modernization project designed to reduce the country’s dependence on imported fuel. SPEC Engineering, based in the United States, is carrying out the work. External investors are providing $200 million, and Kyrgyzstan’s government is contributing $110 million. Kyrgyzneftegaz, KPC’s parent company, is providing the remaining $100 million. When the project is completed at the end of 2027, the refinery is expected to begin producing AI-92 and AI-95 gasoline that meets K-4 and K-5 Eurasian Economic Union environmental standards. At the launch of the project in September 2024, President Sadyr Japarov said the refinery met only 6.5% of Kyrgyzstan’s demand for high-quality gasoline and diesel fuel. He said its share would rise to 32% after the upgrade. The Manas refinery is one of Kyrgyzstan’s two largest refining facilities. The other is the Junda refinery in Kara-Balta, also known as the Zhongda refinery. It is being upgraded, with completion scheduled for August 2026. As previously reported by The Times of Central Asia, Kyrgyzstan has recently eased its temporary fuel price controls in an effort to stabilize supplies. The government introduced emergency regulation of fuel prices on May 25. Benchmark import prices were set at $860 per ton for AI-92 gasoline and $940 per ton for AI-95 gasoline. The benchmarks for diesel fuel and liquefied petroleum gas were $950 and $575 per ton, respectively. However, a resolution signed on July 7 by Chairman of the Cabinet of Ministers Adylbek Kasymaliev removed AI-95 gasoline from the list of socially significant goods subject to state price regulation. It also abolished the caps on retail fuel prices set earlier. The government said the changes were intended to ensure uninterrupted fuel supplies after AI-95 temporarily disappeared from filling stations in Bishkek.

1 month ago

Aquaculture

Kazakhstan Begins Construction of Its First Fish Feed Plant

Kazakhstan has begun construction of its first plant to produce extruded fish feed, with support from the Ministry of Agriculture. The facility will have an annual capacity of 25,000 tons, helping to meet the needs of the country’s rapidly expanding aquaculture sector. The project is regarded as a strategic step for Kazakhstan’s fisheries industry because it is expected to reduce dependence on imported feed and expand domestic fish production capacity. Commercial fish farming has been growing steadily in recent years. In 2025, Kazakhstan produced approximately 23,000 tons of aquaculture products, including around 4,000 tons of trout. According to the Ministry of Agriculture, aquaculture output is projected to reach 64,700 tons in 2026. The expansion of fish farming has significantly increased demand for high-quality feed. Kazakhstan’s aquaculture sector requires approximately 72,000 tons of fish feed annually. While domestic manufacturers already supply most of this demand, the industry continues to rely on imports for high-protein feed. The shortage is particularly acute for feed used to raise high-value species such as trout and sturgeon, as this type of feed has not previously been produced domestically. The new plant is therefore expected to supply Kazakhstan’s fish farms with high-quality domestic feed. Kazakhstan’s fish market reached 106,500 tons in 2025, up 13% from 2024. According to Serik Sermagambetov, chairman of the Fisheries Committee at the Ministry of Agriculture, fish production is expected to reach 2.5 times its current level by 2028. He cited government support and industry digitalization, with new investment projects also expected to contribute. Commercial fish catches are projected to reach 100,000 tons by 2029. By 2029, the modernization of fish hatcheries is expected to increase annual juvenile fish production from 18 million to 85 million. According to Sermagambetov, Kazakhstan harvested 49,600 tons of fish from natural water bodies and produced 22,900 tons through aquaculture in 2025. Exports totaled 21,000 tons of fish products. The fishing industry currently comprises 537 enterprises employing more than 12,000 people. Fish processing is carried out by 73 facilities with a combined annual capacity of 126,000 tons. Twenty of these plants are authorized to export to the European Union, while Kazakhstan’s fish products are shipped to 21 countries. In 2025, fish processing volumes reached 37,000 tons, up 24% from the previous year. To encourage higher-value processing, the government has introduced tax incentives and financial support measures. Fish processors benefit from a 70% reduction in value-added tax and access to preferential working capital loans at an annual interest rate of 5%. Aquaculture remains a key government priority. State support for fish farms reached approximately $10.1 million in 2026, 11.5 times the 2021 level. Over the same period, the number of registered fish farms doubled to 684.

