RUSSIA’S OFFSHORE OIL PRODUCTION IN THE CASPIAN SEA: THE CASE OF THE FILANOVSKY AND KORCHAGIN FIELDS
Nowadays, Russia is strongly interested in developing its continental shelves in order to enlarge the oil and gas potential of the country. As one of the major hydrocarbon exporters in the world, Russia is in search for a viable alternative to replace its aging Western Siberian fields, which are experiencing […]
The IAEA Low Enriched Uranium Bank to Open in Kazakhstan by September 2017*
Speaking on March 6, 2017 to the Board of Governors of the International Atomic Energy Agency (IAEA), Yukiya Amano, IAEA Director General, announced that the IAEA Low Enriched Uranium (LEU) Storage Facility in Kazakhstan was scheduled to be constructed and launched by September 2017 (Amano, 2017). When put into operation, […]
Recent Changes in the Non-Oil Sector of the Economy of Kazakhstan
Last year was marked by significant changes in the economic structure of Kazakhstan. As a result of low oil prices, the crude oil export revenues reduced to $22.3 billion, which is even lower than in 2015 when it was $31.1 billion and three times lower than in 2011 when it […]
Renewable Energy Milestone: Solar Energy is Cheaper than Fossil Fuels*
Renewable energy technologies have become more efficient in the recent years, and as a result, more economically feasible. Renewable energy sources have always been appealing in terms of overcoming the effects of greenhouse gas emissions caused by coal-fired power plants. However, despite the environmental friendliness, investors were hesitant to fund […]
New Stage of the Turkmen Diversification Policy of Energy Export Routes
For the second consecutive year, Turkmenistan is facing the problem of decline in the amount of its natural gas customers. In 2017 Ashgabat reduced the list of its natural gas export routes down to one, namely, to China. In the early January 2016, the Russian state gas company Gazprom formally […]
Kazakhstan’s National Operator for Oil Pipelines: Kaztransoil Operational Results in 2016
It is essential for the oil-rich Kazakhstan to ensure the progressive development of the export capacity in all the major export routes, as well as to secure transportation of oil and petroleum products to domestic markets. In order to provide oil transportation services and to operate the country’s oil pipeline […]
Central Asian Regional Energy Initiatives: Challenges and Opportunities
The Central Asian Energy System (CAES) was designed and built during the Soviet period, when political borders and sovereignty issue were not an obstacle to ensure parallel operation of national energy sectors. Resource sharing mechanism ensured stability and reliability of energy supplies to meet population and economic needs. The mechanism […]
The Effects of Fluctuations in the World Oil Market on Bank Lending in the Economy of Kazakhstan
Over the last two decades, the banking sector has expanded significantly in the economy of Kazakhstan. The highest development in the banking sector took place in the period between 2000 and 2008 (until 2008 world economic crisis). At that period, growing oil prices and cheap funding in external financial markets […]
Electricity Generation in Kazakhstan: Current Trends and Prospects
As an energy-rich developing country, Kazakhstan is deeply concerned over its ability to provide sufficient energy supply for sustainable economic growth. Kazakhstan’s energy mix is still dominated by fossil fuels. (Karatayev & Clarke, 2014) According to the Kazakhstan Electricity Grid Operating Company (KEGOC), in 2015 the lion share or 81.6% of […]
Economics and Politics of Energy in Central Asia and Caucasus
Central Asia and Caucasus has always been economically powerful regions throughout the world history.However, in the beginning of 21st century, Central Asia and Caucasus with its high oil and natural gas reserves regained importance and these countries have attracted attention with their high economic potentials. It seems that the energy […]