Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 24 Aug 2023 by Evgeny Gavrilenkov
Aug 11 Turkmenistan: The authorities want to clarify a number of issues on the gas alliance of Russia, Kazakhstan, and Uzbekistan Agriculture Ministry: Kazakhstan has started growing bananas on an industrial scale, and the first harvest is expected in six months Energy Ministry: Daily oil production has fallen in Kazakhstan since August 11, amid an accident at Mangistau Nuclear Energy Plant (MNEP). On August 10, the daily oil production accounted for 232K tons and dropped to 215K tons on August 13 Aug 14 KazAzot: The company will suspend production to save electricity due to the accident at MNEP Energy Ministry: Cooperation between Russia, Kazakhstan, and Uzbekistan on gas is discussed based on specific bilateral contracts. Kazakhstan has not received an official proposal for the creation of a trilateral gas alliance Energy Ministry: Kazakhstan may adjust oil production forecast for 2023 due to power outages Aug 15 Economy Ministry: Kazakhstan's GDP grew by 4.8% y/y in 7M23 Economy Ministry: Oil production in Kazakhstan in 7M23 grew by 5.6% y-o-y, gas - by 2.5% y-o-y, extraction of other minerals - by 14.2% y-o-y, iron ore mining decreased by 0.5%, coal mining - by 6%. Energy Ministry: Kazakhstan has reduced plans for oil production in 2023 from 90.5 mln tons to 89.4 mln tons NBK: KZT strengthened by 3.6% against USD in 7M23 due to higher oil prices, and an inflow of foreign capital into Government bonds (about KZT100 mln in July only) Bureau of National Statistics: Industrial production grew by 3.6% y-o-y in 7m23 Aug 16 KazTransOil: The company increased its net profit by IFRS standards by 28.4% y-o-y in 1H23 TCO: The company was fined $6.2 mln for violating environme...

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