Thursday, 14 October 2010

Kazakhstan's seeking $100 billion in investments

Kazakhstan's Prime Minister Karim Massimov said the country is seeking up to $100 billion in investments over the next decade in order to better exploit its oil and gas sector, up crude exports and sustain economic growth.

"We are currently exporting 1.31 million barrels (of crude oil) a day and we aim to take it to 3 million barrels a day. KazMunaiGas (the national oil company of Kazakhstan) cannot do it alone. We are looking for partners for KMG's projects," said Massimov in an interview.

Kazakhstan is expected to sign a deal today [14th October] for $400 million in funds with Hong Kong based investors, including Cheung Kong. According to Massimov, the Kazakh government will contribute $100 million toward the fund, while the remainder will be supplied by its Hong Kong partners.

Additionally, the central Asian country is planning to list some of its mining and resources companies in Hong Kong said Massimove before adding, "We are looking at initial public offers of some of our mining and resources companies in Hong Kong. For Singapore (IPOs), we will start the negotiations”.

Source: Dow Jones

For more news and expert analysis about the Caspian region, please see Caspian Focus.

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