Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 20 Mar 2024 by Evgeny Gavrilenkov
Mar 7 Government: Kazakhstan will strengthen monitoring of international transactions for transfer pricing. President: Kazakhstan and Saudi Arabia have signed an agreement on a joint project to construct a 1 GW wind power farm. National pipeline company: The consolidated net profit of KazTransOil in FY23 amounted to KZT 32.8 bln, having exceeded the FY22 results by a factor of 1.7. Mar 9 KazMunaiGas: The company and SOCAR (Azerbaijan) discussed a phased increase in the transit of Kazakh oil through the Baku-Tbilisi-Ceyhan pipeline. In 2023, the company transported 1.1 mln tons. In 2M24, these volumes accounted for 232K tons. Mar 11 President: Mr. Tokayev visited Baku and met the President of Azerbaijan, Mr. Aliev. S&P: In February, Kazakhstan exceeded the OPEC+ quota by 92K bpd. Ministry of Transport: In 2024, the volume of cargo transportation via the Trans-Caspian International Transport Route iwill reach 4.2 mln tons (+43% y-o-y). Government: Kazakhstan and Azerbaijan signed a package of documents following high-level talks in Baku. In particular, KMG and SOCAR have signed an agreement providing for the shipment of 1.5 mln tons of oil per year from the Tengiz field to Baku for further pumping through the Baku-Tbilisi-Ceyhan oil pipeline. Ministry of Transport: The first China-Kazakhstan-Azerbaijan container train arrived at Baku. Mar 12 NBK: At the end of February, gross international reserves (including gold) grew to $96.3 bln (+0.3% YTD). Mar 14 KazMunaiGas: In 2023, the company’s consolidated net profit decreased to KZT 924 bln (-29.2% y-o-y). Mar 15 Kazatomprom: In 2023, the net profit of the national nuclear company grew to KZT580 bln (+23% y-o-y). Halyk Bank: ...

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