Recently, Kazakhstan's Oil and Gas Minister Sauat Mynbayev finally confirmed China's interest in becoming involved in one of the world's most expensive energy projects ever at the Kashagan oilfield on the Caspian Sea.
The most surprising thing about the founding trio of Eurasian Natural Resources Corporation – which controls some of Kazakhstan's most important assets – is that none is a native Kazakh.
On April 16, Kazakhstan's Oil and Gas Minister Sauat Mynbayev made a statement that drew much attention from both domestic and international media and should certainly have been widely commented on in several capitals, including Washington, Moscow, Beijing and New Delhi. After walking out of a regular government meeting, Mynbayev officially confirmed China interest in the Kashagan's oil project. This vast and complex undertaking in the Kazakhstani sector of the Caspian Sea has already cost its investors over $116 billion by August 2012, ahead of the Gorgon and Ichthys gas projects in Australia worth $57 billion and $43 billion, respectively (Newskaz.ru, April 16; The Astana Times, January 11; CNN Money, August 27, 2012)
"With China having already cornered about 40 per cent of this country's hydrocarbon assets, India's assessment is that it can get a chunk of the remaining portion if New Delhi plays its political and diplomatic cards right," The Hindu writes.
Kazakhstan has a higher debt rating at Standard & Poor's than Russia for the first time since 2005 as the central Asian nation spends less of its commodities- fueled wealth than its northern neighbor.
(SRI) - The government is ready to inject more funds into BTA Bank if required, Timur Kulibayev, head of the state-owned holding and investment company Samruk-Kazyna, said on Wednesday, Bloomberg reported.
Mukhtar Ablyazov, ex-chairman of Kazakhstan's BTA Bank, asked a U.K. judge to order the lender to hand over documents explaining how his personal stake in the bank's Georgian subsidiary was sold without his permission.
Iran plans to gradually boost the volume of its oil swaps with Central Asian countries, the oil ministry's news website, Shana reported, citing Mohsen Qamsari, head of international affairs at the National Iranian Oil Co.
MONTREAL - South Korea President Lee Myung-bak returned home last week from a tour of Mongolia, Uzbekistan and Kazakhstan that helped to raise his country's profile and project its foreign economic diplomacy across Inner and Central Asia while significantly expanding Seoul's ties with the three countries.
(SRI) - Kazakhstan's oil wealth has had a positive effect on economic growth but the country needs to step up its efforts to develop other sectors of the economy, the International Monetary Fund (IMF) said in a report published last week.
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