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ENERGY



     Once it comes on stream, the giant Kashagan field will establish
     Kazakhstan as a major oil exporter, says Oliver Adderley


     @Vh]VVc/`Znid
     @VoV`]hiVcÉh[jijgZ




An offshore oil              6H@6O6@=6JI=DGI:HgVeeaZl^i]i]ZadWVa           YZkZade^ci]Z@Vh]VVcegd_ZXi#cgZijgc[dg
platform under
construction in              gZXZhh^dc!eda^i^X^VchVcYWVc`Zgheg^kViZanXdbbZci    eaZYZhd[]ZVknXdci^cj^c^ckZhibZciWni]Zd^a
the Kashagan                 i]Vii]^chldjaYadd`VadiY^[[ZgZci]VYi]Z          XdbeVc^Zh!VcYVYZVaidYdjWaZi]Zh]VgZ]daY^c
field in the North
Caspian Sea                  @Vh]VVcegd_ZXiXdbZdchigZVbVheaVccZY^c           d[hiViZZcZgnXdgedgVi^dc@VoBjcV^Vo@B!
                             '%%-#I]^h^hWZXVjhZ@Vh]VVc!i]Z]jZ(-W^aa^dc     i]ZdkZgcbZci!]ZhV^Y!gZajXiVcianVXXZeiZYWdi]
                             WVggZad[[h]dgZÈZaZe]VciÒ ZaYÉ!^ch]VaadllViZgh    ]^]ZgXdhiZhi^bViZhVcYVcZli^bZiVWaZ[dgÒ    ghid^a!
                             hdbZ,%`bhdji]d[i]ZX^ind[6ingVj!l^aaYdjWaZ      l]^X]l^aacdlhiVgiidÓ dlZ^]inZVghaViZgi]Vci]Z
                             i]ZXdjcignÉhd^aegdYjXi^dcidbdgZi]Vc(b^aa^dc     dg^^cVaiVgZiYViZd['%%*#
                             WVggZahVYVnl^i]^cV[ZlnZVghd[Xdb^cdchigZVb       I]ZcZdi^Vi^dchlZgZheVg`ZYd[[Wni]Zd^a
                             ^ci]ZaVhifjVgiZgd['%'dgZVgan'%(#              XdbeVc^ZhÉVYb^hh^dc!ildnZVghZVga^Zg!i]ViXdhih
                                I]Vil^aabZVcV]jZdcd^cWddhiidi]Z           ]VYdcXZVV^che^gVaaZYlVnWZndcYegZk^djh
                             XdjcignÉhZmedgi^cXdbZVcYVh]di^ci]ZVgb[dg       Zhi^bViZhVcYi]ViVcdi]ZgÒ   kZnZVghd[]ZVkn
                             dkZgcbZcigZkZcjZhW^Zcdj]!VcYYjgVWaZZcdj]!     ^ckZhibZcilZgZgZfj^gZYWZ[dgZd^aXdjaYhiVgiid
                             idigVch[dgbi]ZXdjcignÉhWVaVcXZd[eVnbZcihVcY      ÓdlhV[Zan[gdbi]Zd[[h]dgZÒ  ZaYidi]Zdch]dgZ
                             ijgci]ZXdjcign^cidVcZiXVe^iVaZmedgiZg#            egdXZhh^c[VX^a^i^ZhVi:h`ZcZ!cdgi]d[6ingVj#
                                6iaVhinZVgÉhVccjVa@^dZd^aVcYVhXdc[ZgZcXZ      I]ZdkZgcbZciVXXZeiZYi]ViVaVgZeVgid[i]Z
                             ^c6abVin!:cZgnB^c^hiZgHVjViBncWVZk                Xdhi^cÓVi^dcgZÓZXiZYi]ZhiZZeg^hZ^cadWVaeg^XZh
                             hjbbVg^hZYi]ZdjiXdbZd[bVcnbdci]hd[d[iZc          [dghiZZaVcYdi]Zg`ZnXdchigjXi^dcbViZg^VahVcY
                             [gVj]icZdi^Vi^dchWZilZZci]ZdkZgcbZciVcY         i]ZXdbeZi^i^dc[dghXVgXZVcYZmeZch^kZYg^aa^c
                             i]ZXdchdgi^jbd[^ciZgcVi^dcVad^aXdbeVc^Zh           g^hVcYheZX^Va^hihZgk^XZh!Vhd^aeg^XZhhdVgZYid