1 month ago

Critical Minerals

Kazakhstan and South Korea to Establish Rare Metals Research Center in Almaty

Kazakhstan and South Korea are establishing a joint research and technology center in Almaty to support the development of Kazakhstan’s rare metals and critical minerals industry. The Kazakh-Korean Center for Rare and Rare Earth Metals will be established at Satbayev University in partnership with the Korea Institute of Industrial Technology and the Korea National Institute of Rare Metals. During a meeting on July 9, representatives of the three institutions discussed how the project will be carried out. They also reviewed the purchase of modern laboratory equipment and long-term scientific and technological cooperation. The center will train specialists for Kazakhstan’s growing rare metals industry and give local researchers access to modern analytical and processing equipment. It will also support joint research with international partners. “The combined scientific potential of Kazakhstan and the Republic of Korea will enable the implementation of modern technologies for processing strategic raw materials, expand scientific research, and train world-class specialists,” Satbayev University Rector Meiram Begentayev said. According to the university, the facility will become Kazakhstan’s first full-cycle scientific and technological platform dedicated to developing, testing, and commercializing environmentally friendly technologies for the production of high-purity and ultra-high-purity rare and rare earth metals. The center will also conduct fundamental and applied research and pilot new technologies for processing mineral and industrial raw materials. The initiative is part of Kazakhstan’s effort to become a major supplier of critical minerals. Demand is rising from electric vehicle makers and renewable energy companies, while semiconductor and defense industries are also increasing their need for rare metals. Speaking at the C5+1 Critical Minerals Dialogue in Astana on June 10, Minister of Industry and Construction Yersaiyn Nagaspayev described critical minerals as a strategic priority for Kazakhstan’s industrial policy and long-term economic development. He said the country has more than 9,500 mineral deposits, including over 100 containing rare and rare earth metals. Nagaspayev has previously said Kazakhstan is capable of supplying 19 of the 50 critical raw materials identified by the United States and 21 of the 34 minerals included on the European Union’s critical raw materials list, positioning the country as an increasingly important participant in global supply chains. Kazakhstan already produces strategic materials including beryllium, titanium, tantalum, niobium, rhenium, antimony, bismuth, selenium, and tellurium, both as primary metals and as components used in advanced industrial applications.

2 months ago

Almaty-Issyk-Kul Flights

Direct Flights Between Almaty and Lake Issyk-Kul Resume

Kyrgyzstan’s state-owned Asman Airlines will resume seasonal direct flights between Almaty, Kazakhstan’s largest city, and Lake Issyk-Kul, Kyrgyzstan’s leading summer tourist destination. One-hour flights will begin on July 10 and arrive at Issyk-Kul International Airport in the village of Tamchy on the lake’s northern shore. The service will operate twice a week, on Mondays and Fridays, in partnership with tour operator Kompas, Asman Airlines’ official partner in Kazakhstan. Round-trip fares start at $120. Asman Airlines currently operates three Dash 8 Q400 aircraft, Canadian-made short-haul turboprop planes capable of carrying up to 80 passengers over distances of up to 2,000 kilometers. The aircraft are used on domestic routes across Kyrgyzstan after the airline recently restored air links between Bishkek and several remote regional centers. Lake Issyk-Kul remains one of the most popular summer destinations for tourists from across Central Asia, particularly residents of Almaty looking for short weekend trips. The Almaty-Tamchy route is expected to make travel easier for visitors from southern Kazakhstan by significantly reducing travel time during the peak holiday season. By road, the journey from Almaty to Issyk-Kul currently covers more than 460 kilometers via Bishkek and usually takes around eight hours. Efforts to shorten the overland route are continuing. As previously reported by The Times of Central Asia, Kazakhstan and Kyrgyzstan have been advancing a long-discussed highway project intended to directly connect Almaty with Issyk-Kul. Although the two locations are only about 80 kilometers apart in a straight line, mountain ranges force travelers to make a long detour through the Kyrgyz capital. Issyk-Kul has also become more accessible to travelers from Kazakhstan’s capital. According to Kazakhstan’s Ministry of Transport, FlyArystan began regular flights between Astana and Issyk-Kul on July 3. The flights operate twice a week, on Mondays and Fridays, using an Airbus A320. On July 8, Asman Airlines also launched a seasonal direct service between Tashkent, Uzbekistan’s capital, and Lake Issyk-Kul.

