Issue 2932 - 23.02.2018
23.02.2018

GDP in 2017 and STEI for January 2018: commodity sector is still the main driver

According to Committee on Statistics, the country's real GDP growth in 2017 amounted to 4%. Based on our calculations, extractive industry (oil, gas, metals, coal), as well as metallurgy and oil refining (which we also consider as the commodity sector of the economy) contributed to about half of the growth in the gross product in 2017. Transport sector, linked with industry, provided another 0.4pp. Therefore, almost more than half of GDP growth of the country was formed by expansion and intensification of activity in the commodity sector. In our opinion, there are no signs of improvement in the structure of the economy.

Short-term economic indicator in January was at 4.7% yoy. In the same period last year, the indicator amounted to 3.8%.

According to Committee on Statistics, the country's real GDP growth in 2017 amounted to 4%. Based on our calculations, in the 4th quarter GDP slowed to 3.3% yoy (4.3% yoy in the 3rd quarter) due to high base of the previous year. Extractive industry (oil, gas, metals, coal), as well as metallurgy and oil refining (which we also consider as the commodity sector of the economy) contributed to about half of the growth in the gross product in 2017. The contribution of the trade sector was just over 1pp in GDP, transport provided 0.4pp.

The short-term economic indicator in January amounted to 4.7% compared to the corresponding month last year. In the same period last year, the indicator amounted to 3.8%. 

Industry increased by 5.2% yoy. The manufacturing industry grew by 6.2% yoy. Mining lags behind and shows a similar growth in 2017 at 4.5% yoy. Physical volumes of coal extraction declined by 13% (in the same period of 2017 - an increase of 16%).  Crude oil and gas mining amounted to 7% for comparison last year 4%. If in 2017 the  growth in January was mainly due to metals mining (+19.5%), then in the current year – it is experiencing a decrease of 3.4% (including a decrease in the mining of non-ferrous metals by 4.9% while an increase in the extraction of ferrous metals slightly offset the fall).

In the manufacturing sector, metallurgy (with a share of 53% of the entire manufacture) increased by 7.3% compared to the corresponding month of 2017, practically without losing the speed (growth in January 2017 – 7.5%). Much higher growth is in food production (+6%) and beverages (+10.5%), the production of refined petroleum products slowed down (+1.8% against double-digit growth in 29% in January 2016).

Thus in industrial sector production of raw materials prevails, forming according to our calculations, a half of increase of Short-term economic indicator (2.3pp from 4.7%). 

Agriculture produced 3.7% more than in January last year when the index of gross output was about 0 (0.1%). The improvement of the index was expected, given the active growth of investments in fixed capital in this sector, especially in livestock (by 1.5 times yoy in 2017). Gross output of crop production remained at the level of early 2017, livestock production shows a significant increase of 3.9%.

Trade grew at once by 7.5%: acceleration was caused by an increase in the wholesale segment, which showed a 9.3% growth, while retail trade accounted for 4.3%. The growth of wholesale turnover is apparently associated with a significant increase in investment activity in industry. For example, wholesale trade in the Atyrau region has almost tripled, which is likely due to a large increase in investment in oil production and processing projects in this area.

In transport, growth was at 4% (3.5% in January 2017). The higher growth in oil and gas mining compared to last year also affects the increase in transportation volumes. The transportation by the pipeline grew by 6.4%, railway - by 12.8%.

The growth of physical volume for communication services in January was at 4.4%, for Internet services - 5.9%, for mobile communications - 11.6% (their share is about 64% in the total volume of services).

Construction against the background of a high base last year (growth was about 7.1%) fell by 14.9%. The volume of work in Atyrau region (-52% yoy in January) and Astana (-29% yoy) decreased due to the reduction in the construction of main pipelines and the completion of the international exhibition.

Investments in fixed assets increased 1.5 times in January compared to January 2017. The main increase is in industry (2 times, share in total investments 78%), both in mining and manufacture. The increase in investments in construction (the share of only 1%) was almost 5 times. Significant growth in January was due to the modernization of the Shymkent oil refinery (in that region the capital expenditures grew more than 2 times) and the expansion project at the Tengiz field and the construction of a processing plant at the Atyrau refinery (in the Atyrau region, investments also showed a 2-fold increase). Capital expenditures in agriculture decreased by 2.1%, in transport and trade, growth was almost 1.5 times (the combined share of the two industries was only 8%).

