407 State-owned Objects Privatized In Kazakhstan

Freed of Currency Peg, Kazakhstan Disavows Stealth Ruble Tie

As much as 407 state-owned objects have been sold in Kazakhstan within the privatization program which started in June 2014, Kazakh finance minister said in message.

Earlier it was planned to sell 603 state objects in this period.

As much as 26 of the sold objects were owned directly by the state, 73 objects – by the state companies and holdings, 101 – by socio-entrepreneurial corporations and 207 by municipal administrations, Trend.az reports.

Kazakh state budget received about 8.57 billion tenges (324 tenges = $1) from privatization deals reached in this period, the regional budgets – 17.65 billion tenges, national holdings – 73.69 billion tenges, and the socio-entrepreneurial corporations – 6.77 billion tenges.

The privatization program was initiated by Kazakh President Nursultan Nazarbayev. Within the privatization plan, Kazakhstan will transfer such large state-owned companies as Kazakhstan Railways, KazMunaiGas, Kazatomprom, Samruk-Energy, Tau-Ken Samruk, Kazpost, Air Astana, Kazgeology, Kazmortransflot National Maritime Shipping Company, Atyrau Refinery, Pavlodar Petrochemical Plant, and PetroKazakhstan Oil Products to a competitive environment.

The program will reduce the state’s participation in the economy to 15 percent, which is the level set for countries of the Organization for Economic Cooperation and Development (OECD).

Kazakhstan plans to sell 1,008 state-owned objects and facilities to private owners within the privatization program in 2014-2020.