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News: Wednesday, August 02, 2017 -- Issue 2792 http://www.newsline.kz/rss/

Article of the Day

Oil falls 2 percent, weighed by ample OPEC supply
    Oil dropped about 2 percent from a two-month high on Tuesday as major world oil producers kept pumping out supply, causing investors to worry that several weeks of steady gains had pushed the rally too far, too fast.
    Selling picked up in the late morning as oil broke below Monday's lows, with more than 925,000 U.S. futures contracts traded, making it the busiest day in the market in nearly three weeks.
    OPEC production rose in July, a Reuters survey found Monday, despite a deal to cut output. That prompted selling after U.S. oil futures had risen more than 16 percent since late June.
    "It seems to be more technical and a combination of that and the OPEC story has everybody running for exits at the same time," said Phil Flynn, analyst at Price Futures Group in Chicago.
    U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week, the fifth straight week of declines.
    Brent crude LCOc1, the international benchmark, settled down 94 cents, or 1.8 percent, to $51.78 a barrel, while U.S. crude CLc1 ended down $1.01, or 2 percent, to $49.16 a barrel.
    "Momentum indicators have us in overbought territory over the last few days, which is telling you (oil) is going to pull back somewhat," said Robert Yawger, director of energy futures at Mizuho Americas.
    Gasoline and heating oil crack spreads were stronger on Tuesday after Royal Dutch Shell (RDSa.L) said its Pernis refinery in the Netherlands, Europe's largest oil refinery, will remain closed through mid-August following a fire.
    Industry group the American Petroleum Institute (API) reports data on U.S. inventories at 4:30 p.m. EDT (2030 GMT). The U.S. government's official data is out on Wednesday.
    On the demand side, forecasters including the International Energy Agency have been raising their estimates.
    Oil company BP said Tuesday it sees demand growing by 1.4 to 1.5 million barrels per day (bpd).
    The Organization of the Petroleum Exporting Countries, along with Russia and other non-members have agreed to reduce output by 1.8 million bpd from Jan. 1, 2017 until March next year to get rid of excess supply.
    Oil output by OPEC rose last month by 90,000 bpd to a 2017 high, led by Libya, one of the exempt producers.
    Oil prices fell 1 percent on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices.
    U.S. West Texas Intermediate (WTI) crude futures were at $48.68 per barrel at 0303 GMT, down 48 cents, or 1 percent, from their last settlement. That came after the contract opened above $50 for the first time since May 25 on Tuesday.
    Brent crude futures, the international benchmark for oil prices, were down 47 cents - almost 1 percent - at $51.31 per barrel.
    "The coup de grace came from the American Petroleum Institute's (API) Crude Inventory release late in the New York session...bringing an end to the last few weeks' trend of falling supplies in storage," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.
    "Traders stampeded for the door to lock in profits from the last eight days' bull-run," he added.
    The API said that U.S. crude stocks rose by 1.8 million barrels in the week ending July 28 to 488.8 million, hitting hopes that recent inventory draws were a sign of a tightening U.S. market.
    Official storage figures are due to be published by the U.S. Energy Information Administration (EIA) late on Wednesday.
    Outside the United States, prices were pegged back by a survey this week that showed production by the Organization of the Petroleum Exporting Countries (OPEC) hit a 2017 high of 33 million barrels per day (bpd) - despite its pledge to restrict output together with other OPEC producers, including Russia, by 1.8 million bpd between January this year and March 2018.
    Because of rising output, energy consultancy Douglas Westwood said oversupply would return soon, and last for years.
    "Oversupply will actually return in 2018. This is due to the start-up of fields sanctioned prior to the downturn," said Steve Robertson, head of research for the firm's Global Oilfield Services. "This is in addition to the production gains through increased investment and activity in the U.S. unconventional (shale) space."
    Douglas Westwood said it expected oversupply to last until 2021.
    Robertson said that "external factors such as major interruptions to supply from political or weather-related events can shift the balance quickly".
    But he warned that "any expectations of recovery based upon optimism or wishful thinking along 'it always bounces back' should be tempered by a reality check, and the very real possibility that the current recovery could take much longer to materialise".
    Reported by David Gaffen, Henning Gloystein for Reuters.

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Kazakhstan General

Kazakhstan to rank its regions in terms of ease of doing business
    The first ranking of Kazakhstan regions on the ease of doing business, based on international and domestic experience, will be prepared this year, the Atameken National ...
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2,500 Kazakh citizens to carry out Hajj
    Kazakhstan will ensure the Hajj pilgrimage for 2,500 people between 22nd and 25th August, Kazinform reports.
    According to the Head of the Hajj Department of the Kazakhstan ...
     Full text available for subscribed users...