A significant increase in GDP in 2017 to 4% was possible due to the active production of commodity industries, to which we also include the production of metals and refining. The rise in prices for oil and metals, the increase in physical volumes of production have become the main factors of the increase in gross product. According to our estimates, about 1.7pp was provided by the oil and metals extraction industries, metallurgy and oil refining. Transportation services against the background of increased production of raw materials provided about 0.36 pp. Thus, almost more than half of GDP growth of the country was formed by expansion and intensification of activity in the commodity sector. In our opinion, there are no signs of improvement in the structure of the economy.

In January, the economy indicators mainly show an acceleration compared to the previous year: the increase in oil production continued, the increase in freight turnover caused the acceleration of transport. A significant increase in wholesale sales in January, we associate with the growth of investments in commodity sectors of the economy. Construction on the background of the completion of the international exhibition and a general decline in construction work has significantly subsided.

Substantial capital investments in January were mainly directed to the raw materials sector: the mining sector (2 times as compared to January 2016), metallurgy (one and a half times), as well as to oil refining (almost 3 times). The increase in investments in fixed assets in industry, in our opinion, creates the prerequisites for accelerating the index of the physical volume of industry during the year above 5%, but without changing the structure of the economy.

In general, we expect that the economic growth this year will depend on the degree of increase in commodity production reaching 3.5%, provided that prices for raw materials are fixed at relatively high levels. According to our estimates, the contribution of industrial production may be about 1.4pp in GDP. At the same time, related industries, like transport and wholesale trade, can also support the increase in the country's gross product.

By Elmira Arnabekova for Halyk Finance (Kazakhstan).

Kazakhstan General

23.02.2018

Astana earmarks $900 million to anti- & counter-terrorism programmes

Kazakhstan’s government is launching an ambitious strategy to combat religious extremist movements that have posed an imminent threat to the national security and are aimed at radicalising and recruiting Kazakhstani youth into the ranks of international terrorist groups.

Drafted by the Kazakhstan National Security Committee and endorsed by the government on...

Kazakhstan’s government is launching an ambitious strategy to combat religious extremist movements that have posed an imminent threat to the national security and are aimed at radicalising and recruiting Kazakhstani youth into the ranks of international terrorist groups.

Drafted by the Kazakhstan National Security Committee and endorsed by the government on...

23.02.2018

Kazakhstan proposes EU to broaden its position in Central Asia

Minister of Foreign Affairs Kairat Abdrakhmanov has voiced Kazakhstan's proposals regarding further cooperation of Central Asia with the European Union.

He noted Kazakhstan's intention to see the joint work within private entrepreneurship, small and medium business liven up.

"We propose the EU to develop new mechanisms to assist in bringing private European...

Minister of Foreign Affairs Kairat Abdrakhmanov has voiced Kazakhstan's proposals regarding further cooperation of Central Asia with the European Union.

He noted Kazakhstan's intention to see the joint work within private entrepreneurship, small and medium business liven up.

"We propose the EU to develop new mechanisms to assist in bringing private European...

23.02.2018

Aral Sea revival challenges discussed in Astana

Kazakh government officials and representatives of the United Nations Development Programme (UNDP) discussed mitigating the effects of the shrinking Aral Sea during a Feb. 19 symposium in Astana.

Over the past 40-45 years, the level of the sea has declined 22 metres, the water volume has decreased tenfold and the salinity...

Kazakh government officials and representatives of the United Nations Development Programme (UNDP) discussed mitigating the effects of the shrinking Aral Sea during a Feb. 19 symposium in Astana.

Over the past 40-45 years, the level of the sea has declined 22 metres, the water volume has decreased tenfold and the salinity...

Oil and Gas Sector

23.02.2018

KazMunaiGas EP publishes 2017 year results

JSC KazMunaiGas Exploration Production announced its consolidated financial results for the year ended 31 December 2017.

Revenue in 2017 was up 32% year-on-year at 956bn Tenge (US$2,933m). This was largely a result of a 24% increase in the price of Brent, a higher share of export sales and an improved oil...

JSC KazMunaiGas Exploration Production announced its consolidated financial results for the year ended 31 December 2017.

Revenue in 2017 was up 32% year-on-year at 956bn Tenge (US$2,933m). This was largely a result of a 24% increase in the price of Brent, a higher share of export sales and an improved oil...