    CK:HIC@6O6@=HI6C
ENERGY




                                                                WZZcZnZlViZg^cVcY[dgXZYi]Zd^aXdbeVc^Zh
@Vh]VVcl^aaYdjWaZi]Z                                       i]ZbhZakZhidgZk^Zli]Z^gdlch]dgiXdb^chdkZg
                                                                i]ZÒghinZVghd[i]Zegd_ZXi#7jil^i]hdbjX]bdcZn
XdjcignÉhd^aegdYjXi^dcid                                    VagZVYnhjc`^ci]Zegd_ZXi!VcYhdbjX]]Vc^c
                                                                dcVhjXXZhh[jadjiXdbZ!i]ZdkZgcbZciÒcVaan
bdgZi]Vc(b^aa^dcWVggZah                                   VgZZYidVXXZeii]Z]^]ZgZhi^bViZh!V[iZg^bedh^c
                                                                ÒcVcX^VaeZcVai^ZhVcYVYZVajcYZgl]^X]@B
VYVnl^i]^cV[ZlnZVgh                                      ZbZgZYVhVXdZfjVa^ci]ZXdchdgi^jbhZijeid
                                                                Zmead^ii]ZÒZaY#I]Zildh^YZhVahdVgZZYi]ViÒghi
d[Xdb^cdchigZVb                                            d^aegdYjXi^dcd[VgdjcY*%!%%%WVggZahVYVnW$Y
                                                                ldjaYhiVgiÓdl^c[gdbi]Zd[[h]dgZegdYjXi^dc
                                                                eaVi[dgbh^ci]ZaVhifjVgiZg'%'!dgZVgan'%(#
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      ZheZX^VaanZmedhZYidXdhi^cÓVi^dcWZXVjhZd[i]Z       dcanVi]^gYd[i]Zdg^^cVaanZmeZXiZY)*%!%%%W$Y
      ]jZad^hi^XVaY^[ÒXjai^Zh^ckdakZY^cZii^cbZc      ^hXdbeZchViZY[dgWnVbV_dgjegVi^cd[i]Z[jaa
      VcYZfj^ebZciidi]Zd[[h]dgZh^iZd[l]VidcZhZc^dg    gZ^bZÓdl!l]^X]^hcdlhX]ZYjaZYidg^hZid#*
      d^abVcYZhXg^WZhVhÆi]ZbdhiXdbeaZmZc^cZZg^c       b^aa^dcW$YWZ[dgZi]ZZcYd[i]ZYZXVYZVcYhiVni]Vi
      egd_ZXi^ci]ZldgaYÇ#                                   lVn[dgViaZVhiildYZXVYZh#
        :kZchd!i]Zg^hZ^cÈa^[Zd[egd_ZXiÉXdhih[gdbVc      7ji[dgi]Viid]VeeZc!hZkZgVaW^aa^dchd[YdaaVgh
      dg^^cVaanZhi^bViZY'.W^aa^dcid(+W^aa^dc]Vh     ldgi]d[Yg^aa^cVcYegdXZhh^cZfj^ebZcihi^aa]VkZ

