Kazakhstan news for March 02, 2010

In this issue:

2 Corporate news
2 Karachaganak consortium fined $21 million
2 ArcelorMittal Temirtau foresees 20 percent increase in 2010 steel output
2 Upcoming events
3 Industry news
3 Kazakhstan to supply wheat to China in March 2010
3 International Petroleum sets sail for oil exploration in Kazakhstan
4 Politics and Economics
4 Kazakhs Cut 2010 GDP Forecast Even as Oil Price Rises
4 Kazakhstan to borrow $500-700 mln in H2 2010
5 KASE & Market wrap
6 AFS-Research productline
7 AFS Research services
 

Karachaganak consortium fined $21 million
 

The Karachaganak Petroleum Operating (KPO), a consortium of Western oil companies developing the huge Karachaganak gas condensate field in western Kazakhstan was slapped with a KZT3.09 billion ($21 million) fine on Friday.
The prosecutor general’s office said a regional court had fined the Karachaganak venture for environmental violations such as excessive waste dumping dating back to 2008.
“The total damage incurred … was 3.09 billion tenge ($210 million),” it said in a statement.
While the companies involved in the KPO consoritum refused to comment, analysts interpreted the fine as an attempt by Kazakhstan to muscle its way into the project. Karachanagak is the only major hydrocarbon field in Kazakhstan developed without the participation of the state oil and gas company KazMunaiGas.
“This is part of the ‘bully then buy out’ model,” said Ana Jelenkovic, a Central Asia expert at Eurasia Group, a political risk consultancy, told Reuters.
KazMunaiGas said earlier this month it was interested in acquiring a stake in Karachaganak. (01/03/2010 silkroadintelligencer.com)
 

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