23.02.2018

Analysis: KMG EP completed 2017 with net profit of T195bn and cash position of T1339bn

KMG EP reported financial results for 2017. The data indicate a net profit of T195bn (our forecast is T192bn), which is 48% higher than the result of 2016.

In connection with the rise in oil prices (+24%), the Company managed to increase its revenue by 32% yoy to T956bn. 

The increase in...

KMG EP reported financial results for 2017. The data indicate a net profit of T195bn (our forecast is T192bn), which is 48% higher than the result of 2016.

In connection with the rise in oil prices (+24%), the Company managed to increase its revenue by 32% yoy to T956bn. 

The increase in...

23.02.2018

Total to keep probing risky oil and gas frontiers: upstream chief

Total will continue working at risk-prone frontiers such as Russia and Iran partly because they bring higher returns, but also hopes to expand in developed-world locations such as the US and is committed to its North Sea business, the company's exploration and production president, Arnaud Breuillac, said in an interview.

Breuillac,...

Total will continue working at risk-prone frontiers such as Russia and Iran partly because they bring higher returns, but also hopes to expand in developed-world locations such as the US and is committed to its North Sea business, the company's exploration and production president, Arnaud Breuillac, said in an interview.

Breuillac,...

23.02.2018

Condor Petroleum insider buys C$13,700.40 in stock

Condor Petroleum Inc (TSE:CPI) insider Robert Disbrow acquired 22,834 shares of the stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of C$0.60 per share, with a total value of C$13,700.40.

Robert Disbrow also recently made the following trade(s):

On Thursday, February 15th, Robert Disbrow...

Condor Petroleum Inc (TSE:CPI) insider Robert Disbrow acquired 22,834 shares of the stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of C$0.60 per share, with a total value of C$13,700.40.

Robert Disbrow also recently made the following trade(s):

On Thursday, February 15th, Robert Disbrow...

23.02.2018

Med Crude-Urals differentials edge lower in northwest Europe

Kazakhstan’s benchmark Urals’ differential fell in northwest Europe on Thursday weighed down by the ramping up of seasonal refinery maintenance.

In the Platts window, Shell offered a cargo of Urals from the Baltic ports at dated Brent minus $2.20 a barrel cif Rotterdam loading March 5-9.

The level was down from a...

Kazakhstan’s benchmark Urals’ differential fell in northwest Europe on Thursday weighed down by the ramping up of seasonal refinery maintenance.

In the Platts window, Shell offered a cargo of Urals from the Baltic ports at dated Brent minus $2.20 a barrel cif Rotterdam loading March 5-9.

The level was down from a...

23.02.2018

Oil reverses course and rises as dollar backs off highs

Oil rose on Thursday, reversing early losses, aided by a drop in the dollar that helped focus investors’ attention on a probable decline in U.S. crude inventories.

Brent crude futures LCOc1 were last up 13 cents at $65.55 a barrel by 1500 GMT, as were West Texas Intermediate (WTI) futures CLc1...

Oil rose on Thursday, reversing early losses, aided by a drop in the dollar that helped focus investors’ attention on a probable decline in U.S. crude inventories.

Brent crude futures LCOc1 were last up 13 cents at $65.55 a barrel by 1500 GMT, as were West Texas Intermediate (WTI) futures CLc1...

Finance and Investment

23.02.2018

President’s criticism is fair – Daniyar Akishev

Head of the National Bank of Kazakhstan Daniyar Akishev commented on the criticism of the President in the address of the bank, Kazinform reports.

"The criticism of President Nursultan Nazarbayev was absolutely fair," Daniyar Akishev said at the online conference on Thursday.

"Apparently, the National Bank, as the regulator, was late to...

Head of the National Bank of Kazakhstan Daniyar Akishev commented on the criticism of the President in the address of the bank, Kazinform reports.

"The criticism of President Nursultan Nazarbayev was absolutely fair," Daniyar Akishev said at the online conference on Thursday.

"Apparently, the National Bank, as the regulator, was late to...

23.02.2018

North Kazakhstan to bring KZT 300 billion investments to the region

At a meeting with the population governor of North Kazakhstan region Kumar Aksakalov spoke about bringing investments to the region.

Last year the region outrun the average country level of fund-raising and ranked 4th in growth rate among other regions. "We have brought KZT 4 of private investments per KZT 1,"...

At a meeting with the population governor of North Kazakhstan region Kumar Aksakalov spoke about bringing investments to the region.

