Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 15 Oct 2024 by Evgeny Gavrilenkov

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Oct 3 Borrowings: Kazakhstan placed sovereign Eurobonds worth $1.5 bln at a 4.717% yield. The demand was strong as issuance was oversubscribed by a factor of 4. Energy Ministry: Kazakhstan will provide the largest compensation for oil overproduction within OPEC+ in October  Oct 6 President: A consortium of international companies should build nuclear power plants in Kazakhstan if the initiative is supported by a referendum. Oct 7 Energy Ministry: Oil production has been suspended at Kashagan due to the start of planned repairs. On the back of this, Kazakhstan will adjust the oil production forecast. Kazakhstan Railways: The railway shipment of grain decreased by 21% y-o-y in 9M24. Central Electoral Commission: The construction of a nuclear power plant was supported by 71.12% of citizens who took part in the referendum held on October 6. Oct 8 Government: Kazakhstan will take into account sanctions risks while considering nuclear power plant construction contracts. Government: In 2025, Kazakhstan will decide on the choice of technologies and contractors for the construction of nuclear power plants. Energy Ministry: Daily oil production in Kazakhstan fell by 13% at the start of repairs at Kashagan. Banking system: Kazakhstan has completed the sale of former Sberbank's "daughter" in the country to Qatar's Lesha Bank. Oct 9 NBK: In September, Kazakhstan's international reserves increased by 1.8% m-o-m to $107.2 bln Government: Mr. Sklyar, First Deputy Prime Minister of Kazakhstan, and CEO of Gazprom, Mr. Miller, discussed issues of developing long-term cooperation. Oct 10 Parliament: The Senate (upper house) has ratified an agreement with Qatar on nine projects worth $20 b...