by Daniel J. Graeber
Washington DC (UPI) Sep 18, 2017
Oil-rich Kazakhstan has ambitions to become a "high-income country," but it needs support to diversify its economy, the Asian Development Bank said.
"Fulfilling the country's potential to become a high-income country will require substantial knowledge contributions and financial resources," Giovanni Capannelli, ADB country director for Kazakhstan, said in a statement.
Since joining the regional bank in 1994, the oil-rich country has received more than $5 billion in loans to support everything from sanitation to agriculture. Home to one of the larger oil fields in the world, Kashagan in the Caspian Sea, an early 2017 report from the International Monetary Fund said economic growth should accelerate because of higher oil production and improved commodity process, following a slowdown last year.
The IMF said the Kazakh economy could grow as fast as 4 percent, in part because it was expanding its options for non-oil revenue. Uncertainty remains, however, because its economy is exposed to external shocks and the "lower-for-longer" prospects for the price of crude oil.
The ADB said it endorsed a new country strategy with Kazakhstan that envisions more than $3 billion in assistance through 2021.
"Kazakhstan is poised to overcome global economic challenges and be more resilient to external shocks and diversified," Capannelli said.
For Central Asia's largest economy, the ADB said it would work on easing access to financial lending at the private sector, address inclusive development issues and support a low-carbon economy that's able to respond to the pressures from climate change.
Oil is Kazakhstan's primary export commodity and the country is party to a multilateral effort led by the Organization of Petroleum Exporting Countries to balance an oversupplied market with managed production declines.
The Kashagan oil field in Kazakhstan is one of the country's brighter prospects, though development has been impeded by a series of issues with infrastructure in a complex reservoir environment.
Washington (UPI) Sep 15, 2017
Total oil production in August from Norway, one of Europe's main suppliers, was slightly lower than expected, the government said Friday. Apart from Russia, Norway is one of the leading energy suppliers to the European economy, designating nearly all of its offshore production for exports. The National Petroleum Directorate reported preliminary figures for August at 1.55 million barrels ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|