Last year the region outrun the average country level of fund-raising and ranked 4th in growth rate among other regions. "We have brought KZT 4 of private investments per KZT 1,"...

23.02.2018

Open a bank account? Show your money’s colour

The State Revenue Committee of the Finance Ministry of the Republic of Kazakhstan proposes to document the legality of money when opening a bank account. This was stated at a roundtable in the Senate by the acting chairman of the Revenue Committee of the Finance Ministry Ualikhan Dildabaev, Kazpravda reports.

"For...

The State Revenue Committee of the Finance Ministry of the Republic of Kazakhstan proposes to document the legality of money when opening a bank account. This was stated at a roundtable in the Senate by the acting chairman of the Revenue Committee of the Finance Ministry Ualikhan Dildabaev, Kazpravda reports.

"For...

23.02.2018

Depositors with more than sufficient savings can take pension money ahead of schedule

In Kazakhstan, early withdrawal of pension savings can be allowed for depositors with super-sufficient pension savings, Kazpravda.kz reports.

"The issue of early withdrawal of pension savings is currently being discussed with the Government of the Republic of Kazakhstan and the business community within the framework of the proposals of the National...

In Kazakhstan, early withdrawal of pension savings can be allowed for depositors with super-sufficient pension savings, Kazpravda.kz reports.

"The issue of early withdrawal of pension savings is currently being discussed with the Government of the Republic of Kazakhstan and the business community within the framework of the proposals of the National...

23.02.2018

KASE day session: USDKZT_TOD = 319.78

Based on results of trades on the spot-market:

- weighted average US dollar rate with settlements T+0 in tenge (USDKZT_TOD) made KZT319.78 per US dollar at the trades volume USD95,150 th.;

- on US dollar with settlements Т+1 and Т+2 in tenge no deals were made, at the session close quotes in...

Based on results of trades on the spot-market:

- weighted average US dollar rate with settlements T+0 in tenge (USDKZT_TOD) made KZT319.78 per US dollar at the trades volume USD95,150 th.;

- on US dollar with settlements Т+1 and Т+2 in tenge no deals were made, at the session close quotes in...

23.02.2018

Dollar higher on Fed minutes; euro unmoved by ECB

The dollar inched up to a 10-day high on Thursday after minutes from the U.S. Federal Reserve’s January meeting showed policymakers confident in rising inflation, while the euro was left unmoved by its own central bank’s policy minutes.

European Central Bank policymakers meeting last month felt it was too early to...

The dollar inched up to a 10-day high on Thursday after minutes from the U.S. Federal Reserve’s January meeting showed policymakers confident in rising inflation, while the euro was left unmoved by its own central bank’s policy minutes.

European Central Bank policymakers meeting last month felt it was too early to...

Metals and Minerals

23.02.2018

KAZ eyes up to 16% production growth in 2018

London-, Kazakhstan- and Hong Kong-listed KAZ Minerals is expecting copper production growth of up to 16% in 2018, as the new Aktogay mine, in Kazakhstan, ramped up production.

The company, which on Thursday reported a big jump in full-year profit, has set a production guidance of 270 000 t to 300...

London-, Kazakhstan- and Hong Kong-listed KAZ Minerals is expecting copper production growth of up to 16% in 2018, as the new Aktogay mine, in Kazakhstan, ramped up production.

The company, which on Thursday reported a big jump in full-year profit, has set a production guidance of 270 000 t to 300...

23.02.2018

Kazakh mining company ERG looks to spin off and list assets

Kazakh mining company Eurasian Resources Group (ERG), formerly known as ENRC, is working on a plan to eventually spin off and list some of its assets to help repay debt, three banking sources said.

The company, then called Eurasian National Resources Corporation (ENRC), was taken private by its three founders and...

Kazakh mining company Eurasian Resources Group (ERG), formerly known as ENRC, is working on a plan to eventually spin off and list some of its assets to help repay debt, three banking sources said.

The company, then called Eurasian National Resources Corporation (ENRC), was taken private by its three founders and...

23.02.2018

Kazakh coal miner clinches loan deal

The Eurasian Development Bank (EDB) and Bogatyr Komir company signed a loan agreement to finance Bogatyr Komir’s investment program aimed at modernizing coal production processes at the Bogatyr mine, the press service of EDB said in a message.

The document was signed by Andrey Beliyaninov, Chairman of the Management Board, from...

