A government initiative

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.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Financial services: Commission adopts additional legislative proposals to strengthen financial supervision in Europe

The European Commission has adopted additional legislative proposals today to further strengthen financial supervision in Europe. more »

Dealing with derivatives

The EU has announced plans to regulate the market for derivatives – complex financial products that helped trigger the financial crisis. more »

Milk price crisis: Parliament gives go ahead to new measures

New proposals to help EU farmers through the milk price crisis were backed by Parliament on Thursday. more »

JEREMIE & JESSICA: Innovative financial instruments help regions and cities to overcome their investment needs

The European Commission and the European Investment Bank (EIB) Group are organising a conference in Brussels on 22 and 23 October to further promote two initiatives designed to increase the use of financial engineering instruments in the framework of cohesion policy. more »

Construction of Finnfoam’s thermal insulation production plant started

The biggest thermal insulation production manufacturer in Finland “Finnfoam” has started the construction of a thermal insulation production plant in Kaunas FEZ. more »

EIB supports Hungary with EUR 350 million

The European Investment Bank (EIB) is providing two loans in Hungary. more »

European Commission, International Financial Institutions and EU Member States agree Western Balkans Investment Framework

Key Western Balkan projects to benefit from new funding EU, IFI financing to focus on infrastructure, SMEs and energy efficiency. more »

Lithuania, Belarus and China will develop East-West transport corridor

Lithuania, Belarus and China will cooperate in the development of the initiative of the East-West transport corridor. more »

Bank SNORAS will provide preferential credits to farmers and agricultural companies

On October this year AB Bank SNORAS will provide preferential UAB “Guarantee Fund of Agricultural Loans ” purpose loans to farmers and companies, which scope of activity is economic activity and processing of agricultural production. more »

Car workers in Austria to get help from EU Globalisation Fund

The European Commission has today approved an application from Austria for assistance under the European Globalisation Adjustment Fund (EGF). more »