KAZAKHSTAN’S PRESIDENT PROMISES OIL BOOM
Published:
4 July 2003 y., Friday
On a recent trip to Canada, Kazakhstani President Nursultan Nazarbayev declared the country’s oil sector was ready to boom. Many multinational oil conglomerates, however, may not share Nazarbayev’s optimism. Foreign oil executives have grumbled of late about unfair Kazakhstani practices, including attempts to alter established contracts. Nevertheless, Kazakhstan’s abundant resources may render the country impossible for foreign investors to ignore.
A government initiative to raise energy-sector taxes could heighten corporate concerns about the Kazakhstani investment climate. Speaking at a joint session of parliament June 30, new Kazakhstani Prime Minister Daniyal Akhmetov told legislators that a government working group would prepare amendments to the country’s tax code by September 1. Akhmetov also characterized some existing oil-and-gas contracts as outmoded, but added that the government would not seek to rework deals made with foreign companies.
Akhmetov’s comments came just three days after Nazarbayev, while on a five-day visit to Canada, delivered a major address on Kazakhstan’s energy-sector development efforts. The president told a group of energy executives in Calgary that Kazakhstan plans to expand its oil production to 180 million tons by 2015, up from current levels of 50 million tons.
Šaltinis:
eurasianet.org
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
In European sustainable energy week 2010, new EU energy commissioner presents strategy to reduce Europe’s dependence on fossil fuel.
more »
The EBRD is launching a Project Complaint Mechanism, which is expected to enhance the accountability and transparency of the Bank’s operations.
more »
The EBRD is boosting the availability of local currency financing in Armenia with a synthetic loan in Armenian Drams (AMD) worth $4 million to FINCA UCO CJSC for on-lending to local micro and small enterprises (MSEs).
more »
This year is the UN year of biodiversity and it brings endangered species into the spotlight.
more »
The World Bank Board of Directors today approved a US$65 million project to support the recovery of Haiti’s critical infrastructure as well as the reestablishment of basic State functions following the devastating 7.0 magnitude earthquake on January 12, 2010.
more »
Haiti’s arduous reconstruction and recovery process jolted forward today following fresh commitments to help the Caribbean nation rebuild in the wake of its devastating January 12 earthquake.
more »
A mission from the African Department of the International Monetary Fund (IMF) visited Uganda during March 4-17, 2010, to conduct the seventh and final review under Uganda’s Policy Support Instrument (PSI) and reach understandings on a policy framework for a new three-year PSI to cover the period 2010 to 2013.
more »
The European Economic and Social Committee (EESC), as the first EU institution, rose to the challenge of providing a comprehensive vision for the future of the Common Agriculture Policy (CAP), in advance of the European Commission's papers on the matter, due to be issued later this year and in 2011.
more »
The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 36-month, SDR 513.9 million (about US$790 million) Stand-By Arrangement (SBA) for El Salvador to help the country mitigate the adverse effects of the global crisis.
more »