The Eurasian Development Bank (EDB) and Bogatyr Komir company signed a loan agreement to finance Bogatyr Komir’s investment program aimed at modernizing coal production processes at the Bogatyr mine, the press service of EDB said in a message.

The document was signed by Andrey Beliyaninov, Chairman of the Management Board, from...

23.02.2018

Polymetal downgraded to strong sell at Zacks Investment Research

Zacks Investment Research cut shares of Polymetal Intl (OTCMKTS:AUCOY) from a hold rating to a strong sell rating in a report released on Tuesday, January 30th.

According to Zacks, “Polymetal International plc is a metal producer primarily in Russia, Kazakhstan and Armenia. It principally explores for gold and...

Zacks Investment Research cut shares of Polymetal Intl (OTCMKTS:AUCOY) from a hold rating to a strong sell rating in a report released on Tuesday, January 30th.

According to Zacks, “Polymetal International plc is a metal producer primarily in Russia, Kazakhstan and Armenia. It principally explores for gold and silver. Polymetal International...

23.02.2018

Gold edges lower as rising U.S. interest rates loom

Gold edged down on Thursday and held on track for its biggest weekly loss of 2018 as the dollar was boosted by minutes from the last U.S. Federal Reserve meeting that showed policymakers backed further rises in interest rates.

Spot gold was 0.1 percent lower at $1,322.91 an ounce by 1241...

Gold edged down on Thursday and held on track for its biggest weekly loss of 2018 as the dollar was boosted by minutes from the last U.S. Federal Reserve meeting that showed policymakers backed further rises in interest rates.

Spot gold was 0.1 percent lower at $1,322.91 an ounce by 1241...

23.02.2018

Nickel, zinc hit week lows as China returns, steel slumps

Nickel and zinc hit their lowest levels in over a week on Thursday as Chinese investors sold metals as their markets opened after holidays, the dollar strengthened and steel prices dropped.

Trading on the Shanghai Futures Exchange (ShFE) resumed on Thursday after a week-long break for the Lunar New Year.

"I wouldn't...

Nickel and zinc hit their lowest levels in over a week on Thursday as Chinese investors sold metals as their markets opened after holidays, the dollar strengthened and steel prices dropped.

Trading on the Shanghai Futures Exchange (ShFE) resumed on Thursday after a week-long break for the Lunar New Year.

"I wouldn't...

Trade and Consumer Goods

23.02.2018

Most counterfeit products sold in Kazakhstan advertised via internet

The Kazakh state revenue committee investigation department has determined the largest supply channel of counterfeit products is the internet, reported expert officer Elmira Kalygulova at roundtable on combating counterfeit product distribution issues.

“We discovered illegal issues that infringe upon trademarks in the course of operational-search measures. There are counterfeit tobacco products,...

The Kazakh state revenue committee investigation department has determined the largest supply channel of counterfeit products is the internet, reported expert officer Elmira Kalygulova at roundtable on combating counterfeit product distribution issues.

“We discovered illegal issues that infringe upon trademarks in the course of operational-search measures. There are counterfeit tobacco products,...

Agriculture

23.02.2018

Four ministries split duties in hemp production

Minister of Internal Affairs of Kazakhstan Kalmukhanbet Kassymov told about the opportunities of growing industrial hemp, Kazinform informs. 

"For the last 5-7 years there has been pending the question of growing industrial and medical hemp. There are foreign investors and there is world experience. However there is also one problem. We...

Minister of Internal Affairs of Kazakhstan Kalmukhanbet Kassymov told about the opportunities of growing industrial hemp, Kazinform informs. 

"For the last 5-7 years there has been pending the question of growing industrial and medical hemp. There are foreign investors and there is world experience. However there is also one problem. We...

23.02.2018

Soyabeans ease from 7-month high, wheat struggles near 2-week low

Chicago soyabeans edged lower on Thursday, hovering just below a seven-month high reached on the back of dry weather curbing yields in Argentina, the world's third largest exporter.

Wheat ticked higher, although the market remained near last session's two-week low as U.S. cargoes struggle to win business in a highly competitive...

Chicago soyabeans edged lower on Thursday, hovering just below a seven-month high reached on the back of dry weather curbing yields in Argentina, the world's third largest exporter.

Wheat ticked higher, although the market remained near last session's two-week low as U.S. cargoes struggle to win business in a highly competitive...

