Premier: Kazakhstan is a proved vendor of energy resources to global market

September 24. KAZINFORM. ASTANA 

Arnur Rakhymbekov

Premier: Kazakhstan is a proved vendor of energy resources to global marketThe IV Eurasian Energy Forum has kicked off in Astana today. Prime Minister Karim Massimov addressed the attendees with a welcoming speech. Having noted Kazakhstan’s achievements in oil and gas sector, K. Massimov said our country had proved itself to be a reliable supplier of oil and gas resources to the global market.

“The Government of Kazakhstan actively and consistently develops state-private partnership in oil and gas sphere. Diversification of transport routes is carried out. In this direction I would like to emphasize the work on modernization of Central Asia-Center gas transportation system and Atyrau-Samara oil pipeline. Infrastructure of such fundamental routes like Baku-Tbilisi-Ceyhan and main line to the People’s Republic of China is improved”, Massimov said. Alongside Aktau and Kuryk seaports are enhancing their work in order to increase transportation of goods from Kazakhstan.

The Prime Minister particularly pointed out the role of Kazakhstan in climate change issues.

“You know, Kazakhstan has joined the Kyoto Protocol. Besides, this year we are taking part in the Copenhagen forum”, the Head of the Government informed.

“The point at issue is development of technologies reducing gas emissions. It is also connected with reduction of the volumes of burnt gas by Kazakhstan and development of efficient technologies on coal burning. Finally I would like to note that Kazakhstan takes certain steps on development of renewable energy sources. This is quite an important agreement”, K. Massimov stressed.

The Prime Minister also thanked the attendees for their participation in the forum and development of the country’s oil and gas complex.

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Kazakhstan wants foreign companies to bank locally

Sept 24. Reuters. ASTANA

The Kazakh government plans to introduce a requirement for foreign companies working in the oil-rich Central Asian country to keep money with local banks, Prime Minister Karim Masimov said on Thursday.

Global confidence in Kazakh banks has been shaken by the defaults of three local lenders this year, including BTA , once Kazakhstan’s largest bank.

Analysts say it will take years for banks to regain full access to international capital markets.

The planned measure could boost the banking system’s liquidity – at the cost of foreign firms.

“I think that foreign companies working in Kazakhstan should keep a part of their resources in Kazakh banks,” Masimov told a business conference, adding that local subsidiaries of global banks such as Citigroup and HSBC would also be considered Kazakh.

“I personally think this is an honest and fair position,” he said.

Masimov provided no details of the proposed regulation. Kazakhstan has attracted billions of dollars in foreign investment since gaining independence in 1991, mostly into its oil and gas sector.

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Kazakh Prime Minister met with reps of foreign companies


Prime Minister of Kazakhstan Karim Massimov has participated in IV Eurasian Energy Forum “Global Challenges and Strategic Alliances”. The Prime Minister has held a number of meetings with representatives of foreign companies within the forum; the press-service of the Government said.

During the meeting with Deputy Chairman of the Board of Directors of General Electric John Rice the parties discussed the issues of further cooperation. J. Rice informed the Prime Minister of his visit to locomotive plant in Astana city. “I saw great changes. Our team reached a major progress in the project implementation in a short span of time”, – he said. He also expressed interest of the company in further development of the project.

The parties also considered implementation of such projects in Kazakhstan as creation of production of service equipment for oil-and-gas sector, assembly factory of modern medical equipment including construction of “the hospital of future” in Astana city.

In the course of the meeting with Senior Vice President of Exxon Mobil Company Mark Albers the Prime Minister discussed current issues on implementation of projects in oil-and-gas sphere. M. Albers informed of results in development of the issues concerning participation of Exxon Mobil in creation of modern industrial production as well as implementation of a number of social projects in Kazakhstan. The parties discussed the situation at the world oil-and-gas markets.

The Prime Minister thanked the representatives of the companies for participation in the forum and expressed confidence in further successful cooperation.

During the meeting with Chief Executive Officer of LyondellBasell Company James Gallogly the Prime Minister discussed prospects for implementation of project on gas chemical complex in Atyrau region.