2 months ago

Fuel Supply

Kyrgyzstan Eases State Fuel Price Controls as Supply Shortages Persist

Kyrgyzstan has partially rolled back its temporary state regulation of motor fuel prices, removing AI-95 gasoline from price controls and abandoning plans to impose maximum retail fuel prices in an effort to stabilize supplies. As previously reported by The Times of Central Asia, the Kyrgyz government introduced temporary state regulation of fuel prices on May 25 amid continued increases in gasoline and diesel prices, driven largely by the country’s dependence on imports from Russia. The government had approved subsidies for imports of gasoline, diesel fuel, and liquefied petroleum gas through September 30, 2026, while setting benchmark import prices at $860 per ton for AI-92 gasoline, $940 per ton for AI-95 gasoline, $950 per ton for diesel fuel, and $575 per ton for liquefied petroleum gas. Under a new resolution signed on July 7 by Chairman of the Cabinet of Ministers Adylbek Kasymaliev, AI-95 gasoline has been removed from the list of socially significant goods subject to temporary state price regulation. The decision effectively cancels the state price controls introduced just two weeks earlier. It follows reports that AI-95 gasoline had disappeared from several filling stations in Bishkek. The July 7 resolution also abolishes the maximum allowable retail fuel prices established under the May 25 decree. According to the government, the changes are intended to ensure uninterrupted fuel supplies to consumers. The policy adjustment comes as Russia continues to tighten fuel exports. In recent weeks, several Russian regions have imposed restrictions on gasoline sales following reduced refinery output caused by Ukrainian drone strikes on oil-processing facilities. Moscow has already restricted gasoline exports and imposed a temporary ban on jet fuel exports. Kyrgyzstan remains heavily dependent on imported fuel. The country imports approximately 1.2 million tons of petroleum products annually, while domestic refineries meet only about 5% of national demand. Total annual fuel consumption is estimated at 1.6 million tons, with more than 90% supplied by Russia. First Deputy Prime Minister Daniyar Amangeldiyev told the 24.kg news agency that the government is actively diversifying fuel imports through negotiations with Turkmenistan, Uzbekistan, European suppliers, Türkiye, China, Russia, Belarus, and Azerbaijan. According to Amangeldiyev, China has confirmed a contract to supply the first 3,000 tons of jet fuel to Kyrgyzstan, while negotiations are underway for an additional 5,000 tons of diesel fuel. The Kyrgyz government has also signed agreements with Belarus covering 3,000 tons of jet fuel and approximately 10,000 tons of diesel fuel. The reversal shows how quickly price controls can collide with supply constraints in a market still heavily dependent on Russian fuel.

2 months ago

New Air Route

Direct Flights Between Tashkent and Lake Issyk-Kul Launched

Kyrgyzstan’s state-owned Asman Airlines will launch a seasonal direct service between Tashkent and Lake Issyk-Kul on July 8, expanding transport links between Kyrgyzstan and Uzbekistan during the peak summer tourism season. The route is being introduced in partnership with Uzbek tour operator Malva Tour and is intended to make travel to Kyrgyzstan’s largest resort area more convenient for visitors from Uzbekistan. Flights will operate once a week, every Wednesday, arriving at Issyk-Kul International Airport in the village of Tamchy on the lake’s northern shore. The journey will take approximately one hour and 20 minutes. Round-trip fares start at $160, according to Asman Airlines. Lake Issyk-Kul, one of Central Asia’s most popular summer destinations, attracts visitors from across the region with its mountain scenery, beaches, and resort infrastructure. The new route is expected to strengthen tourism ties between the neighboring countries by reducing travel time and improving direct access to the lake. Uzbekistan remains Kyrgyzstan’s largest source of international visitors, accounting for more than 40% of all inbound foreign tourists each year. Visa-free travel, close geographic proximity, and relatively affordable holiday costs have made Kyrgyzstan a popular destination for Uzbek travelers. The launch of the new route reflects broader efforts by Central Asian countries to improve regional connectivity and capitalize on growing cross-border tourism as travel demand continues to recover.

