Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 21 Sep 2023 by Evgeny Gavrilenkov

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Sep 8 Government: China's Sinopec is interested in participating in new oil and gas projects in Kazakhstan KTZ: Kazakhstan and China intend to increase cargo transportation by rail by 15.5% in 2023, and in 2024 - by another 4% S&P: Kazakhstan lagged behind the OPEC+ quota by 100K b/d in Aug (1.45 mln b/d vs 1.55 mln b/d) KTO: In 8M23, the company increased oil exports to Baku port to 2.2 ths b/d (up by a factor of 12 relative to 8M22) Fitch: The introduction in Kazakhstan of a tax on banks' income from investments in government bonds is unlikely to spur banks to increase lending to the local economy Sep 11 QazaqGaz: The company has signed a new export contract with China National bank: Kazakhstan's international reserves decreased by 0.1% in Aug to $92.5 bln (+3% YTD) Sep 12 President: Kazakhstan should develop its own oilfield service Sep 13 Economy Ministry: In 8M23, oil production in Kazakhstan grew by 6.6%, gas production - by 3.2%, extraction of other minerals resources - by 13.6%, services in the mining industry increased by 1.8% Economy Ministry: in 8M23 Kazakhstan's GDP grew by 4.9% y-o-y Energy Ministry: Kazakhstan lowered its oil production forecast for 2023 by 1.7% to 89 mln tons (from 90.5 mln tons) due to the consequences of an energy accident in the west of the country Finance Ministry: Kazakhstan has abandoned plans to issue Eurobonds in 2023 due to unfavorable market conditions Sep 14 Samruk-Kazyna: The Fund consolidated 71% of Kazakhtelecom Sep 15 Bureau of National Statistics: In 8M23, industrial production in Kazakhstan increased by 3.8% y-o-y CPC: the company raised the forecast for oil pumping in 2023 from 62 mln tons to 63.5 mln tons Sep 18 Prime ...