Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 16 May 2024 by Evgeny Gavrilenkov
May 2 Parliament: The Senate has ratified the protocol on amendments to the agreement (signed in 2013) between the governments of Kazakhstan and Russia on the transit of Russian oil to China via Kazakhstan. Amendments assumed the extension of the agreement for another ten years with a ten-percent increase in oil volumes. National nuclear company: Kazatomprom increased uranium production by 7% y-o-y in 1Q24. Tengizchevroil: In 1Q24, the company increased oil production by 2% y-o-y to 7.5 mln tons. National nuclear company: Kazatomprom sees no risks to its operations due to the US ban on the import of enriched uranium from Russia. Ministry of Industry and Construction: Kazakhstan intends to increase the localization of production in the automotive industry to 50% by 2027. Bureau of National Statistics: Inflation in Kazakhstan in April was 0.6% m/m (8.7% y-o-y). May 3 Government: Kazakhstan has approved the key conditions for the gas projects of QazaqGaz and Qatar's UCC Holding. OPEC: By the end of the year, Kazakhstan will fully compensate for having exceeded the quotas of oil production in 1Q24 within the OPEC+ agreement by 389 ths bpd. May 6 Oil exports: In 1Q24, the amount of oil exports via the Baku-Tbilisi-Ceyhan pipeline reached 55.3 mln bbl (+0.9% y-o-y). Government: Kazakhstan imposed a ban on sugar exports until the end of summer to meet the needs of the domestic market. May 8 President: Mr. Tokayev called to eliminate the practice of hidden restrictions on mutual trade in the Eurasian Economic Union. May 13 President: Mr. Tokayev signed a decree on measures to liberalize the economy (the start of preparation of this document was announced on February 7, 2024, a...

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