SEPT. 22 2015 (The Conway Bulletin) – Kyrgyzstan will establish a national energy holding next year, Kubanychbek Turdubayev, Kyrgyz minister of energy, said in a statement. The government has said that it hopes that a single energy holding would improve efficiency.
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(News report from Issue No. 249, published on Sept. 25 2015)
SEPT. 18-24 2015 (The Conway Bulletin) — KAZ Minerals shares, now trading at 101 pence, lost over 30% in one week, a fall sharper than the one it suffered last January, when it dropped by more than 25% in one day. Questions on China’s demand
for copper worried investors. Credit Suisse and BNP Paribas downgraded KAZ Minerals and reviewed downwards its target price. Goldman Sachs said there could be a potential upside on Friday and next week.
Nostrum Oil & Gas dropped a further 4% to 481 pence (Sept. 25), although an agreement with Tethys Petroleum seems closer after a company statement said the latest Nostrum offer priced each Tethys share at 0.147 Canadian dollars (Sept. 23).
Azerbaijan-based miner Anglo- Asian Mining gained 13% to 5.38 pence this week, after it published a promising H1 2015 report.
Kazakhstan-focused Roxi Petroleum continued its oil price linked slump, dropping by 4.3% to 8.5 pence this week in London.
In the GDR markets, Kazmunaigas E&P lost almost 20% this week, trading at $6.47 onFriday, almost certainly linked to Kazakhstan’s weak prospects in terms of oil production. Kcell fell by 13.4% finishing the week at $5.35 after TeliaSonera announced last week it would leave its Eurasian markets. TeliaSonera owns 62% of Kcell.
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(News report from Issue No. 249, published on Sept. 25 2015)
SEPT. 18 2015 (The Conway Bulletin) — KazTransGaz Aimak, a subsidiary of Kazakhstan’s state-owned gas transit system, said it plans to issue Eurobonds for 5b tenge ($18.6m) to refinance its outstanding debt. KazTransGas Aimak, which controls the gas distribution system in the Almaty region, has an outstanding bonds issue of 8.6b tenge ($31.9m) maturing in December 2018.
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(News report from Issue No. 249, published on Sept. 25 2015)
SEPT. 21 2015 (The Conway Bulletin) – To meet growing demand, Tajikistan has increased the volume of liquefied natural gas (LNG) it imported to 220,000 tonnes in the first eight months of the year, an increase of 18% over the same period last year. Tajikistan imports LNG from Kazakhstan. Over the past year, the proportion of LNG-fuelled vehicles on the road in Tajikistan has increased to 60% from 40%.
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(News report from Issue No. 249, published on Sept. 25 2015)
SEPT. 14 2015 (The Conway Bulletin) – Azerbaijan’s state oil and gas company SOCAR said it would transfer less cash to the national budget this year because a fall in oil prices had dented its revenues. This is a blow to Azerbaijan which is heavily reliant on revenues from oil and gas for its income.
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(News report from Issue No. 248, published on Sept. 18 2015)
SEPT. 17 2015 (The Conway Bulletin) — If oil prices remain steady at roughly $50/barrel, Kazakhstan’s state oil and gas company, Kazmunaigas will post a profit of 75b tenge ($279m) in 2015, Sauat Mynbayev, the company chairman, told the Interfax news agency. In 2014, the company posted a profit of nearly 200b tenge ($743m at the current rate). Mr Mynbayev said the government’s decision to let the tenge float free against the dollar has helped contain losses.
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(News report from Issue No. 248, published on Sept. 18 2015)
SEPT. 15 2015 (The Conway Bulletin) – Turkmenistan will begin construction on the multi-billion- dollar gas pipeline running from its fields in the east of the country to India in December, Reuters quoted an unnamed government official as saying. This is the strongest indication yet that work is about to being on the so-called TAPI pipeline.
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(News report from Issue No. 248, published on Sept. 18 2015)
SEPT. 15 2015 (The Conway Bulletin) — London-listed Nostrum Oil & Gas said in a statement that a proposed $37.5m takeover offer of Tethys Petroleum, a Central Asia-focused oil company, has not yet been accepted. Nostrum said some of Tethys’ Board expectations were unrealistic as “the underlying financial position of Tethys has continued to deteriorate.”
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(News report from Issue No. 248, published on Sept. 18 2015)
SEPT. 11 2015 (The Conway Bulletin) — Azerbaijan Methanol Company (AzMeCo) signed a deal with Russia’s state-owned energy giant Gazprom for the supply of 2b cubic metres of gas to its methanol production plant. Under the agreement, Gazprom will supply 100% of AzMeCo’s needs at the plant in Garadagh, a district just outside Baku.
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(News report from Issue No. 248, published on Sept. 18 2015)
SEPT. 8 2015 (The Conway Bulletin) — Abat Nurseitov resigned as general director of KMG EP, the London-listed unit of Kazakhstan’s state oil and gas company. Mr Nurseitov had been general director since January 2013. Dastan Abdulgafarov, the CFO, was appointed interim CEO.
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(News report from Issue No. 247, published on Sept. 11 2015)