Directory of the Companies
#1 (127), February 2021 To increase

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#1 (127), February 2021

Editor's Note

February

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

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

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

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

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.

The gas perspectives

The gas perspectives

Without market liberalization, they are pessimistic in Kazakhstan

How to live with the WTO

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

How Karachaganak was divided
On December 14, 2020, the Ministry of Energy's press-service announced the signing of a Settlement Agreement with the Karachaganak project shareholders represented by Eni, Shell, Chevron, and Lukoil. On the Kazakhstani side, the document was signed by the Ministers of Energy, Finance, and the Head of the authorized body – PSA LLP. 
 

Appointments

Management change in Kashagan

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

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

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

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

July 1, at the Atyrau refinery, scheduled shut-down repairs began at 15 processing units of four production facilities. 

August

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

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

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

November 9, Adilbek Dzhaksybekov was elected Chairman of the Board of Directors of KazTransGas JSC, replacing Kairat Sharipbayev.

December

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

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.

Kazakhstan’s new dividend taxation policy

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.