Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 17 Apr 2024 by Evgeny Gavrilenkov
Apr 4 Sinopec: The Chinese company Sinopec has officially become a co-founder of Silleno LLP, which is involved in the construction of a polyethylene plant in Kazakhstan. Apr 6 President: Mr. Tokayev described the current floods as the biggest disaster in the past 80 years, both in terms of scale and consequences. Apr 7 Ministry of Emergency Situations: 3.7 thousand residential buildings remained flooded in seven regions of Kazakhstan. Apr 8 Halyk Bank: The bank repaid its debt to the government equal to KZT250 bln (appr. $560 mln) in advance. This amount was originally granted to Kazkommertsbank as a deposit by Kazakhstan Sustainability Fund. Energy Ministry: Kazakhstan remains open to considering Russia's proposal for fuel supply (although no such requests have been submitted so far). Apr 9 National pipeline company: In 1Q24, KazTransOil increased its transit of Russian oil to China by 2.5 mln tons. President: Mr. Tokayev and the Russian President Mr. Putin discussed the flooding situation in the border areas in the two countries and agreed to intensify cooperation in response measures. CPC: The company stopped oil transshipment between April 9 and 11 for scheduled maintenance. Jusan Bank: The bank repaid $225 mln worth of subordinated bonds from the Samruk-Kazyna state fund. Ministry of Agriculture: Floods will not damage crops in Kazakhstan. Apr 11 Asian Development Bank: The bank has lowered its forecast for Kazakhstan's economic growth for the current year to 3.8% from 4.3% (expected in December). It now expects an acceleration to 5.3% in 2025. CPC: The company resumed oil shipment after scheduled maintenance work had been accomplished. National railways: Kazakhs...

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