Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 04 Sep 2024 by Evgeny Gavrilenkov
Aug 22 OPEC+: The OPEC has received updated compensation plans from Kazakhstan for the 7M24 over-production of oil volumes, which totaled about 1 699K bpd. KMG: The company and Chinese CNPC intend to launch urea production at the Zhanazholsky gas processing plant worth $1.5 bln. KMG: The company and Chinese Sinopec have completed the pre-feasibility study of the PET (polyethylene terephthalate) production project in Atyrau. Aug 23 Kazatomprom: The company increased net profit in 1H24 by 27% y-o-y. CPC: The company increased oil transportation by 3.1% y-o-y to 33.2 mln tons in 1H24. KMG: The company increased its net profit by 12.5% y-oy in 1H24. KMG: The company did not receive instructions to reduce oil production to compensate for overproduction within OPEC+. Aug 26 President: Mr. Tokayev and the Russian President Mr. Putin discussed over the phone issues of further development of bilateral cooperation, including in the energy sector. Oil transportation: Oil exports via the Baku-Tbilisi-Ceyhan pipeline in 7M24 decreased by 2.0% y-o-y. Energy Ministry: Kazakhstan and Shell discussed further development of the Kashagan and Karachaganak oil fields. Prime minister: Kazakhstan is committed to further cooperation within the framework of OPEC+. Aug 27 Government: The authorities decided to hold a referendum on the construction of a nuclear power plant. Energy ministry: Kazakhstan intends to increase oil production by 16% by 2029, to 104.8 mln tons. Government: The Cabinet of Ministers approved the forecast of economic development of the country for 2025-29 and the draft republican budget for 2025-27: · It assumes oil prices to stay at $75 on average for 2025-29. According t...

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