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Sensational archeological finding made in E Kazakhstan
    Another ‘golden man' was discovered in the Berel valley in eastern Kazakhstan.
    Historian Berik Abdygaliuly shared the news about the discovery on his Facebook page.
    "The expedition ...
     Full text available for subscribed users...

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Failed terrorist convicted in Almaty
    A Kazakh who tried to leave for Syria to fight on the side of terrorists was convicted by the Almaty city court, Kazinform correspondent reports.
    The case ...
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Fervent heat to grip Kazakhstan on Wednesday
    Disturbed weather will grip some regions of Kazakhstan today, August 2. Chances of occasional rain, wind and hail will be high in some areas of the ...
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Forecasters predict changeable weather in August
    The average air temperature in August is expected to be around the climatic norm throughout the country, Kazhydromet reports in its advisory weather forecast.
    "The monthly precipitation ...
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Kazakhstan hosts International Army Games contests
    More than 400 servicemen from 18 countries would take part in the competitions of the International Army Games 2017 held on the territory of Kazakhstan, Sputnik ...
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Expo-2017

Expo 2017: renewable energy, BioNet-Kazakh Invest agreement
    A memorandum of understanding was signed on July 31 in Astana, Kazakhstan, during the Friuli Venezia Giulia week in the Italian Pavilion of Expo 2017 Future ...
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Romanian FM visits Kazakhstan to mark 25 years of diplomatic relations, attends National Day at EXPO
    Romanian Minister of Foreign Affairs Teodor Viorel Meleșcanu visited Kazakhstan July 27-28 to mark the 25th anniversary of Kazakh-Romanian relations and participate in Romanian National Day ...
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Uganda shows off business, tourism potential at Astana EXPO 2017
    Uganda last week showcased her business, tourism and national achievements at the ongoing Astana EXPO2017 in Kazakhstan.
    The highlights of the Uganda day on July 24th 2017 ...
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Oil and Gas Sector

Fuel and energy - the broader regional view: the secret strength of Belarus
    Minsk, increases in fuel and energy cooperation with Ukraine, trying to compensate for the shortfall of oil imports from Russia. Vice Prime Minister of Ukraine Hennadiy ...
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EPS for Condor Petroleum (CPI) Expected At $-0.08
    Analysts expect Condor Petroleum Inc (TSE:CPI) to report $-0.08 EPS on August, 11.They anticipate $0.01 EPS change or 14.29% from last quarter’s $-0.07 EPS. After having ...
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The 1H2017 production of Nostrum Oil and Gas met expectations
    Nostrum Oil and Gas published the operational results for 1H2017. According to the data, Nostrum succeeded in topping the 2017 planned average daily volumes of oil ...
     Full text available for subscribed users...

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Nord Stream 2’s EU partners dread new US sanctions
    Foreign players in Russian energy projects fear they will not be able to withstand the new round of US sanctions and are likely to cease cooperation ...
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Iran inaugurates pipeline aimed to cut reliance on Turkmen gas
    Iran has officially inaugurated a 170-km Damghan-Sari pipeline with 40 million cubic meters per day (mcm/d) of transit capacity, a source in Iran’s Oil Ministry told ...
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Med crude -Urals supported in the north amid lack of supply in mid-August
    Kazakhstan’s benchmark Urals’ differentials firmed in northwest Europe on Tuesday to their highest since August 2013, with limited supplies in the middle of the month due ...
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UK GAS-Prices down on higher Norwegian, LNG supply and lower exports
    British wholesale gas prices fell on Tuesday morning due to higher Norwegian and liquiefied natural gas supply and lower exports.
    British within-day gas price down 0.75 ...
     Full text available for subscribed users...

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Energy Industry

Kazatomprom: China relationship with Kazakhstan pays off
    Overseas operations are crucial to the uranium subsidiary of China General Nuclear Power Corp.
    The State-owned energy giant has a particularly close relationship with Kazakhstan through CGNPC ...
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Kazakhstan’s Akmola Region prepares to host 100 MW solar power plant
    The government of Kazakhstan’s Akmola Region has announced in a press release that the Kazakh investment company KBEnterprises is planning the construction of a 100 MW ...
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Finance and Investment

Total health insurance fund revenue exceeds KZT 800 million
    According to the updated information as of July this year, the total amount received by the Social Health Insurance Fund has exceeded 800 million tenge. This ...
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KASE day session: USDKZT_TOD = 330.43
    The day foreign currencies trading session ended on Kazakhstan Stock Exchange (KASE).
    Based on results of trades on the spot-market:
    - weighted average US dollar rate with settlements ...
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Inflation amounted to 0.1% in July, 3.8% since January in Kazakhstan
    The inflation level in Kazakhstan amounted to 0.1% in July 2017 month on month, 7.1% in comparison to the same month in 2016, 3.8% since December ...
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Metals and Minerals