Communications and Transportation

23.02.2018

Prototypes of block-chain technology to be used in summer in Kazakhstan

In summer, prototypes of block-chain technology will be used in Kazakhstan, said Deputy Prime Minister of the Republic of Kazakhstan Yerbolat Dosayev at an expanded meeting of the Board of the Finance Ministry of Kazakhstan, Kazpravda.kz reports.

"If the prototypes are effective, then we will take the necessary measures so that...

In summer, prototypes of block-chain technology will be used in Kazakhstan, said Deputy Prime Minister of the Republic of Kazakhstan Yerbolat Dosayev at an expanded meeting of the Board of the Finance Ministry of Kazakhstan, Kazpravda.kz reports.

"If the prototypes are effective, then we will take the necessary measures so that...

23.02.2018

PM briefed on civil aviation development

Prime Minister Bakytzhan Sagintayev chaired a meeting at Ukimet uіy on civil aviation development, attended by the heads of major national air companies, Kazpravda.kz reports.

The meeting brought up improvement of the state regulation of air carriages, attractiveness of air transit via Kazakhstan within the framework of the 68th Step in...

Prime Minister Bakytzhan Sagintayev chaired a meeting at Ukimet uіy on civil aviation development, attended by the heads of major national air companies, Kazpravda.kz reports.

The meeting brought up improvement of the state regulation of air carriages, attractiveness of air transit via Kazakhstan within the framework of the 68th Step in...

23.02.2018

Kazakhstan expected to purchase Brazilian-made Embraer commercial aircraft

This year’s Singapore Airshow, billed as “Asia’s largest aerospace and defense event,” featured the latest technologies and equipment by global aerospace companies, including Embraer’s E190-E2 jets, considered a new-generation passenger aircraft manufactured by the Brazilian aerospace conglomerate.

Shown for the very first time in Singapore on February 11, the E190-E2 is...

This year’s Singapore Airshow, billed as “Asia’s largest aerospace and defense event,” featured the latest technologies and equipment by global aerospace companies, including Embraer’s E190-E2 jets, considered a new-generation passenger aircraft manufactured by the Brazilian aerospace conglomerate.

Shown for the very first time in Singapore on February 11, the E190-E2 is...

23.02.2018

Kar-Tel introduces credit check service for banks

Mobile operator Kar-Tel, working under the Beeline Kazakhstan brand, has started offering a 'big data' service for banks to evaluate the creditworthiness of loan applicants. Additional credit scoring can be processed using data from the operator.

The operator already has an agreement on the issue with one of the Kazakhstan banks,...

Mobile operator Kar-Tel, working under the Beeline Kazakhstan brand, has started offering a 'big data' service for banks to evaluate the creditworthiness of loan applicants. Additional credit scoring can be processed using data from the operator.

The operator already has an agreement on the issue with one of the Kazakhstan banks,...

Regional News

23.02.2018

Record lunar new year spending echoes shifting economy

Long queues of cars from all over China crawling along the main drags of south China's Hainan island were worsened by heavy fog that disrupted ferries, stranding over 100,000 passengers and more than 10,000 cars.

The plight of drivers and passengers in Hainan is the flip side of the booming tourism...

Long queues of cars from all over China crawling along the main drags of south China's Hainan island were worsened by heavy fog that disrupted ferries, stranding over 100,000 passengers and more than 10,000 cars.

The plight of drivers and passengers in Hainan is the flip side of the booming tourism...

23.02.2018

China's major reforms over past 5 years

Since the 18th National Congress of the Communist Party of China (CPC) in late 2012, the CPC Central Committee has advanced reform in various fields and taken socialism with Chinese characteristics forward.

Over the five years since then, reform has expanded from economic sectors to political affairs, social development, culture, the...

Since the 18th National Congress of the Communist Party of China (CPC) in late 2012, the CPC Central Committee has advanced reform in various fields and taken socialism with Chinese characteristics forward.

Over the five years since then, reform has expanded from economic sectors to political affairs, social development, culture, the...

23.02.2018

Russia supplies 7.6 mln tonnes of LNG to Japan in 2017

Russia supplied 7.6 mln tonnes of liquefied natural gas (LNG) to Japan in 2017, Russian Energy Minister Alexander Novak said on Thursday. He is taking part in the second meeting of the high-level Russian-Japanese working group.

"By the end of 2017, we delivered 7.6 million tonnes of liquefied natural gas to...

