Latest news with #AlmasadamSatkaliyev
Time of India
5 days ago
- Business
- Time of India
Russia sign pact to construct nuclear power plant in uranium rich Kazakhstan
Russia and its close partner in Central Asia Kazakhstan have reached an agreement and signed documents for the construction of a nuclear power plant in Kazakhstan. The agreement was signed by Alexey Likhachev, director general of the Russian atomic energy corporation Rosatom , and Almasadam Satkaliyev, chairman of Kazakhstan's Atomic Energy Agency, at the recently held St. Petersburg International Economic Forum. During the meeting the Indicative Road Map was approved, envisaging the stages of project preparation and implementation, including surveying, conclusion of an EPC contract and development of project documentation. In addition, Kazakhstan Nuclear Power Plants LLP (KNPP LLP) and Atomstroyexport JSC (Engineering Division of Rosatom) signed a framework agreement that defines the key principles of cooperation in implementing the project in Jambyl district of Almaty region. The project is implemented within the framework of interstate cooperation in the peaceful use of atomic energy and is aimed at achieving the strategic objectives to ensure energy security and decarbonization of Kazakhstan's economy . The parties emphasize the importance of setting about implementing the project, which is of a strategic nature for Kazakhstan, as soon as possible. Live Events 'We appreciate the trust the Kazakhstani party has placed in us to lead the international consortium that will build a nuclear power plant in Kazakhstan. This country has been our reliable historical partner in the nuclear industry. We are convinced that Russian nuclear technologies, which have proven their reliability, safety and efficiency, will serve the people of Kazakhstan, strengthening its energy sovereignty,' said Alexey Likhachev. Kazakhstan had earlier selected Rosatom as the leader of an international consortium tasked with building a large-capacity nuclear power plant in the country.
Reuters
18-03-2025
- Business
- Reuters
Kazakhstan removes energy minister amid tensions with OPEC+, oil majors
March 18 (Reuters) - Kazakhstan's energy minister will stand down from his role, the country's presidential office said on Tuesday, as the government struggles to convince U.S. and European oil companies to lower production that exceeds OPEC+ targets. Almasadam Satkaliyev will become the head of the country's newly created atomic energy agency, the presidential office said in a decree published on Tuesday. It remains unclear who will succeed Satkaliyev as the head of the energy ministry. Satkaliyev led the ministry since April 2023. OPEC has said Kazakhstan was the biggest contributor to a jump in February crude output by OPEC+. Last week, he travelled to the United States for talks with oil majors Chevron, ExxonMobil, Shell, Eni and Honeywell, all of which operate in Kazakhstan. Satkaliyev said discussions were aimed at reducing oil output to align the country's supply with OPEC+ targets. The ministry did not disclose the outcome of the talks. The Central Asian country produced 1.767 million barrels per day (bpd) in February, up from 1.570 million bpd in January. Its OPEC+ quota is 1.468 million bpd. The ministry has said the increase was due to the expansion of the Tengiz field, led by Chevron, and pledged to comply better with its quota. Kazakhstan does not have nuclear power plants but sits on large uranium reserves, which account for about 15% of the world's total and are second only to Australia's.
Reuters
10-03-2025
- Business
- Reuters
CERAWEEK Kazakhstan in talks with oil majors to cut output, energy minister says
HOUSTON, March 10 (Reuters) - Kazakhstan is in discussions with oil majors to cut oil output to bring the country's supply back in line with OPEC+ targets, the country's energy minister Almasadam Satkaliyev said on Monday. "We are in phases of discussions with the majors, we are having an open dialogue", Satkaliyev said on the sidelines of the CERAWeek conference in Houston. Speaking at an online briefing last week, officials from Kazakhstan, which has frequently exceeded the OPEC+ production quotas, pledged to cut output in March, April and May to compensate for pumping above targets in previous months. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Reuters
26-02-2025
- Business
- Reuters
Caspian pipeline oil exports on schedule, Kazakhstan says
ASTANA, Feb 26 (Reuters) - Kazakhstan's oil exports are on schedule via its main oil export route, the Caspian Pipeline Consortium (CPC), the country's energy minister said on Wednesday, despite damage to a pumping station from a drone attack last week. The Kropotkinskaya pumping station in Russia's southern Krasnodar region was hit by a Ukrainian drone attack on February 17, sparking market concerns about supply from Kazakhstan, supplier of more than 1% of the world's oil. Energy Minister Almasadam Satkaliyev told reporters at a briefing that there were no restrictions on oil intake, while oil storage is large enough for stable operations. "So far there is no risk of a decrease in tanker loading volumes," he said. The pipeline carries oil from Kazakhstan as well as Russian fields to Russia's Black Sea port of Novorossiisk and news of possible disruptions to supply have impacted global oil markets. Russian President Vladimir Putin has said repairing the damage would be challenging as it would require Western equipment currently subject to sanctions. The consortium said earlier on Wednesday that damage to the pumping station will take two months to repair. It has said it is rerouting flows to bypass the damaged pumping station in the meantime. U.S. majors Chevron (CVX.N), opens new tab and ExxonMobil (XOM.N), opens new tab are among its shareholders alongside the Russian state, Russian firm Lukoil ( opens new tab, and Kazakhstan's KazMunayGas ( opens new tab. The pipeline delivered 63 million metric tons of oil (around 1.3 million barrels per day) in 2024, CPC said, adding its exports this year stood at 9.8 million tons as of February 23. It reported revenue of $2.3 billion for 2024 with a payout to shareholders of $1.3 billion in dividends, both little changed from a year earlier. OPEC+ OUTPUT PLEDGE, LEGAL CASES Kazakhstan has produced more oil than allowed under a pact agreed by OPEC+, the world's largest group of oil-producing countries. Satkaliyev said Kazakhstan was taking all necessary measures to fulfil its production obligations under that deal. He also said the Central Asian country was open to settling legal disputes with Western oil producers. Kazakhstan has clashed for years with international oil companies over costs, bringing multi-billion-dollar claims against them in 2023. "We have always declared this and confirm our readiness to resolve disputes within the framework of relevant agreements," he said.
Argaam
29-01-2025
- Business
- Argaam
Kazakhstan: OPEC+ to discuss Trump's push to boost US oil output
Kazakhstan said OPEC+ will discuss US President Donald Trump's efforts to ramp up US oil production and take a coordinated stance on the matter. "In the nearest future, a meeting is planned at the level of OPEC+ representatives, at which the organization's policy regarding the current situation will be discussed, including US plans to increase production volumes, and a coordinated position will be adopted," Kazakh Energy Minister Almasadam Satkaliyev told a briefing, according to Reuters. The comments come after Trump last week outlined a sweeping plan to boost oil and gas production, including declaring a national energy emergency to fast-track permits and roll back environmental protections.
