Word: kazmunaigaz
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...Credits went where they belonged: "New banks immediately accomplished their basic function - that of extending credits to encourage budding businesses," says Ulf Wokurka, a former Deutsche Bank director and now CFO of Samruk, Kazakhstan's holding company, which runs such giants as KazTelecom and oil and natural gas firm KazMunaiGaz...
...trading, service and industrial firms. As often happened in post-Soviet countries, the best of these firms were sold off to insiders, shoring up the power bases of important clans. But the biggest economic engine was oil, and that required outside help. Says Mikhail Dorofeyev, public relations director of KazMunaiGaz: "We offered oil to the West in exchange for technology, know-how and money...
...Credits went where they belonged: "New banks immediately accomplished their basic function - that of extending credits to encourage budding businesses," says Ulf Wokurka, a former Deutsche Bank director and now cfo of Samruk, Kazakhstan's holding company that runs such giants as KazTelecom and oil and natural gas firm KazMunaiGaz. The state rapidly privatized over 10,000 trading, service and industrial firms. As often happened in post-Soviet countries, the best of these firms were sold off to insiders, shoring up the power bases of important clans. But the biggest economic engine was oil, and that required outside help. Says...
...vital source for the West, especially if the political kinks in the supply lines from Russia, the Middle East and Nigeria persist. Nazarbayev's government has signaled it wants a more active role in managing those vast resources. In 2003, it decreed that the state oil company, KazMunaiGaz, must be a 50% stakeholder in all new domestic oil and gas ventures. "This is not renationalization," says Martha Brill Olcott, senior associate at the Carnegie Endowment for International Peace in Washington and an expert on the Caspian region. "This is re-evaluation. Kazakhstan is learning to play with the big boys...
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