Russia supplied 7.6 mln tonnes of liquefied natural gas (LNG) to Japan in 2017, Russian Energy Minister Alexander Novak said on Thursday. He is taking part in the second meeting of the high-level Russian-Japanese working group.

"By the end of 2017, we delivered 7.6 million tonnes of liquefied natural gas to...

23.02.2018

Chinese financing jitters likely holding up sale of Rosneft’s 14% stake

The Switzerland-based commodity trader Glencore together (which along with Qatar Investment Authority (QIA) wealth fund own 19.5% of Rosneft) plans to seal a deal to sell a 14% stake in Russia’s Rosneft oil company to the China Energy Company Limited (CEFC) by the end of the first half of 2018,...

The Switzerland-based commodity trader Glencore together (which along with Qatar Investment Authority (QIA) wealth fund own 19.5% of Rosneft) plans to seal a deal to sell a 14% stake in Russia’s Rosneft oil company to the China Energy Company Limited (CEFC) by the end of the first half of 2018,...

23.02.2018

Sanctions prompt Russian software developers to pursue emerging markets

The export volumes of Russian software and development services climbed from 10% to 12% in 2017 reaching $8.5 bln, Kommersant writes citing data provided by the Russian Software Developers Association (RUSSOFT). The anti-Russian sanctions have hurt Russian software sales in the United States and the European Union, which made developers...

The export volumes of Russian software and development services climbed from 10% to 12% in 2017 reaching $8.5 bln, Kommersant writes citing data provided by the Russian Software Developers Association (RUSSOFT). The anti-Russian sanctions have hurt Russian software sales in the United States and the European Union, which made developers...

23.02.2018

Full modernisation of Tajik Nurek HPP requires $700 million

The modernisation of the Nurek hydro power plant (HPP) in Tajikistan, which will be carried out in two phases, will require 10 years and $700 million.

The cost of the first phase of the project is $350 million and these funds are allocated by international financial institutions.

In particular, the International Development...

The modernisation of the Nurek hydro power plant (HPP) in Tajikistan, which will be carried out in two phases, will require 10 years and $700 million.

The cost of the first phase of the project is $350 million and these funds are allocated by international financial institutions.

In particular, the International Development...

23.02.2018

Mongolia says it can build power plant to supply Oyu Tolgoi mine

Mongolia can build a power plant at its Tavan Tolgoi coal mine by 2021 to supply the Oyu Tolgoi copper project, energy officials said on Tuesday, as the government seeks to hold Rio Tinto to an agreement to use Mongolian power, Reuters reported.

Mongolia’s Energy Minister Tserenpil Davaasuren...

Mongolia can build a power plant at its Tavan Tolgoi coal mine by 2021 to supply the Oyu Tolgoi copper project, energy officials said on Tuesday, as the government seeks to hold Rio Tinto to an agreement to use Mongolian power, Reuters reported.

Mongolia’s Energy Minister Tserenpil Davaasuren said on Tuesday...

23.02.2018

Moody's expects slowdown in Azeri government debt’s growth rate, decline in inflation

Moody’s expects inflation to decrease in Azerbaijan in 2018 and 2019, Moody’s Investors Service said in its report on February 22.

The agency forecasts inflation to be six percent in 2018 and five percent in 2019.

“Inflation in Azerbaijan amounted to 5.5 percent in January 2018. Absent a major weakening of the...

Moody’s expects inflation to decrease in Azerbaijan in 2018 and 2019, Moody’s Investors Service said in its report on February 22.

The agency forecasts inflation to be six percent in 2018 and five percent in 2019.

“Inflation in Azerbaijan amounted to 5.5 percent in January 2018. Absent a major weakening of the...

