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Caspian Business News

30 April - 6 May 2010


Russia Making New Push in Caspian Basin Energy Sector
Eurasianet.org, 5 May 2010
"Russian leaders are hoping that the launch of the country’s first major Caspian Sea off-shore energy development project will re-invigorate the Kremlin’s overall oil-and-gas strategy for the region."

Caspian Energy: Washington Trying New Tack on Nabucco Project
Eurasianet.org, 5 May 2010
"The United States wants to "depoliticize" the proposed Nabucco pipeline project, and might welcome Russia's participation in the pipeline, Washington's Eurasian energy envoy, Richard Morningstar, recently announced. The Kremlin, however, is likely to interpret this outwardly magnanimous gesture as a sign of Nabucco's weakness, some experts say."

Nabucco's Supplying Natural-Gas Fields May Cost Twice as Much as Pipeline
Bloomberg, 30 April 2010
"Development of natural-gas supplies for the planned Nabucco pipeline, intended to reduce European dependence on Russian fuel, may cost more than twice as much as the 7.9 billion-euro ($10.5 billion) link itself."



Kazakhstan Foreign Currency Reserves Advance Most in Three Months on Oil
Bloomberg, 5 May 2010
"Kazakhstan’s international currency and gold reserves rose the most in three months in April as the biggest energy producer in central Asia benefitted from higher oil prices, the central bank said."

Kazakh Lawmakers Want President Named 'Leader Of The Nation'
Radio Free Europe, 5 May 2010
"Three Kazakh parliament deputies today proposed giving President Nursultan Nazarbaev the official title "Leader of the Nation," RFE/RL's Kazakh Service reports."

Sberbank's Kazakh Unit Sees Profit Falling in 2010
Reuters, 5 May 2010
"The Kazakh subsidiary of Russia's Sberbank said on Wednesday expansion costs would push its 2010 profit below last year's $15.7 million."

Kazakhstan Approves KazStroyService's Bid to Buy 27% Stake in Zhaikmunai
Bloomberg, 4 May 2010
"Kazakhstan’s competition watchdog approved a bid by KazStroyService Global BV, an affiliate of an oil and gas construction company, to acquire 27 percent of the London-traded crude producer Zhaikmunai LP."

Kazakhstan Says AES Underinvested in Power Plants
Reuters, 30 April 2010
"Kazakhstan on Friday accused U.S. company AES of failing to invest $460 million into its power plants in the central Asian country as required by contract, a charge the company has denied."



U.A.E.'s Bid for Caspian Gas May Threaten Russia's Grip on European Supply
Bloomberg, 5 May 2010
"The United Arab Emirates is tapping its $328 billion sovereign wealth fund to invest in gas-rich Turkmenistan, seeking fuel for its own use while potentially challenging Russia’s dominance as a supplier to Europe."

Energy's New 'Great Game'
BusinessWeek, 5 May 2010
"Countries around the globe are racing to lock down energy supplies to ensure economic security. The geopolitical implications are huge."

Kyrgyzstan Orders Ousted Leader's Extradition
Reuters, 4 May 2010
"Kyrgyzstan has ordered prosecutors to seek the extradition of former president Kurmanbek Bakiyev ousted in a violent revolt last month, the interim government said on Tuesday."

Asian Development Bank Launches $9 Bln Solar Energy Initiative
Reuters, 3 May 2010
"The Asian Development Bank on Monday launched an ambitious project it hopes will attract $6.75 billion of private investment into solar energy projects in the region over the next three years."