                                                                                                            CK:HIC@6O6@=HI6C
ENERGY



                                                                             ^VcihigjXijgZig^ZgZYi]ZdV]ZVY[dgi]ZÒghi
iVanÉh:ClVhX]dhZcVh                                                   hiVZd[Vegd_ZXil]^X]!Vii]Zi^bZ!lVhZmeZXiZYid
                                                                             XdhiVgdjcY%W^aa^dcVcYegdYjXZÒghid^aWn'%%*!
deZgVidgVhi]ZXdbegdb^hZ                                                  Vai]dj]i]ViYViZlVhdcangZajXiVcianVgZZYWni]Z
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                                                                                I]Zjc]Vee^cZhhd[Wdi]dkZgcbZciVcYi]Zd^a
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                                                                             i]ZcbZVcii]ViaVhinZVgÉhegdigVXiZYdkZgcbZci$
ÈW^[djgÉhiV`Z]daYZgh                                                      Xdchdgi^jbcZdi^Vi^dchlZgZVhbjX]V[dgZch^X
                                                                             ZmVb^cVi^dcd[l]Vi]VYdcZlgdc[dgi]Zd^a
                                                                             XdbeVc^ZhVh[dgi]ZdkZgcbZci#
                                                                                EV^c[jaan!bZbWZghd[i]Z6E@8DXdchdgi^jb
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                  ]^]egZhhjgZ#I]Z[VXii]Vih^b^aVgiZX]c^fjZh           idZi]ZgVXdbegdb^hZhdaji^dcidi]ZW^fjZhi^dc
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                  d[^ckZhi^cVgdjcY(W^aa^dcVnZVgl^i]djiVgZijgc    Xdchdgi^jbVadch^YZhbVaaZgh]VgZ]daYZgh8dcdXd
                  dci]Z^ckZhibZcijci^a'%(#                              E]^aa^eh!?VeVcÉhceZmVcYi]Z@VoV`]hiViZZcZgn
                    8dcÒgbVi^dci]Vii]ZWdcZh]VeZYÒZaY!hdbZ             XdgedgVi^dc@B#6[iZgeVhh^cl]VilVhhddc
                  ,*`badcVcYjeid)*`bl^YZ!lVh^cYZZYdcZ             idWZXdbZVed^hdcZYX]Va^XZid:CÉhdeZgVi^c


An offshore oil
platform in the
Kashagan field




                                                                                                                        CK:HIC@6O6@=HI6C
ENERGY



                                                                      Workers at an
                                                                                           I]Zh]VaadljeeZg8Vhe^VcHZV!l]ZgZ@Vh]VVc
                                                                      offshore oil      a^Zh!^h^XZWdjcY[dgbdgZi]Vc[djgbdci]hVnZVg!
                                                                      platform in the
                                                                      Kashagan field
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                                                                                        i]ZGjhh^VcXVcVaVcYg^kZghnhiZb!l]^X]^hVahd
                                                                                        ^XZWdjcY[dgbdci]h!dgi]ZdkZghigZiX]ZYGjhh^Vc
                                                                                        gdVYVcYgV^ahnhiZb#I]ZVaiZgcVi^kZ^hVXdbeaZm
                                                                                        bjai^cdYVaeVhhVZ^ckdak^chZkZgVaigVch]^ebZcih
                                                                                        [gdb7jaVg^VcdgGdbVc^VcedgihVXgdhhi]Z7aVX`
                                                                                        HZVidi]ZZdg^Vcedgihd[Edi^dg7Vijb^!VcYi]Zc
                                                                                        WngdVYdggV^aVXgdhhZdg^VVcY6oZgWV^_Vcid7V`j#
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                                                                                        8Vhe^Vcid^XZ[gZZ6`iVjdgi]Z@Vh]VVchjeeanWVhZ
                                                                                        Vi7Vji^cdVaanZVggdjcY#
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                                                                                        dcanVh^mbdci]l^cYdlZVX]nZVgi]gdj]l]^X]
                                                                                        id[jccZadjih^oZYXVgdZhiddW^[dggdVYdggV^a#
                                                                                        6cdi]ZghZg^djhegdWaZb]VhWZZcdWiV^c^ck^hVh
                                                                                        VcYldg`eZgb^ih[dgi]Z`Zn[dgZ^ceZghdccZa
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                            eVgicZghh]djaY]VkZeji^ci]Z^gWZhieZdeaZVcY          bdci]hd[YZaVnidi]Zegd_ZXi#ilVhegdWVWan
                            Veea^ZYi]Z^gbdhiYZkZadeZYiZX]cdadnidi]Z             ldgi]l]^aZ!]dlZkZg!Vhi]ZZkZcijVadjiXdbZlVhV
                            egd_ZXiÄWjii]ZnY^YcÉi!aZVk^c:CidhigjaZ         gVY^XVaanY^[[ZgZcidgVc^hVi^dcVaeaVcÄVcYVbjX]
                            l^i]ViVh`WZndcY^ihXVeVW^a^i^Zh#                        gZViZghZchZd[gZVa^hbVaagdjcY#

   CK:HIC@6O6@=HI6C

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Invest In Kazakhstan Kashagan P 30 34