2 months ago

Tamchy Special Financial Investment Territory

Kyrgyzstan Launches Tamchy Financial Zone to Attract Foreign Capital

Kyrgyzstan officially inaugurated the Tamchy Special Financial Investment Territory (SFIT) on July 3 on the northern shore of Lake Issyk-Kul, marking the launch of a new investment zone designed to attract foreign capital and position the country as a regional financial and business hub. Located near the village of Tamchy and close to Issyk-Kul International Airport, the SFIT operates under a separate legal framework aimed at attracting domestic and international investment, improving Kyrgyzstan's investment climate, and supporting growth in manufacturing, tourism, wellness services, and transport infrastructure. The zone also features an independent international dispute resolution center operating under English common law. The Tamchy SFIT covers approximately 6,000 hectares. Companies registered within the zone will operate under English common law, benefit from a zero-tax regime for 49 years, and be allowed to repatriate 100% of their profits. Speaking at the opening ceremony, President Sadyr Japarov expressed confidence that the Tamchy SFIT would become a regional and global investment platform. "According to forecasts, the project will gradually gain momentum, and by 2035, more than 3,900 resident companies are expected to operate in this investment territory, creating over 10,000 new jobs," the president said. Japarov also pointed to the project’s economic impact. "When companies enter the financial investment territory, they bring new orders for builders, suppliers, transport companies, hotels, restaurants, service organizations, farmers, and entrepreneurs. Thus, this project provides jobs for our people, new opportunities for businesses, and new sources of economic growth for the state," he said. The president said the zone’s legal and regulatory framework draws on the experience of several leading international financial centers. He named Dubai and Singapore, and also cited Luxembourg. "We've adopted proven models from these countries' experience and sought to combine them with the national advantages of the Kyrgyz Republic, the unique location of Lake Issyk-Kul, and our human potential," Japarov said. A central feature of the new investment zone is its independent International Center for Dispute Resolution operating under English law. "This important step will significantly enhance trust in the project and make the SFIT's legal framework one of its key competitive advantages," the president said. Japarov also stressed that economic development in the zone would not come at the expense of the environment. "The development of the Tamchy special territory will be carried out with full consideration of the lake's conservation requirements and its unique natural environment. Issyk-Kul is a natural gem, our national treasure, and a symbol of the country. Whatever projects are implemented in the Tamchy special territory, they will be carried out only in compliance with environmental requirements and under strict oversight," he said. During the ceremony, the president presented certificates to the first five resident companies representing the UAE, Hong Kong, Switzerland, Kazakhstan, and South Korea. The organizers also announced registration fees and licensing costs for companies operating in the zone. Company registration within SFIT will cost a minimum of $525, while registration of investment funds starts at $975. According to the organizers, businesses operating within SFIT will be able to...

2 months ago

Chinese Loan Agreement

Kyrgyzstan’s Eldik Bank Secures CNY 1 Billion Loan from China Development Bank

Kyrgyzstan’s state-owned Eldik Bank has signed a loan agreement worth 1 billion Chinese yuan (CNY), or about $147 million, with China Development Bank to finance priority projects and deepen economic cooperation between Bishkek and Beijing. The agreement was signed on July 2 by Eldik Bank Chairman Ulanbek Nogaev and China Development Bank President Tan Jiong. According to Eldik Bank, the funds will be used to finance small and medium-sized enterprises in infrastructure, green energy, industry, agriculture, and other priority sectors. The bank said the facility would give entrepreneurs in Kyrgyzstan access to long-term capital to modernize production and carry out investment projects that create jobs. The two sides also plan to sign an additional agreement allocating CNY 700 million to Eldik Bank’s subsidiaries, Eldik Leasing and Sky Mobile, which will oversee projects under the financing framework. Eldik Bank said the agreement reflected trust between the two financial institutions and a shared interest in expanding financial and investment ties. “Our partnership with China Development Bank has been developing successfully for more than 20 years and has made a significant contribution to supporting Kyrgyzstan’s economy,” Nogaev said. “This new agreement creates additional opportunities for financing priority projects and will further strengthen the economic ties between Kyrgyzstan and China.” The signing took place during the 22nd meeting of the council of the Interbank Consortium of the Shanghai Cooperation Organization in Cholpon-Ata, Kyrgyzstan, where Eldik Bank currently holds the rotating chairmanship. Delegations from member banks in Belarus, China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan attended the meeting. Participants discussed expanding interbank cooperation, joint investment projects, and sustainable finance initiatives within the SCO framework. China remains one of Kyrgyzstan’s largest external creditors. In late June, Kyrgyzstan’s parliament approved a separate preferential loan agreement with the Export-Import Bank of China to finance part of the country’s share in the construction of the China-Kyrgyzstan-Uzbekistan railway, one of Central Asia’s largest transport infrastructure projects. As of January 31, 2026, Kyrgyzstan’s debt to China’s Export-Import Bank stood at approximately $1.5 billion.

