Bi-weekly Economic News Summary

KAZAKHSTAN - In Brief 02 Apr 2025 by Evgeny Gavrilenkov
Mar 19 Energy Ministry: Mr Akkezhenov (formerly Deputy Minister) has been appointed as the new Minister of Energy. National nuclear company: In 2024, Kazatomprom’s net profit increased by 38%. Energy Ministry: Kazakhstan held talks with French EDF. These negotiations are part of the process of choosing a technology supplier for future nuclear power plant projects in the country. Mar 20 Development Bank of Kazakhstan: The bank and the Spanish Banco Santander have signed a framework agreement for export financing worth EUR400 mln. OPEC+: From March 2025 to June 2026, OPEC+ countries must compensate 4.2 mln bpd for overproduction, according to which Kazakhstan should reduce oil production by 908K bpd. Mar 24 Prime-minister: China's Xinjiang Lihua to build a cotton and textile cluster in Kazakhstan for $400 mln. Energy Ministry: Kazakh oil is transported through the CPC system without restrictions despite drone attacks. Mar 25 Development Bank of Kazakhstan: The bank has announced a tender for the early purchase of its Eurobonds with redemption in 2025 ($325 mln in total). Oil transportation: In 2M25, oil exports via the Baku-Tbilisi-Ceyhan pipeline decreased by 6.5% y-o-y. Mar 26 Foreign Ministry: Kazakhstan is in touch with Ukraine on CPC security issues. KMG: The company’s net profit grew by 18.1% in 2024. Energy Ministry: Kazakhstan held talks with Korean KHNP (Korean Hydro & Nuclear Power). These negotiations are also part of the process of choosing a technology supplier for the nuclear power plant to be built in Kazakhstan. Mar 27 Halyk Bank: Bank’s 2024 net profit grew by 32.8%. Kaspi.kz: The bank announced the acquisition of a subsidiary of Rabobank Group in Turkey...

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