KAZ Minerals analyst target changes
    A number of investment brokers have recently updated their price targets on shares of KAZ Minerals (LON:KAZ). According to the latest broker reports outstanding on Tuesday ...
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Evraz downgraded by Zacks Investment Research to “sell”
    Zacks Investment Research cut shares of Evraz PLC (NASDAQ:EVRZF) from a hold rating to a sell rating in a research note published on Friday, July 21st. ...
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Copper holds near two-year high, metals slip as patchy US economic reports spur profit-taking
    Copper prices held near two-year highs on Tuesday, supported by expectations of stronger demand from top consumer China, where a government-led infrastructure push has led to ...
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Gold at 7-week high after tepid U.S. economic data
    Gold prices rose to a seven-week high on Tuesday, after U.S. economic data showed
    lukewarm inflation and nearly flat consumer spending, raising the question of whether the ...
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Coal prices: supply disruptions to support prices through year-end, American coal has new buyer
    The supply disruptions that hit the thermal coal market this spring and summer will have a lasting impact, with BMI Research revising its 2017 thermal coal ...
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Trade and Consumer Goods

Kostanai region in Kazakhstan to export flour to China
    The first batch of flour from Kostanai region in northern Kazakhstan is expected to go to China this year, after Kostanai’s flour-grinding enterprise KazTorgTrans has agreed ...
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About 200 head of livestock burned alive in a fire in West Kazakhstan
    100 goats and 90 sheep were burned in a steppe fire near Taldyapan village, Kaztalovsky district of the West Kazakhstan region, the portal "My CITY" informs.
    "17 ...
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Paris corn futures 'priced too low', says Commerzbank
    Paris corn futures are "priced too low", Commerzbank said, even as the best-traded November contract hit a 16-month low – despite expectations of European Union imports ...
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Futures: August brings soybean plunge, hurting grains too
    August began on a dire note for soyabeans futures, which tumbled by 3.7% to close pretty much at their day low, dragging grains lower too.
    And headway ...
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Wah Seong unit awarded RM103.64 million job in Kazakhstan
    Wah Seong Corp Bhd's indirect subsidiary PT Wasco Engineering Indonesia has been awarded a contract by France-incorporated Siemens SAS for the design and build up of ...
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Kazakhstan’s PVC imports up 10% in January-June
    Unmixed polyvinyl chloride (PVC) imports into Kazakhstan rose in January-June by 10% year on year to 25,200 tonnes, according to a report by MRC analysts on ...
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Communications and Transportation

Air Astana: international traffic recovery
    Air Astana has announced its operational results for the 1st half of 2017. The airline carried 1,894,391 passengers for the period January-June 2017, of which 1,007,413 ...
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Kazakhstan develops aviation cooperation with Europe
    The European aerospace group Airbus Defense and Space (Airbus D&S) will provide Kazakhstan Aircraft Industry LLP (KAI) with technical support for maintenance of C295 military transport ...
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ILS Proton to launch AsiaSat-9 on Sept. 28
    Hong Kong-based satellite fleet operator AsiaSat said July 31 that its next satellite will launch Sept. 28 on a Proton rocket from the Baikonur Cosmodrome in ...
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Regional News

China expects bigger tourism trade surplus
    China's tourism trade surplus is expected to increase as the country is taking in more cash from inbound visitors than its outbound travelers spend overseas, according ...
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Chinese outbound investors take fewer risks in 2017
    As China's outbound investment has become less risky, the government will continue to encourage legal overseas investments, especially in projects tied to the Belt and Road ...
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Access to Chinese market key condition for active growth of Russian economy — minister
    Access of Russian goods to the China market is one of conditions for active growth of the Russian economy, Russian Minister of Economic Development Maxim Oreshkin ...
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In 2017/18 MY, Russia to export over 40 mln tonnes of grains as harvest results encourage
    Somewhat lower harvest volumes of grains in Russia compared with the last year figures, will not affect its exports in July 2017, which are forecasted at ...
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Amount of imported goods in Russian stores sinks to record low
    The share of imported goods stocked on Russian store shelves in Q1 2017 came to 36%, according to the Russian State Statistics Service, which is an ...
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3 gangsters who opened fire in Moscow court killed
    Three out the five GTA Gang members who disarmed the guards and opened gunfire in the Moscow region court have been killed, two others have been ...
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Kyrgyzstan to Receive Two Russian An-26 Transport Aircraft Next Week
    The Russian Defense Ministry will provide Kyrgyzstan with two An-26 transport aircraft on August 9, the press service of Kyrgyz Armed Forces’ General Staff told Sputnik ...
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State budget’s surplus in Uzbekistan reach 108.2bn soum in 1H
    The surplus of the state budget of Uzbekistan in the first half of 2017 reached 108.2 billion soum, the Ministry of Finance of Uzbekistan said.
    According ...
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Azerbaijan: SOCAR Polymer to launch new production lines
    SOCAR Polymer, one of the biggest companies in Azerbaijan’s petrochemical industry, will launch new production lines.
    By early 2018, it is planned to open up polypropylene production ...
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Prices and Statistics

