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Электронная газета «DefSecInfo» (Венгрия), 07.06.2009, SHIFT IN KAZAKHSTAN'S LONG-TERM EXTERNAL FINANCING POLICY
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Электронная газета «DefSecInfo» (Венгрия), 09.06.2009, ENERGY SECURITY, WITH MMG ACQUISITION CHINA'S SHARE IN KAZAKHSTAN OIL PRODUCTION RISES TO 22%


CNPC's recent purchase of a 50-percent stake in MangistauMunayGaz (MMG) will increase its total share of oil production in Kazakhstan to 22 percent.

In 2008, companies with China's participation produced 19.7 million tons of crude oil. China's share alone was 13.6 million tons, 19.3 percent of total output. Kazakhstan as a whole produced 70.6 million tons of crude oil in 2008. Chinese companies reportedly have stakes in 15 oil producing companies in Kazakhstan including the recently acquired MangistauMunayGaz. MMG is expected to produce approximately 5.5 million tons per year, thus further increasing China's share in Kazakhstan's oil production.

China's share in the country's output will start decreasing when the huge Kashagan field starts commercial production (planned for 2014). Kazakhstan plans to nearly double its total current production by the end of next decade when the field reaches full capacity. Kashagan is being developed by a consortium of international oil companies and the national oil company KazMunaiGas but no Chinese company has managed to secure a stake in this ultimate prize of Kazakh hydrocarbon riches.


Электронное аналитическое издание «DefSec CEE Infosystem» (Венгрия), 08.06.2009, TRANSPORT SECURITY, MOU SIGNED ON IDB FINANCING TURKMENISTAN-KAZAKHSTAN-IRAN RAILROAD PROJECT


According to a MoU signed in Ashgabat, Islamic Development Bank (IDB) is to finance Kazakhstan-Turkmenistan-Iran railroad project, ISNA reported from Tehran.

Turkmenistan and the IDB signed a Memorandum of Understanding (MoU) according to which the IDB will pump money into the North-South transport corridor. The 9000-kilometer railroad connects European and Asian transport network to create the shortest road from Europe to Persian Gulf ports. The project has been implemented since 2007. Having signed the MoU, the IDB chief Ahmed Mohammed Ali highlighted Turkmenistan’s huge transport potentials and said the organization is set to work with the country on energy section.

In his speech at the 34th annual summit of IDB in Turkmenistan Iranian Economy Minister Shamseddin Hosseini said new banking policies can help developing Muslim countries recover from the global economic meltdown. He urged member countries to follow a proper strategy for stabilizing the economy. The Iranian minister also called for increasing multilateral cooperation at the regional and trans-regional levels within the framework of international institutions, IDB.


Электронная газета «DefSecInfo» (Венгрия), 07.06.2009, SHIFT IN KAZAKHSTAN'S LONG-TERM EXTERNAL FINANCING POLICY


Kairat Kelimbetov, head of Samruk-Kazyna National Welfare Fund indicated a shift in external financing/borrowing policies from Western bank loans to long-term financing by Chinese, Russian, UAE lenders.

Talking to Kazakhstani and foreign journalists in Astana he described three factors influencing  Kazakhstan's economy:

1. the prices for oil and metals;

2. exports have dropped significantly. It was difficult for some of companies, such as ENRC and Kazakhmys, to confirm their export volumes because the main consumers, such as China, have significantly reduced the consumption of Kazakhstan's export products;

3. external debt.

Kazakhstan will have to replace the external financing from the western banks with a long-term financing, he emphasized. The government has taken steps in this directionas it took a USD10bn credit line from China, a USD3.5bn credit from Russia, through Vneshekonombank, and a USD1bn credit from the UAE, Mr. Kelimbetov said.

 The Chinese credit is divided into two parts. The first USD5bn goes to the oil and gas sector. In particular, one part is for the purchase, together with the Chinese oil company CNPC, of stocks of the largest private oil producer, MangistauMunayGaz (MMG). The other part is for the construction of a gas pipeline Beyneu-Bozoy-Samsonovka to transport gas from the western regions of Kazakhstan to its southern regions. If there is enough gas in the future, this gas pipeline will join an export pipeline running to China. The second USD5bn of the Chinese credit will support the non-oil and gas sectors. Out of this part, USD3.5bn will be spent on the projects that have a mandatory clausule to use Chinese exports, if Kazakhstan builds a cement plant, the equipment for it must be from China. The remaining USD 1.5bn will be free of caveats. The Chinese credit line opens this coming fall. Term: 10 to 15 years. KazMunayGaz's part of it will be provided at a soft rate. The remaining USD3.5bn are at LIBOR+3.5 percent, and the USD1.5bn - at LIBOR+5.5 percent.

The USD 3.5bn Russian loan also contains a clausule of buying Russian equipment. Also, Vneshekonombank will support the projects with Russian component, including, for example, Ekibastuz GRES-2 and the Aktobe metallurgical plant.

As far as the UAE credit is concerned, during the visit of President Nazarbayev to Abu-Dhabi, an agreement to create an Islamic bank was reached. The USD1bn will be transferred to that bank upon completion of the negotiations expected to be finalised by the end of this year.

As regards Muktar Dzhakishev's (fmr. Kazatomprom head) arrest with a reaction from the foreign partners Samruk-Kazyna prepares a letter confirming all earlier international contracts and joint ventures, so there should be no doubts or anxiety about it, Mr. Kelimbetov said.

Samruk-Kazyna National Welfare Fund, a state holding company established in October 2008, owns and manages Kazakhstan's national companies - including oil and gas major KazMunayGaz, uranium company KazAtomProm and Kazakhstan Electricity Grid Operating Company (KEGOC) - in various sectors of the economy, including the oil and gas industry, telecommunications, transport, and the financial development institutions.