Kazakhstan: Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 10 Jun 2022 by Alexander Kudrin
May 31 Government of Italy Kazakhstan exported 455.2 thousand tons of oil to Italy in March versus 268.4 thousand tons in February. Jun 1 North Caspian Operating Company Oil production at the Kashagan field has been suspended since June 1 due to scheduled repairs for approximately 45 days. Kashagan is one of the largest oil fields with an estimation of recoverable reserves at 9-13 bn barrels. Ministry of Trade and Integration Kazakhstan is considering Russia's proposal to restrict grain exports from the Eurasian Economic Union to third countries. Bureau of National Statistics Inflation in Kazakhstan in May 2022 reached 1.4% m-o-m (8,8% in Jan-May) and 14% y-o-y. Ministry of Energy Energy Ministers of Azerbaijan and Kazakhstan discussed the possibilities of transporting Kazakh energy resources through Azerbaijan. Jun 2 Government of Turkey Kazakhstan exported 585.6 thousand tons of oil to Turkey in March versus 489 thousand tons in February. CPC Kazakhstan plans to export about 55 mln tons of oil through the CPC pipeline in 2022, in line with initial projections. NC QazaqGaz (operating gas pipelines) Chairman of the Board Mr. Zharkeshov doesn’t rule out that Kazakhstan may stop exporting gas in 2023, because of the deficit in the domestic market. According to him, supplies to the local consumers are loss-making. In 2021 NC QazaqGaz’s operations on the domestic market brought KZT162 bn of losses, the forecast for 2022 is also negative --- KZT176 bn. June 6 National Bank The policy rate was kept unchanged at 14% at the BoD meeting. National Bank Regulator changed the CPI forecast for FY22 from 6-6.5% to 13-15%. Economic growth is projected at 2.8-3.8%. June 7 NC KMG Kazak...

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