Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 05 Feb 2025 by Evgeny Gavrilenkov
Jan 24 Tengichevroil: Oil production has begun as part of the “Future expansion” project at the Tengiz oil field. Energy Ministry: Kazakhstan wants to choose the vendor for the nuclear plant construction project by July. NBK: The Bank increased its gross gold and FX reserves by 27% (up to $45.8 bln) in 2024. Kazakhtelecom: Jusan Bank sells an 8.1% stake in Kazakhtelecom to an unnamed local investor. Jan 27 Energy Ministry: After the launch of the 'Future expansion' project in Tengiz, Kazakhstan has set a record high daily oil production (278.4K tons, up by 10.5% from the previous daily record). Kazatomprom: The company increased uranium production by 10% in 2024 and plans to increase it in 2025 by 7% to 14%. KMG: The first batch of oil from the Kashagan field in Kazakhstan has been sent to the port of Baku for further transportation by the Baku-Tbilisi-Ceyhan pipeline. Previously, Kazakhstan transported oil via this route only from the Tengiz field. Jan 28 Prime Minister: GDP grew by 4.8% in 2024. Prime Minister: Kazakhstan selects the sites for building two more nuclear power plants. Prime Minister: Kazakhstan will start producing shale oil in 2025. Prime Minister: Kazakhstan exported about 4.0 mln tons of grain harvested in 2024. Total grain production last year reached 26.7 mln tons (including 18 mln tons of wheat) versus 16.6 mln tons in 2023 (with wheat 11.5 mln tons). President: Mr. Tokayev urged NBK to work more closely with the government to curb inflation. Government: The Kazakh authorities propose to abolish social taxes and pension contributions from employers in exchange for an increase in VAT. President: Mr. Tokayev called the government to 'tighten its be...

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