WEEKLY REVIEW: Kazakhstan to rack up oil production, revitalize financial sector


WEEKLY REVIEW: Kazakhstan to rack up oil production, revitalize financial sectorKazakhstan plans to increase substantially its oil and gas condensate production by 2030. The Government takes measures to review mechanism and provisions of the investment contracts concluded with investors and broadening of investment preferences.

The second-tier banks with non-performing assets will be lent state support.

On Monday Vice Minister of Foreign Affairs Samat Ordabayev said that humanitarian and political issues excluded from the draft Eurasian Economic Union Treaty will be settled within other regional organizations.

“Gross production volume of oil condensate is expected to reach about 112 million tons per year by 2030,” Minister of Oil and Gas Uzakbai Karabalin told a briefing in Central Communications Service held on Tuesday.

“Last year, it stood at 81,8 million tons”, said U. Karabalin. However, the minister said that according to the fuel and energy complex development concept, special attention will be paid to the processing industry. It is expected that the volume of oil refining will reach 20 million tons per year by 2030.

Agriculture Minister Assylzhan Mamytbekov reported on the course of the spring field work. According to him, this year it is planned to plant crops on the area of 21,8 million hectares, which is 313 thousand hectares more than last year. Grain acreage will be 15,9 million hectares, including 12,8 million hectares under wheat.

“As Of May 27 spring crops, taking into account maize and rice, were planted on the area of 9,4 million hectares or 62% of the plan,” he said.

The meeting also considered and approved the draft comprehensive plan on attraction of foreign direct and domestic investment and the law on improvement of investment climate, which were presented by Minister of Economy and Budget Planning Yerbolat Dossayev. The plan includes measures for improvement of the investment legislation, simplification of foreign labor attraction, visa regime and etc. The draft law provides for a review of the mechanisms of contracts with investors, expansion of investment preferences, as well as measures to improve the investment climate.

Deputy Prime Minister – Minister of Industry and New Technologies Asset Issekeshev presented a draft concept of development of the country’s fuel and energy complex until 2030.

On Thursday, May 29, Kazakh FM Erlan Idrissov met with his Monaco counterpart Jose Badia, who was paying a working visit to Kazakhstan. The sides debated a wide range of bilateral cooperation issues, focused on the ongoing cooperation in the sphere of tourism, environmental protection, and partnership in an effort to realize investment projects. Idrissov urged Badia to actively attract Monaco companies to participate in EXPO 2017 in Astana.

On Friday, deputy head of the National Bank of Kazakhstan Kuat Kozhakhmetov said the bank jointly with the Government take measures to revitalize the second-tier banks. To this end the fund for problem loans was set up. it will be financed through the budget with transfer up to KZT 250 mln.