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Kazakhstan: No changes on Kashagan

No updates in plans for offshore Kashagan oil field, the deputy energy minister in Kazakhstan says. Photo courtesy North Caspian Operating Co. ASTANA, Kazakhstan, Sept. 29 (UPI) — There are no changes in the operational plans for the giant Kashagan oil field off the coast of Kazakhstan, the country’s deputy energy minister said. Kazakh Deputy Energy Minister Uzakbai Karablin told an audience at an investment conference in the capital Astana commercial production from the field was expected about six weeks after operations are slated to begin in late 2016. "All the work was planned for this period, and there are no changes for now," he was quoted by the regional Trend news agency as saying. Kashagan is among the largest oil fields in the world, with an estimated 16 billion barrels of oil reserves. Production was halted in October 2013, less than a month after it started, when a […]

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Russia’s Lukoil sells China its stake in Kazakh oil producer

Kazakh government expects oil boom once troubled Kashagan oil field resumes operations. Photo courtesy North Caspian Operating Co. MOSCOW, Aug. 21 (UPI) — Russia’s Lukoil said it sold its stake in a Kazakh oil producer to a rival in Beijing just as China’s economy falters and Kazakhstan’s gets a $1 billion loan. The Russian company said it sold its 50 percent in oil producer Caspian Investments Resources to Sinopec, a rival company based in China, for $1 billion, giving the Chinese oil company full control . The Caspian producer plays a role in the development of five separate fields in Kazakhstan. Lukoil said cumulative production since 2006 has amounted to 95 million barrels of crude oil and around 1 billion cubic feet of natural gas. The investment from Sinopec comes amid a slowdown in the Chinese economy. To stave off declines, the Chinese government devalued the national currency. This […]

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Kazakhstan floats tenge, currency tumbles

People wait in line outside a currency exchange office in Almaty, Kazakhstan, August 20, 2015. Kazakhstan’s under-pressure tenge lost more than a quarter of its value on Thursday after the oil producing central Asian nation, hit by a sharp fall in world crude prices, introduced a freely floating exchange rate for the currency. Acting against a backdrop of devaluation and depreciation in the currencies of some of its major trading partners and rivals, Kazakhstan’s government and central bank said the country’s economic policy would henceforth be based on inflation targeting. "This is not a devaluation, this is a transition to a freely floating rate when the market itself determines a balanced exchange rate on the basis of demand and offer," central bank Governor Kairat Kelimbetov told a news conference broadcast from the capital Astana. The official tenge rate tumbled by 26.2 percent to 255.26 per dollar on the Kazakhstan […]

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Yuan Ripples Reach Kazakhstan as Tenge Tumbles Most Since 2014

Kazakhstan allowed its tenge to weaken the most since a devaluation 18 months ago, signaling Central Asia’s biggest crude exporter wants to adjust to declines in the currencies of its top trading partners, China and Russia. The tenge declined 4.4 percent to 197 per dollar by 2:29 p.m. in Almaty. That was the steepest retreat since February 2014 when the central bank, which uses its foreign-currency reserves to manage the exchange rate within a trading band versus the dollar, depreciated it by about 20 percent. Central bank representatives weren’t available to comment when contacted by Bloomberg. Pressure is mounting on countries that trade with China to let their currencies weaken after the yuan slide last week made their exports less competitive. Kazakhstan has also suffered from oil’s 22 percent retreat in the past two months, especially since its northern neighbor and trading partner Russia is allowing the ruble to […]

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