• KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 300

Kazakh-Owned Rompetrol, On Brink Of Collapse, Appeals To Tokayev

According to Romanian news portal gandul.ro, Rompetrol, which operates in oil refining, petrochemicals, and distribution in parts of Eastern Europe, is close to collapse. The stated reason is that Rompetrol top management -- which includes representatives of Kazakhstan's state energy company KazMunayGas (KMG), the majority owner of Rompetrol -- prioritize personal interests over the economic good of the company. The allegations are serious. KMG International, a group owned by Kazakhstan's national oil and gas company KazMunayGas, acquired the Rompetrol brand in 2007, strengthening its position as a key player in the Black Sea and Mediterranean region. It currently owns 55% of Rompetrol, with Romania's Ministry of Energy controlling just under 45%. The Kazakhstani company is accused of assisting Russia, which itself is trying to avoid sanctions imposed by the European Union (EU). Gandul.ro claims that it's possible to bring oil from Russia to be refined in Romania despite the embargo on Russian crude. Rompetrol CEO Ilyas Kuldzhanov has Russian citizenship, although he also registered Kazakh citizenship in Romania's National Trade Register to avoid possible EU sanctions. Gandul.ro published an open letter penned by some of the company's employees, which they sent to the Kazakh Government. The letter contains the following passages: "Dear Sirs, we are writing to you regarding current issues related to Rompetrol. At the beginning of this message, we apologize for using Google Translate to translate from Romanian to Russian and for remaining anonymous. We decided to remain anonymous because we fear reprisals from KMG management. We want to draw attention to the growing problems inside Rompetrol, because no one is interested in the future of the company. The company needs a radical change of management and new people with different perspectives at all levels, from the board of directors to the top management, with a vision in line with the goals. In terms of management, first of all we should mention Ilyas Kuldzhanov, an extremely incompetent person with no experience in managing large companies, Baurzhan Nurgaliyev (Operations Director), who until recently ran a company selling elevators in Astana, Saken Shoshanov, Baurzhan Nugumanov and other members of management. Appointments to management positions are made on the basis of the ethnic origin of the clan. Most of the new managers in Romania and Kazakhstan have been hired without any competition or selection, and have no experience or knowledge of how the corporation should operate. Note the price of oil and how diesel fuel was purchased in 2023 due to an emergency equipment shutdown at the Petromidia refinery. Why is this equipment not repairable? Why do accidents and explosions continue to occur? Because Rompetrol management is looking for contractors willing to pay commissions. We would like to inform you that similar messages will be sent to the Romanian authorities because the situation is critical." Rompetrol employees also create a disastrous picture of the company's behavior. In the letter they ask Tokayev to check how components and electricity are purchased for the plant -- questions that refer to expenditures of tens of millions...

Electricity Prices in Kazakhstan Rise by 26% Over Year

Electricity tariffs in Kazakhstan for March increased by almost 6% for the month and by 26% for the year. In the first two months of this year, Kazakhstan produced 21.4 billion kilowatt-hours (kWh) of electricity - which is 3.2% more than the first two months of 2023. Pavlodar region produced the most electricity at 9.3 billion kWh, followed by Karaganda region with 2.3 billion kWh, and Atyrau region at 1.4 billion kWh. Overall, those three regions provided the whole country with 60.7% of its total electricity production. According to the results of last month, electricity tariffs in Kazakhstan for 31 days rose by 5.9% The largest price increases fell on residents in North Kazakhstan (+20%), East Kazakhstan (+19.8%), Abay (+19.7%), Pavlodar (+19%), and Almaty (+17.9%) regions, and in the city of Almaty (+10.3%). In the remaining 14 regions, the cost of electricity remained at the level of February 2024. Currently, members of the Majilis (lower chamber of parliament) are introducing through a first reading legislative amendments to support the use of renewable energy sources (RES), as well as changes to the power industry and natural monopolies. The bill currently in Parliament aims to regulate the energy sector, including the development of small-scale facilities for the use of RES - as well as to create favorable conditions for attracting investment in the energy sector of the country.

Will Europe Learn Lessons From Central Asian Gas Failures to Secure Oil Imports Bypassing Russia?

