Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 21 Feb 2024 by Evgeny Gavrilenkov
Feb 9 NBK: As of February 1, Kazakhstan's gross international reserves (including gold) grew to $96.1 bln (+0.1% m-o-m). National pipeline: In January, KazTransOil exported 287K tons of oil (+36% y-o-y) from the port of Aktau. S&P: In January, Kazakhstan exceeded the OPEC+ quota by 92K bpd. Prime Minister: Mr. Bektenov instructed the Ministry of Finance to reduce expenditures of the republican and local budgets that are not of the top importance. Besides, he started revising the draft Tax Code, which should come into effect in 2025. Mr. Bektenov also asked the owners of large industrial enterprises to submit plans to create new processing plants. National pipeline: In January, Kazakhstan exported 100K tons of oil to Germany (100% execution of the plan). Feb 13 Ministry of Economy: Kazakhstan's economy grew by 3.9% y-o-y last month. Ministry of Economy: In 2023, according to preliminary data, Kazakhstan's foreign trade surplus halved to $18 bln, while foreign trade turnover grew by 3.2% y-o-y (to $140 bln). Finance Ministry: At this stage, Kazakhstan has no plans for foreign borrowing in 2024. Fen 14 Energy Ministry: Kazakhstan will compensate for the overproduction of oil in January in the next four months. President: Mr Tokayev met the Emir of Qatar Sheikh Tamim bin Hamad Al Thani. Several economic agreements were signed between the two countries. Qatar's Power International Holding plans to acquire the Kazakh Mobile Telecom Service mobile operator owned by Kazakhtelecom. Kazakhstan's National Company QazaqGaz and Qatar's UCC Holding have signed an agreement to jointly to develop a project on gas processing plants at the Kashagan field. Qatar's Nebras Power and Pearl ...

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