To increase
Archive
#1 (127), February 2021
Editor❜s Note
February
In early February, the Financial Times cautiously predicted the start of a new cycle in commodity markets. The publication's forecasts are based on conversations with investment bankers who advise their clients to increase their investments in raw materials, the demand for which, in their opinion, should grow due to the rapid recovery of the global economy after the pandemic.
Results of the Year
Production decreased – export declined
In 2020, Kazakhstan's revenue from the total volume of exports of products amounted to 41.2 bln US dollars. This is 28% less than in 2019 ($57.7 bln).
KPO Reports 2020 Performance Results
23 February 2021 – Karachaganak Petroleum Operating B.V. (KPO) has announced its performance results for 2020.
Tengiz remained the leader
Despite the COVID-19 pandemic and challenging market conditions, Tengizchevroil has maintained its position as a leader in Kazakhstan's oil and gas industry, maintaining uninterrupted production and continuing to maintain high safety and environmental performance.
Forecasts
Oil Market Risk Factors
2021 started positively for the oil market – oil rose in price after the next OPEC+ meeting, but the risks of destabilization are still high, since the higher the prices, the more negative factors.
How to live with the WTO
On the first day of 2021, the so-called "local content" in Kazakhstan's oil and gas projects went down in history. The fetish of the last two decades, trumpeting which, the Government imitated the departure from the commodity dependence of the Kazakhstani economy.
Projects
How Karachaganak was divided
Appointments
Management change in Kashagan
NCOC, the North Caspian Consortium operator developing the Kashagan field on the Caspian shelf, announced on February 18 that Richard Howe is stepping down as Managing Director of NCOC in June 2021 due to his appointment to the Shell office in Houston, USA.
New General Director at Tengiz
Starting February 1, 2021, the new General Director of Tengizchevroil LLP (TCO), a joint venture leading the development of the Tengiz and Korolevskoye fields.
Chronicle
May
May 4, Deputy Chairman of the Management Board for Economy and Finance of KazMunayGas Dauren Karabayev said during an online briefing that the national company would not place part of its shares on the stock market this year.
June
June 5, at a meeting of the Management Council of the Samruk-Kazyna National Welfare Fund under the chairmanship of the first President of Kazakhstan-Elbasy Nursultan Nazarbayev, a decision was made to reorganize the National Company KazMunayGas.
July
July 1, at the Atyrau refinery, scheduled shut-down repairs began at 15 processing units of four production facilities.
August
August 2, Karachaganak Petroleum Operating B.V. announced the successful completion of the bridge reconstruction project in Uralsk as part of the social and infrastructure program.
September
Starting September 1, Tengizchevroil has begun to re-mobilize personnel critical for safe and uninterrupted production activities, and that perform work under the framework of the FGP-WPMP within the time frame set by the schedule.
October
October 7, Chairman of the Management Board of KazMunayGas Alik Aidarbayev and President of LUKOIL Vagit Alekperov signed in Moscow an agreement on the Al-Farabi project.
November
November 9, Adilbek Dzhaksybekov was elected Chairman of the Board of Directors of KazTransGas JSC, replacing Kairat Sharipbayev.
December
Timur Kulibayev appealed to the Prosecutor General's Office of Kazakhstan with a request to conduct an official audit of the information contained in the Financial Times publication.
Legislation
Kazakhstan’s new dividend taxation policy
The Tax Code has been amended from 1 January 2021 to significantly change how dividends paid by Kazakhstan companies to foreign investors are taxed and to make it more difficult to fully exempt profit distributions from tax in Kazakhstan.