Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 18 Sep 2024 by Evgeny Gavrilenkov
Sep 5 Government: The First Deputy Prime Minister, Mr. Sklyar, met with Gazprom's CEO, Mr. Miller, to discuss issues of cooperation. Government: Kazakhstan and Kyrgyzstan want to create a trade and logistics hub on the border, investments are estimated at $62 mln. Sep 6 Energy Ministry: Kazakhstan refutes information about the postponement of repairs at the Kashagan oil field ( according to the schedule it will start on October 3) and is committed to the OPEC+ agreement. Airlines: Kazakhstan has passed a preliminary Federal Aviation Administration assessment to launch direct flights to the US. Sep 9 NBK: The Bank intends to keep the base rate at 14.25% until the end of 2024 and does not rule out potential cuts in 2025-26 to 11.9% and 10% accordingly. Moody's: The agency upgraded Kazakhstan Sovereign rating to "Baa1" from "Baa2", outlook is "stable". Sep 10 S&P: Oil production in Kazakhstan in August met the OPEC+ quota. Sep 11 Energy Information Administration: The US Department of Energy has maintained its forecast for the production of liquid hydrocarbons in Kazakhstan for 2024-2025 (at 1,92 mln bpd in 2024 and 2,02 mln bpd in 2025) Parliament: The Majilis (lower house of the Parliament) has ratified a partnership agreement with Qatar worth $20 bln. Economy Ministry: There are isolated cases of violations of sanctions in Kazakhstan, but, in general, the republic complies with the sanctions regime. KMG: Construction of a polyethylene production plant has begun in Kazakhstan, and the completion date shifted to 2029. KMG: The company will buy back Eurobonds worth $751.9 mln ahead of schedule based on the results of the tender offer. NBK: Kazakhstani international reserv...

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