Commodities
    

Date: August 2, 2017; Source: Bloomberg.com

Energy

Index Units Price Change %Change Contract Time (EDT) 2 Day
USD/bbl. 48.82 -0.34 -0.69% Sep 2017 2:19 AM
USD/bbl. 51.47 -0.31 -0.60% Oct 2017 2:18 AM
USd/gal. 165.61 -0.52 -0.31% Sep 2017 2:15 AM
USD/MMBtu 2.81 -0.01 -0.21% Sep 2017 2:18 AM
USd/gal. 163.85 -0.28 -0.17% Sep 2017 2:17 AM
 
Index Units Price Change %Change Contract Time (EDT) 2 Day
USD/t oz. 1,271.60 -7.80 -0.61% Dec 2017 2:19 AM
USD/t oz. 1,266.00 -2.76 -0.22% N/A 2:29 AM
USD/t oz. 16.62 -0.15 -0.89% Sep 2017 2:19 AM
USd/lb. 287.05 -1.05 -0.36% Sep 2017 2:19 AM
USD/t oz. 943.24 -2.28 -0.24% N/A 2:29 AM
Index Units Price Change %Change Contract Time (EDT) 2 Day
USd/bu. 379.50 +3.00 +0.80% Dec 2017 2:17 AM
USd/bu. 464.00 +2.75 +0.60% Sep 2017 2:19 AM
USD/MT 2,023.00 -37.00 -1.80% Sep 2017 8/1/2017
USd/lb. 69.39 +0.08 +0.12% Dec 2017 2:18 AM
USd/lb. 112.88 +0.93 +0.83% Oct 2017 8/1/2017
 

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Exchange Rates
    

Date: August 2, 2017; Source: the National Bank of Kazakhstan

1 AUSTRALIAN DOLLAR AUD / KZT 263.96  
1 AZERBAIJAN MANAT AZN / KZT 194.06  
10 ARMENIAN DRAM AMD / KZT 6.91  
1 BELARUS ROUBLE BYN / KZT 170.05  
1 BRAZILIAN REAL BRL / KZT 105.55  
10 HUNGARIAN FORINTS HUF / KZT 12.86  
1 HONG KONG DOLLAR HKD / KZT 42.25  
1 GEORGIAN LARI GEL / KZT 138.45  
1 DANISH KRONA DKK / KZT 52.44  
1 UAE DIRHAM AED / KZT 89.87  
1 US DOLLAR USD / KZT 330.07  
1 EURO EUR / KZT 389.94  
1 INDIAN RUPEE INR / KZT 5.15  
1000 IRANIAN RIAL IRR / KZT 10.08  
1 CANADIAN DOLLAR CAD / KZT 264.95  
1 CHINESE YUAN CNY / KZT 49.13  
1 KUWAIT DINAR KWD / KZT 1096.58  
1 KYRGYZIAN SOM KGS / KZT 4.78  
1 MALAYSIAN RINGGIT MYR / KZT 77.05  
1 MEXICAN PESO MXN / KZT 18.58  
1 MOLDAVIAN LEY MDL / KZT 18.43  
1 NORWEGIAN KRONA NOK / KZT 41.82  
1 POLISH ZLOTY PLN / KZT 91.61  
1 SAUDI RIYAL SAR / KZT 88.02  
1 RUSSIAN ROUBLE RUB / KZT 5.5  
1 SDR XDR / KZT 464.67  
1 SINGAPORE DOLLAR SGD / KZT 243.31  
1 TAJIKISTAN SOMONI TJS / KZT 37.51  
1 THAI BAHT THB / KZT 9.92  
1 TURKISH LIRA TRY / KZT 93.85  
100 UZBEKISTAN SUM UZS / KZT 8.12  
1 UKRAINIAN GRIVNA UAH / KZT 12.76  
1 GREAT BRITAIN POUND GBP / KZT 436.52  
1 CRECH KORUNA CZK / KZT 14.92  
1 SWEDISH KRONA SEK / KZT 40.85  
1 SWISS FRANC CHF / KZT 342.15  
1 SOUTH AFRICAN RAND ZAR / KZT 24.9  
100 SOUTH KOREAN WON KRW / KZT 29.45  
1 JAPANESE YEN JPY / KZT 2.99  

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