Despite loud statements and reports, alternative routes for transporting oil from Kazakhstan and Central Asia to Europe remain only intentions. The desire of the EU to diversify its hydrocarbon suppliers is running into internal bureaucracy and a lack of understanding of how things work in Central Asia, which is in fact seeking to ship its energy in different directions.   Lost gas To start, it is worth recalling the Turkmenistan-Russia gas dispute of 2009. Before that, Gazprom bought gas from Central Asian countries at the border, swapping some volumes of domestic supplies with Kazakhstan, Turkmenistan and Uzbekistan, and buying gas at prices lower than EU export rates. Gazprom explained this practice rather simply: there is no economic sense in transporting the gas through Russian territory, so at the border the price cannot be European (minus transportation) – this gas was consumed in Russia or supplied at preferential prices to Ukraine, while Russian gas was sent to Europe. In 2008, Turkmenistan produced 70.5 billion cubic meters (bcm) of gas, exporting 47 bcm, with an increase in production and exports planned for 2009. According to the Energy Institute, gas consumption by European countries in 2022 amounted to 498.8 bcm, meaning Turkmenistan alone, assuming export volumes stabilized at 50 bcm per year, could cover 10% of Europe’s needs. That amount, 50 bcm of gas, is the annual consumption of Switzerland, Sweden, the Czech Republic, Greece, Portugal, Slovakia, Slovenia, Bulgaria, Croatia, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Luxembourg, Norway and North Macedonia combined. However, Turkmen gas would never reach Europe. When an agreement on the volumes and prices of gas purchases by Gazprom failed to be reached, 15 years ago, on April 9, 2009, there was an explosion and fire on the eastern branch of the Central Asia-Center (CAC) gas pipeline, at CAC-4. Subsequent negotiations to resume the transport of Turkmen gas between Russian President Dmitri Medvedev and Turkmen leader Gurbanguly Berdimuhamedov, which took place in September 2009 in Moscow, could not resolve the dispute. All these years, the media and European leaders have been talking about building the so-called Nabucco gas pipeline, which was to go from Central Asia, along the bottom of the Caspian Sea, through Azerbaijan and on to Germany and Austria. Its design began back in 2002. Note that by 2009, had the project been energetically implemented, Nabucco could have been built and the first deliveries would have begun. In 2022, gas consumption in Germany and Austria amounted to 77.3 bcm and 7.9 bcm, respectively, meaning supplies from Central Asia could cover at least half of their needs. This seemed like the perfect opportunity for a large-scale gas pipeline. The Central Asian countries wanted to supply gas to Europe via alternative routes, receiving European prices for their commodities, and Europe could have significantly diversified its gas imports. Another player, however, was closely watching Europe’s red tape and indecision – China.   Hidden dragon China understands how to work with Central Asia, and in 2007 construction of the first line of...

Tokayev Celebrates Kazakh-Chinese Economic Ties at Boao Forum

Kazakh President Kasym-Jomart Tokayev was feted as guest of honour at the 23rd Boao Asian Forum (BFA) : "Asia and the World: Common Challenges, Common Responsibility." He was joined at the opening ceremony of the plenary session in the Chinese province of Hainan by: Chairman of the BFA Board of Directors Ban Ki-moon, Chairman of the Standing Committee of the National People's Congress Zhao Leji, President of Nauru David Adang, Prime Minister of Sri Lanka Dinesh Gunawardena, Prime Minister of the Commonwealth of Dominica Roosevelt Skerrit, Chairman of the international non-governmental organization "Council of Elders" Mary Robinson, Secretary General of the OECD Matthias Kormann, and Director General of the UN's World Intellectual Property Organization (WIPO) Daren Tang. In his address to the forum, Tokayev made reference to the fact that against the backdrop of escalating world conflicts, there is tension in international trade and an assumption that the growth rate of global GDP will be the lowest in the past 30 years. However, Asia's role in this sphere is increasing, and the region is projected to provide 60 percent of global GDP growth this year. Global trade giants located in Asia are now attracting more and more foreign investment on account of Asia being home to the world's leading technology centres, responsible for 70 percent of patent developments. "Of the expected $30 trillion growth in middle-class consumption by 2030, only $1 trillion is expected to come from Western economies. Collectively, all these factors point to the so-called 'Asian Renaissance," stated Tokayev. He then emphasized the role of the current forum to demonstrate the advanced achievements of the region: "Kazakh-Chinese relations are based on an effective partnership that has made Kazakhstan China's main trade and economic partner in Central Asia. Kazakhstan accounts for half of Chinese trade and investment in the region. Last year, trade turnover between Kazakhstan and China reached a historic record of $41 billion. In 2023, the volume of cargo traffic between our countries increased by 22% to almost 30 million tons." The Kazakh president also mentioned that 80 percent of all land transportation between China and Europe is carried out through Kazakhstan, noting the role of the "One Belt, One Road" project in the creation of modern multimodal, environmentally safe and sustainable infrastructure in the region. With regard to the economic success of the Kazakh Republic, he drew attention to the fact that the country's economic growth of 5.1 percent last year almost exceeds the projected growth rate of the world economy twofold. Plans were outlined for further developments in the field with reference to an open-door policy, abundant resources, and liberal market reforms, aimed to create a favourable ground for mutually beneficial cooperation with China. Tokayev reported that his country is becoming increasingly attractive to investors due to measures to improve the fiscal and monetary system, market reforms, and a price-competitive economy. He also called on the world community to ensure equal opportunities for all countries: "The huge Asian bond market with its huge market capitalization...