  • 1. ENERGY Once it comes on stream, the giant Kashagan field will establish Kazakhstan as a major oil exporter, says Oliver Adderley @Vh]VVc/`Znid @VoV`]hiVcÉh[jijgZ An offshore oil 6H@6O6@=6JI=DGI:HgVeeaZl^i]i]ZadWVa YZkZade^ci]Z@Vh]VVcegd_ZXi#cgZijgc[dg platform under construction in gZXZhh^dc!eda^i^X^VchVcYWVc`Zgheg^kViZanXdbbZci eaZYZhd[]ZVknXdci^cj^c^ckZhibZciWni]Zd^a the Kashagan i]Vii]^chldjaYadd`VadiY^[[ZgZci]VYi]Z XdbeVc^Zh!VcYVYZVaidYdjWaZi]Zh]VgZ]daY^c field in the North Caspian Sea @Vh]VVcegd_ZXiXdbZdchigZVbVheaVccZY^c d[hiViZZcZgnXdgedgVi^dc@VoBjcV^Vo@B! '%%-#I]^h^hWZXVjhZ@Vh]VVc!i]Z]jZ(-W^aa^dc i]ZdkZgcbZci!]ZhV^Y!gZajXiVcianVXXZeiZYWdi] WVggZad[[h]dgZÈZaZe]VciÒ ZaYÉ!^ch]VaadllViZgh ]^]ZgXdhiZhi^bViZhVcYVcZli^bZiVWaZ[dgÒ ghid^a! hdbZ,%`bhdji]d[i]ZX^ind[6ingVj!l^aaYdjWaZ l]^X]l^aacdlhiVgiidÓ dlZ^]inZVghaViZgi]Vci]Z i]ZXdjcignÉhd^aegdYjXi^dcidbdgZi]Vc(b^aa^dc dg^^cVaiVgZiYViZd['%%*# WVggZahVYVnl^i]^cV[ZlnZVghd[Xdb^cdchigZVb I]ZcZdi^Vi^dchlZgZheVg`ZYd[[Wni]Zd^a ^ci]ZaVhifjVgiZgd['%'dgZVgan'%(# XdbeVc^ZhÉVYb^hh^dc!ildnZVghZVga^Zg!i]ViXdhih I]Vil^aabZVcV]jZdcd^cWddhiidi]Z ]VYdcXZVV^che^gVaaZYlVnWZndcYegZk^djh XdjcignÉhZmedgi^cXdbZVcYVh]di^ci]ZVgb[dg Zhi^bViZhVcYi]ViVcdi]ZgÒ kZnZVghd[]ZVkn dkZgcbZcigZkZcjZhW^Zcdj]!VcYYjgVWaZZcdj]! ^ckZhibZcilZgZgZfj^gZYWZ[dgZd^aXdjaYhiVgiid idigVch[dgbi]ZXdjcignÉhWVaVcXZd[eVnbZcihVcY ÓdlhV[Zan[gdbi]Zd[[h]dgZÒ ZaYidi]Zdch]dgZ ijgci]ZXdjcign^cidVcZiXVe^iVaZmedgiZg# egdXZhh^c[VX^a^i^ZhVi:h`ZcZ!cdgi]d[6ingVj# 6iaVhinZVgÉhVccjVa@^dZd^aVcYVhXdc[ZgZcXZ I]ZdkZgcbZciVXXZeiZYi]ViVaVgZeVgid[i]Z ^c6abVin!:cZgnB^c^hiZgHVjViBncWVZk Xdhi^cÓVi^dcgZÓZXiZYi]ZhiZZeg^hZ^cadWVaeg^XZh hjbbVg^hZYi]ZdjiXdbZd[bVcnbdci]hd[d[iZc [dghiZZaVcYdi]Zg`ZnXdchigjXi^dcbViZg^VahVcY [gVj]icZdi^Vi^dchWZilZZci]ZdkZgcbZciVcY i]ZXdbeZi^i^dc[dghXVgXZVcYZmeZch^kZYg^aa^c i]ZXdchdgi^jbd[^ciZgcVi^dcVad^aXdbeVc^Zh g^hVcYheZX^Va^hihZgk^XZh!Vhd^aeg^XZhhdVgZYid CK:HIC@6O6@=HI6C