Prices and Statistics

23.02.2018

Commodities

Date: February 23, 2018; Source: Bloomberg.com   Energy
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST) 2 DAY
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 62.80 +0.03 +0.05% Apr 2018 1:19 AM
CO1:COMBrent Crude (ICE) USD/bbl. 66.36 -0.03 -0.05% Apr 2018 1:19 AM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 176.84 +0.27 +0.15% Mar 2018 1:00 AM
NG1:COMNatural Gas (Nymex) USD/MMBtu 2.60 -0.03 -1.29% Mar 2018 1:18 AM
HO1:COMHeating Oil (Nymex) USd/gal. 194.70 -0.57 -0.29% Mar 2018 12:08 AM
Precious and Industrial Metals
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST) 2 DAY
GC1:COMGold (Comex) USD/t oz. 1,330.40 -2.30 -0.17% Apr 2018 1:19 AM
XAUUSD:CURGold Spot USD/t oz. 1,328.11 -3.94 -0.30% N/A 1:29 AM
SI1:COMSilver (Comex) USD/t oz. 16.62 -0.02 -0.11% May 2018 1:18 AM
HG1:COMCopper (Comex) USd/lb. 324.45 -1.70 -0.52% May 2018 1:19 AM
XPTUSD:CURPlatinum Spot USD/t oz. 998.11 +0.74 +0.07% N/A 1:28 AM
Agriculture
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST) 2 DAY
C 1:COMCorn (CBOT) USd/bu. 375.25 +0.50 +0.13% May 2018 1:16 AM
W 1:COMWheat (CBOT) USd/bu. 466.00 +1.75 +0.38% May 2018 1:16 AM
CC1:COMCocoa (ICE) USD/MT 2,146.00 -27.00 -1.24% May 2018 2/22/2018
CT1:COMCotton #2 (ICE) USd/lb. 79.70 +0.23 +0.29% May 2018 1:14 AM
LC1:COMLive Cattle (CME) USd/lb. 125.38 -0.85 -0.67% Apr 2018 2/22/2018

Date: February 23, 2018; Source: Bloomberg.com

 

Energy

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST) 2 DAY
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 62.80 +0.03 +0.05% Apr 2018 1:19 AM
CO1:COMBrent Crude (ICE) USD/bbl. 66.36 -0.03 -0.05% Apr 2018 1:19 AM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 176.84 +0.27 +0.15% Mar 2018 1:00 AM
NG1:COMNatural Gas (Nymex) USD/MMBtu 2.60 -0.03 -1.29% Mar 2018 1:18 AM
HO1:COMHeating Oil (Nymex) USd/gal. 194.70 -0.57 -0.29% Mar 2018 12:08 AM

Precious and Industrial Metals

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST) 2 DAY
GC1:COMGold (Comex) USD/t oz. 1,330.40 -2.30 -0.17% Apr 2018 1:19 AM
XAUUSD:CURGold Spot USD/t oz. 1,328.11 -3.94 -0.30% N/A 1:29 AM
SI1:COMSilver (Comex) USD/t oz. 16.62 -0.02 -0.11% May 2018 1:18 AM
HG1:COMCopper (Comex) USd/lb. 324.45 -1.70 -0.52% May 2018 1:19 AM
XPTUSD:CURPlatinum Spot USD/t oz. 998.11 +0.74 +0.07% N/A 1:28 AM

Agriculture

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST) 2 DAY
C 1:COMCorn (CBOT) USd/bu. 375.25 +0.50 +0.13% May 2018 1:16 AM
W 1:COMWheat (CBOT) USd/bu. 466.00 +1.75 +0.38% May 2018 1:16 AM
CC1:COMCocoa (ICE) USD/MT 2,146.00 -27.00 -1.24% May 2018 2/22/2018
CT1:COMCotton #2 (ICE) USd/lb. 79.70 +0.23 +0.29% May 2018 1:14 AM
LC1:COMLive Cattle (CME) USd/lb. 125.38 -0.85 -0.67% Apr 2018 2/22/2018
23.02.2018

Exchange Rates

Date: February 23, 2018; Source: the National Bank of Kazakhstan
1 US DOLLAR USD / KZT 319.68
1 EURO EUR / KZT 392.95
1 RUSSIAN ROUBLE RUB / KZT 5.63
1 CHINESE YUAN CNY / KZT 50.26
1 KYRGYZIAN SOM KGS / KZT 4.7
1 CANADIAN DOLLAR CAD / KZT 252.03
1 AUSTRALIAN DOLLAR AUD / KZT 249.89

Date: February 23, 2018; Source: the National Bank of Kazakhstan

1 US DOLLAR

USD / KZT

319.68

1 EURO

EUR / KZT

392.95

1 RUSSIAN ROUBLE

RUB / KZT

5.63

1 CHINESE YUAN

CNY / KZT

50.26

1 KYRGYZIAN SOM

KGS / KZT

4.7

1 CANADIAN DOLLAR

CAD / KZT

252.03

1 AUSTRALIAN DOLLAR

AUD / KZT

249.89