2 months ago

Rail Logistics

Kyrgyzstan to Build Railway Logistics Center with EBRD and EU Support

Kyrgyzstan’s national railway company, Kyrgyz Temir Jolu, the European Bank for Reconstruction and Development (EBRD), and the European Union have launched a project to build a modern railway logistics center at Ivanovka station, around 45 kilometers east of Bishkek. The parties agreed on the project during a July 1 meeting, with the EBRD committing grant support for the preparation of a feasibility study. According to Kyrgyz Temir Jolu, the planned logistics hub is expected to make freight transport more efficient and expand Kyrgyzstan’s transit capacity. The company said it would also improve conditions for international transport links. Ivanovka station is located on the railway line connecting Bishkek with Balykchy, a city on the western edge of Lake Issyk-Kul. Kyrgyzstan’s railway network remains relatively limited and largely based on Soviet-era infrastructure. Its main northern rail corridor currently runs from the Kazakh border through Bishkek to Balykchy. In June, Kyrgyzstan began construction of a new railway designed to extend rail access along the northern shore of Lake Issyk-Kul and strengthen Balykchy’s role as a transport hub. The new Balykchy-Tamchy-Cholpon-Ata railway will stretch 86 kilometers and pass through the village of Tamchy, home to Issyk-Kul International Airport. The line is expected to become part of a multimodal transport and logistics hub on the shore of Lake Issyk-Kul. The project adds to a wider series of railway and logistics initiatives centered on Balykchy. The city sits on a strategic corridor linking Bishkek with Naryn and the Torugart Pass. In May, Balykchy opened the new international trade and logistics center Altyn Logistic, aimed at improving transport links between China, Central Asia, and wider post-Soviet markets. Balykchy is also the starting point for the Balykchy-Kochkor-Kara-Keche railway, a 186-kilometer line under construction since 2022. That line is expected to connect the northern rail network with Kochkor and the Kara-Keche coal deposit in Naryn Region, one of the main coal supply sources for Bishkek’s thermal power plant. Officials in Kyrgyzstan have also linked the Balykchy-Kochkor-Kara-Keche line to plans to integrate it with the China-Kyrgyzstan-Uzbekistan railway, which is under construction. If completed, those projects would significantly raise Balykchy’s strategic importance as a railway junction connecting northern Kyrgyzstan with routes through Naryn, Jalal-Abad, and onward to Uzbekistan. Kyrgyzstan’s railway sector has shown steady growth in recent years. Official data show rail freight volumes reached 10 million tons in 2025, up 36% from around 7 million tons in 2021. Passenger traffic over the same period rose from 255,000 to 432,000, an increase of about 70%.

2 months ago

Investment Inflows

Kyrgyzstan Reports 34% Growth in Foreign Direct Investment in First Quarter of 2026

Kyrgyzstan attracted $386.7 million in foreign direct investment in the first quarter of 2026, up 34% from $288.2 million during the same period last year, according to the latest data from the National Investment Agency under the President of the Kyrgyz Republic. The strongest inflow was recorded in the financial and insurance sector, which drew $93.6 million, followed by the manufacturing sector with $90.1 million. Investment in wholesale and retail trade rose to $64.5 million, while foreign direct investment in information and communications increased by 75% year-on-year to $46.9 million. The sharpest increase came in the professional, scientific, and technical activities sector, where investment jumped from just $1.8 million in the first quarter of 2025 to $49.5 million in the same period this year. By region, the capital, Bishkek, accounted for the largest share of total foreign direct investment, attracting $115.8 million, or 30% of the total. Talas Region ranked second with $80.3 million, representing 20.7% of total inflows, followed by Naryn Region with $69.7 million, Chui Region with $68.6 million, and Jalal-Abad Region with $43.3 million. The latest figures continue an upward trend. In 2025, Kyrgyzstan’s total foreign direct investment reached $1.31 billion, up 27.3% from more than $1 billion in 2024, according to official data. The government has been actively promoting investment in manufacturing, infrastructure, energy, and logistics as part of broader efforts to strengthen long-term capital inflows and regional development.

2 months ago

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