  • 2. ENERGY WZZcZnZlViZg^cVcY[dgXZYi]Zd^aXdbeVc^Zh @Vh]VVcl^aaYdjWaZi]Z i]ZbhZakZhidgZk^Zli]Z^gdlch]dgiXdb^chdkZg i]ZÒghinZVghd[i]Zegd_ZXi#7jil^i]hdbjX]bdcZn XdjcignÉhd^aegdYjXi^dcid VagZVYnhjc`^ci]Zegd_ZXi!VcYhdbjX]]Vc^c dcVhjXXZhh[jadjiXdbZ!i]ZdkZgcbZciÒcVaan bdgZi]Vc(b^aa^dcWVggZah VgZZYidVXXZeii]Z]^]ZgZhi^bViZh!V[iZg^bedh^c ÒcVcX^VaeZcVai^ZhVcYVYZVajcYZgl]^X]@B VYVnl^i]^cV[ZlnZVgh ZbZgZYVhVXdZfjVa^ci]ZXdchdgi^jbhZijeid Zmead^ii]ZÒZaY#I]Zildh^YZhVahdVgZZYi]ViÒghi d[Xdb^cdchigZVb d^aegdYjXi^dcd[VgdjcY*%!%%%WVggZahVYVnW$Y ldjaYhiVgiÓdl^c[gdbi]Zd[[h]dgZegdYjXi^dc eaVi[dgbh^ci]ZaVhifjVgiZg'%'!dgZVgan'%(# VeZV`d[),VWVggZa^c?jan'%%,#@Vh]VVclVh I]Z[VXii]Vii]Z^c^i^VaÓdll^aaWZWdi]aViZgVcY ZheZX^VaanZmedhZYidXdhi^cÓVi^dcWZXVjhZd[i]Z dcanVi]^gYd[i]Zdg^^cVaanZmeZXiZY)*%!%%%W$Y ]jZad^hi^XVaY^[ÒXjai^Zh^ckdakZY^cZii^cbZc ^hXdbeZchViZY[dgWnVbV_dgjegVi^cd[i]Z[jaa VcYZfj^ebZciidi]Zd[[h]dgZh^iZd[l]VidcZhZc^dg gZ^bZÓdl!l]^X]^hcdlhX]ZYjaZYidg^hZid#* d^abVcYZhXg^WZhVhÆi]ZbdhiXdbeaZmZc^cZZg^c b^aa^dcW$YWZ[dgZi]ZZcYd[i]ZYZXVYZVcYhiVni]Vi egd_ZXi^ci]ZldgaYÇ# lVn[dgViaZVhiildYZXVYZh# :kZchd!i]Zg^hZ^cÈa^[Zd[egd_ZXiÉXdhih[gdbVc 7ji[dgi]Viid]VeeZc!hZkZgVaW^aa^dchd[YdaaVgh dg^^cVaanZhi^bViZY'.W^aa^dcid(+W^aa^dc]Vh ldgi]d[Yg^aa^cVcYegdXZhh^cZfj^ebZcihi^aa]VkZ CK:HIC@6O6@=HI6C
  • 3.
  • 4. ENERGY ^VcihigjXijgZig^ZgZYi]ZdV]ZVY[dgi]ZÒghi iVanÉh:ClVhX]dhZcVh hiVZd[Vegd_ZXil]^X]!Vii]Zi^bZ!lVhZmeZXiZYid XdhiVgdjcY%W^aa^dcVcYegdYjXZÒghid^aWn'%%*! deZgVidgVhi]ZXdbegdb^hZ Vai]dj]i]ViYViZlVhdcangZajXiVcianVgZZYWni]Z d^aXdbeVc^Zh^ci]Z[VXZd[]ZVkneda^i^XVaegZhhjgZ XVcY^YViZVXXZeiVWaZidi]Z [dgVcZVganYViZ# I]Zjc]Vee^cZhhd[Wdi]dkZgcbZciVcYi]Zd^a di]Zgi]gZZbZbWZghd[i]Z XdbeVc^Zhl^i]i]ZYZaVnhVcYhe^gVaa^cXdhihh^cXZ i]ZcbZVcii]ViaVhinZVgÉhegdigVXiZYdkZgcbZci$ ÈW^[djgÉhiV`Z]daYZgh Xdchdgi^jbcZdi^Vi^dchlZgZVhbjX]V[dgZch^X ZmVb^cVi^dcd[l]Vi]VYdcZlgdc[dgi]Zd^a XdbeVc^ZhVh[dgi]ZdkZgcbZci# EV^c[jaan!bZbWZghd[i]Z6E@8DXdchdgi^jb idWZ^chiVaaZYVcYVaaXdcXZgcZY]VkZidWZVWhdajiZan hZijeidbVcVZi]Zegd_ZXi^c'%%%XVbZidi]Z hjgZi]Vii]ZYZVYanhjae]jgdjhVhVhhdX^ViZY XdcXajh^dci]VibjX]d[i]ZWaVbZaVnl^i]i]ZlVn l^i]i]Zd^aXVcWZgZ^c_ZXiZYhV[Zan^cidi]ZÒZaY i]Zd^aXdbeVc^Zhi]ZbhZakZh]VYjcYZgZhi^bViZY *`bWZadli]Zh]Vaadl8Vhe^VcHZVVihjeZg i]ZiZX]c^XVaVcYad^hi^XVaX]VaaZcZhVcYXdWWaZY ]^]egZhhjgZ#I]Z[VXii]Vih^b^aVgiZX]c^fjZh idZi]ZgVXdbegdb^hZhdaji^dcidi]ZW^fjZhi^dc ]VkZVagZVYnWZZchjXXZhh[jaan^cigdYjXZYVii]Z d[l]dldjaYWZ^cX]VgZd[deZgVi^ci]Zegd_ZXi# dch]dgZIZc^oVcY@VgVX]VVcV`ÒZaYh!l]^X] ;gVcXZÉhIdiVabVYZXaZVg^ildjaYcdiVXXZei VgZZdad^XVaanh^b^aVg^c`ZngZheZXih!]VhgV^hZY bVcVZbZciXdcigdaeVhh^cid:mmdc!VcYi]Z XdcÒYZcXZ^cVhjXXZhh[jadjiXdbZ# JHXdbeVcnlVhVYVbVci^ildjaYcdiWZejh]ZY I]ZdkZgcbZcilVhcdii]ZdcaneVginidWZ VgdjcYWni]Z;gZcX]#H]ZaalVhegZdXXje^ZYl^i] Y^hhVi^hÒZYl^i]hadlegdgZhhVi@Vh]VVch^cXZ di]ZgegdWaZbh#ci]ZZcY!iVanÉh:ClVhX]dhZcVh XdbbZgX^VafjVci^i^Zhd[d^alZgZXdcÒgbZY^c deZgVidgVhi]ZXdbegdb^hZXVcY^YViZVXXZeiVWaZid i]ZhjbbZgd['%%%#H]VgZ]daYZghVcYhZc^dg i]Zdi]Zgi]gZZbZbWZghd[i]ZÈW^[djgÉhiV`Z]daYZgh# bVcVZbZcid[i]Zd^aXdbeVc^Zh]VkZWZZcZkZc I]ZÈW^[djgÉlZgZ:C!:mmdcBdW^a!H]ZaaVcY bdgZY^hbVnZYVii]ZegdheZXid[Vcdi]ZgÒkZnZVgh IdiVa#I]ZnZVX]]ZaYVc-#*eZgXZcihiV`Z^ci]Z d[^ckZhi^cVgdjcY(W^aa^dcVnZVgl^i]djiVgZijgc Xdchdgi^jbVadch^YZhbVaaZgh]VgZ]daYZgh8dcdXd dci]Z^ckZhibZcijci^a'%(# E]^aa^eh!?VeVcÉhceZmVcYi]Z@VoV`]hiViZZcZgn 8dcÒgbVi^dci]Vii]ZWdcZh]VeZYÒZaY!hdbZ XdgedgVi^dc@B#6[iZgeVhh^cl]VilVhhddc ,*`badcVcYjeid)*`bl^YZ!lVh^cYZZYdcZ idWZXdbZVed^hdcZYX]Va^XZid:CÉhdeZgVi^c An offshore oil platform in the Kashagan field CK:HIC@6O6@=HI6C
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