Kazakhstan Wants to Import Gas, Electricity From Turkmenistan

Kazakhstan’s energy minister Almasadam Satkaliev voiced the idea of importing energy from Turkmenistan at a government meeting on March 26. “We have regular discussions about the supply and exchange of energy resources with our Central Asian counterparts. Turkmenistan is able to provide electricity. At the moment, [Turkmenistan] exports to Kyrgyzstan,” said Satkaliev. He added: “We act on our own needs and repair schedule. We are ready to consider the proposals of our Turkmen colleagues for both gas and electricity, based on their commercial attractiveness for our consumers.” Satkaliev further stated that although Turkmenistan had not yet disclosed any official prices for power or gas, Kazakh companies themselves would clarify the details to determine the commercial attractiveness of the offer. Earlier this month, news outlet Chronicles of Turkmenistan reported that the head of the country's parliament, Gurbanguly Berdimuhamedov, has spoken of Turkmenistan's willingness to export natural gas and electricity to Kazakhstan, Azerbaijan, and Turkey.

Russia’s Rosatom to Build Wind Farm, Nuclear Plant in Kyrgyzstan

On the eve of the 13th ATOMEXPO-2024 International Forum in Sochi, Russia, representatives of the Kyrgyz Ministry of Energy signed an agreement with representatives of Russian state nuclear company Rosatom on the implementation of small-scale energy projects in Kyrgyzstan. At the forum, Rosatom's management announced that the parties agreed to develop projects and then build small power facilities in Kyrgyzstan with a capacity of up to 400 MW, in different regions of the republic: the Jalal-Abad, Talas and Batken regions. "The Kyrgyz Republic has tremendous potential for the development of small hydropower and construction of hydropower plants. Together with Rosatom's in-depth expertise, it becomes possible not only to build environmentally friendly energy sources, but also to create sustainable infrastructure and decent jobs in the region," said Evgeny Salkov, general director of JSC Rosatom Service. Rosatom Service is a subsidiary of Rosatom which deals with maintenance of energy facilities, including nuclear power plants. The Kyrgyz delegation said that it's ready to support any investment in the country's energy sector. "Kyrgyzstan has created a favorable environment and conditions for international investment in hydropower projects. I am sure that Rosatom's serious long-term plans related to investments in the Kyrgyz Republic will serve as the right message for domestic investors as well. Investments in the hydropower sector in Kyrgyzstan are profitable and reliable investments, and the government of the republic will continue at all levels to support the construction of new HPP projects," said Taalaibek Ibraev, Kyrgyzstan's minister for energy, speaking at the forum. Meanwhile, Rosatom believes that Kyrgyzstan has great potential in developing green energy. Moreover, Kyrgyz authorities' diversified approach to the development of the energy sector will contribute to the country's energy independence. According to Rosatom CEO Alexey Likhachev, the Kyrgyz leadership is now expressing serious interest in building a small nuclear power plant, as well as wind farms. "We are working on all of these directions. In particular, we have already reached agreements on the construction of a 100 MW wind power plant in the Issyk-Kul region. This is the first step, because the leadership of Kyrgyzstan plans to build wind power capacity of at least 1 GW," Likhachev said. Currently the Russian company is building several small hydroelectric power plants in the west and south of Kyrgyzstan. Earlier, Rosatom concluded a memorandum with the Kyrgyz authorities to work out a roadmap for the construction of a low-capacity nuclear power plant in the Central Asian republic, which will consist of two power units of 55 MW each. The situation is complicated by the fact that almost the entire territory of Kyrgyzstan is located within a zone of elevated seismic activity.

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