Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 27 Nov 2024 by Evgeny Gavrilenkov
Nov 14 Energy Ministry: During the UN Climate Change conference COP29 in Baku, Kazakhstan signed a joint declaration targeting a three-fold increase in nuclear energy production by 2050. Prime Minister: The Prime Minister of Kazakhstan Mr. Bektenov met with CEO of the Russian Nuclear Corporation (Rosatom) Mr. Likhachev and discussed various issues on cooperation and technology exchange. Nov 15 Agency for Regulation and Development of the Financial Market: Korean BNK Financial Group will receive a banking license in Kazakhstan in 2025. NBK: Kazakhstan has launched an interbank QR payments pilot project. Bureau of National Statistics: In 10M24, investments in production capacity in Kazakhstan increased by 1.9% y-o-y. Bureau of National Statistics: In 10M24, the country’s industrial production grew by 2.6% y-o-y. Bureau of National Statistics: Agricultural production in Kazakhstan increased by 12.7% y-o-y over the same period. Bureau of National Statistics: Freight transportation turnover in Kazakhstan increased by 1.6% y-o-y in 10M24. Oil transit: Russia is considering a new potential route for gas exports to China through Kazakhstan (with capacity up to 35 bcm per year). No 18 Energy Ministry: Since the repair works that started in October, oil production in Tengiz field has decreased by 28-30% compared to regular average volumes. Oil transportation: In 10M24, oil transportation via the Baku-Tbilisi-Ceyhan pipeline decreased by 3.9% y-o-y. Nov 19 NBK: The Bank will re-introduce the mandatory 50% sale of foreign exchange earnings by the quasi-government entities. Energy Ministry: In 10M24, Kazakhstan exported 1.2 mln tons of oil to Germany, i.e., 100% of the annual plan....

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