Bi-Weekly Economic news summary

KAZAKHSTAN - In Brief 08 Aug 2024 by Evgeny Gavrilenkov

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Jul 29 Government: Kazakhstan has extended the ban on the import of wheat by all means of transport until the end of 2024. Energy Ministry: Kazakhstan produced 44.7 mln tons of oil in 1H24. In 2023 as a whole, it extracted 90 mln tons. CPC: The company put one of the three of its oil-filling devices for maintenance repair, which will take approximately 60 days if weather conditions are favorable. Jul 31 Nostrum Oil & Gas: The company increased its average daily production of oil and gas by 22% y-o-y and sales by 16% y-o-y in 1H24. Aug 1 Bureau of National Statistics: In July, inflation in Kazakhstan reached 0.7% m-o-m (8.6% y-o-y). National Bank of Kazakhstan: The current account surplus remained positive in 1H24 (KZT831.3 bln) but turned negative in 2Q24 (-718.8 bln) amid moderate Q-o-Q increase of exports, faster growth of imports, and increased repatriation of profits by foreign investors. Kazatomprom: The company increased uranium production by 6% y-o-y in 1H24. Oil transportation: In 1H24, the volume of oil and gas condensate transported through the Baku-Tbilisi-Ceyhan (BTC) pipeline dropped by 6.7% y-o-y. Aug 2 Gas production: Gas processing plant at the Kashagan field with the capacity of about 1 bcm per year will be put in operation in mid-2026. Aug 5 Samruk-Kazyna: In 1H24, revenues of Kazakh state fund "Samruk-Kazyna" grew by 10.5% y-o-y and reached KZT7.9 trln). CPC: The company transported about 16 mln tons of oil from the Tengiz field in 7M24. KMG: In 1H24, the company increased oil production (including gas condensate) by 1.1% y-o-y. Aug 6 Energy Ministry: Kazakhstan intends to extend the ban on the export of petroleum products for another 6 months. Tengi...