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| 87 page |

www.InvestKz.com


18

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53
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48
Alcoa 60
Alina 33
Allianz Kazakhstan
83
Alpha Network
26
Alstom Transport
27
Ancor Techmin
59
AOC 71
Arcelor Mittal Tubular Products Aktau 34

l 2012#1l

Kazakhstan


Asian Development Bank
81
ATFBank Research
44
Aubert and Duval
65
Bloomberg 60
BMO Capital Markets
60
Brochot S.A
59
Calder Projects
59
Cbonds 74
Cisco Systems
71
Consolidated Alloys Pty Ltd
59
D.E. Shaw Group
80
Deutsche Bank Kazakhstan
7576
Dow Jones Newswires
60
EADS 65
ENI
14, 53
ENRC
5758, 77
EPSON 71
Format Mach Company
19, 59
Fujitsu 71
G Corner Electrical Systems
59
General Electric
19, 33, 49, 64
General Imaging
71
Genius 71
Goldman Sachs Group Inc.
54
HP 71
IDC 72
Intel 71
KASE 7477
kaspi bank
75, 81
KAZASP 67
KazCopper 59
KAZ M-I
20
KAZNEX INVEST
3233, 37
KEGOC
18, 20, 22
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LG Chemicals
13
Logitech 71
Microsoft 71
Moodys 58
MSI 71
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Nexans SA
60
Olisol Investment Ltd.
55
Petrofac 14
POSCO 65
POSUK Titanium
65
PricewaterhouseCoopers 60
RG Brands Kazakhstan
34
Samsung
14, 71
Satpaevsk Titanium Mines Ltd
63
Siemens 19
Sinopec Engineering
13
Standard & Poors
58
Sun Microsystems
71
Talgo 19
Tea House
34
TECHNIP MINES
13
Tethys Petroleum Ltd
55
TEXTILINE 34
Toshiba 71
UKAD 65
Z-Power 34
Zyxel 71
47
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58

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Kazakhstan, 2012 1
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Made inKZ.
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53


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l 2012#1l

Kazakhstan


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Kazakhstan


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l 2012#1l

Kazakhstan

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59

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Kazakhstan

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Kazakhstan 2012#1

71

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l 2012#1l

Kazakhstan

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l 2012#1l

Kazakhstan

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Kazakhstan 2012#1

75

Deutsche Bank
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76

l 2012#1l

Kazakhstan


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Kazakhstan 2012#1

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l 2012#1l

Kazakhstan

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Kazakhstan 2012#1

79


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l 2012#1l

Kazakhstan


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Kazakhstan 2012#1

81



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82

l 2012#1l

Kazakhstan

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Kazakhstan 2012#1

83


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84

l 2012#1l

Kazakhstan

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Kazakhstan 2012#1

85

2
0
1
2
_
1

AIID Mission Is Possible!


Samruk-Kazyna
Destination Point AIID
96
Blitz poll
Cource for
Innovations
104
Leaders
Space Altitudes
of a Titanic Giant
108

made in kz 2012
a n n u a l

b u s i n e s s

o v e r

i e w

AIID PROGRAM

Mission is possible

Since 2010 the State Program of Accelerated Industrial Innovative


Development has become the major document, defining the economic
policy of Kazakhstan for the next five years. It aims to neutralize the
problems of previous similar initiatives and ensure a systematic base
for accelerated modernization and diversification of economy. Let us
consider the major results of the first two years of SPAIID and plans of
the government on its implementation for 2012.
88

l 2012#1l

Kazakhstan

ased onthe reports of theMinistry


of Industry and New Technologies
theimplementation of theprogram,
which isin fact a major national economic
idea, isgoing quite successfully. Thus,
in2011 we totally finished theupdate of
theentire legal base of domestic industrys
functioning. Three new laws were adopted:
Onstate support to industrial innovative
activities, OnSpecial economic zones and
Onenergy efficiency and energy saving.
Amendments into 30 current legislative
acts were introduced. Within two years 13
industrial and 9 functional development
programs were adopted. ThePlan of
r at ional pl acement of produc t ion
capacities and Industrialization Map were
approved. Thegovernment prepared over
100 instruments insupport of business
that were arranged under such programs
as Productivity 2020 and Business Road
map 2020 as well as programs, supporting
investors, innovators and exporters. Last
year just over thousand Kazakhstani
enter pr ises received suppor t f rom
thestate.
Thecertain optimism isproduced by
economic figures, described as major
target indicators for measuring SPAIID
effectiveness. Thus, in2011 theGDP of
Kazakhstan grew by 7.5% and exceeded
27 trillion tenge (according to program
goals, theamount of 23 trillion tenge
should have been reached by 2015). Last
year theindustrial sector of therepublic
produced output inthe amount of
15.7 trillion tenge; atthe same time,
thequantum index reached 103.5%
by 2010.
Ithas to be mentioned that thegrowth
r at es of t heprocess ing indus t r y
issignif icantly ahead of themining
sector dynamics 6.2% versus 1.3%.
Specif ically, theproduction volume
inmetallurgy reached 1.9 trillion tenge
(+6.5%), machine building about
500 billion tenge (+16.8%), chemical
industry 143 billion tenge (+21.5%).
As a result, theshare of theprocessing
industry inGDP structure increased from
10.5% in2009 to 12.8% in2011 (the
target indicator of theprogram 12.5%).
Meanwhile, we observe a certain decrease
of figures inthe pharmaceutical and light
industries.
Speaking of thelabor productivity
inthe processing sector that must grow
by 1.5 times by 2015, according to last

Structure of Industrialization Map


projects by industries
Industry
Number of Total amount,
projects
billion KZT
Transport
17
1,742.07
Metallurgy
61
1,511.74
Petrochemistry
5
1,334.81
Energy
28
989.39
Oil & Gas
25
867.55
Tourism
6
830.37
Building industry
124
401.53
Chemistry
32
333.39
Machinery
54
273.36
Space
4
240.48
Agricultural sector
207
168.83
Communications
1
65.1
Pharmaceutics
27
35.1
Light industry
9
35.39
Other
8
867.81

year results, its growth reached 32% (at


current prices), compared to 2008.
In2011 thehighest figure for processed
goods export inthe history of independent
Kazakhstan was reported over $22
billion. This is1.5 times more than inprecrisis year of 2007.
Thekey mechanism and, perhaps, major
know-how, distinguishing SPAIID from
previous programs, isthe Industrialization
Map of Kazakhstan, showing a list of
certain projects, whose implementation
ispursued by thestate and to which
itis ready to provide targeted support.
Atthe moment, theMap includes 608
projects with a total value of 9.7 trillion
tenge, theimplementation of which will
create over 205 thousand jobs during
theconstruction period and 180 thousand
during theexploitation period.
Within
two
years
under
theIndustr ializat ion Map 389 new
plants and factor ies were launched
inthe republic: 152 in2010 and 237
in2011. Overall, 1.8 trillion tenge were
invested intheir construction and over
90 thousand permanent jobs were created.
According to MINT thebiggest effect was
reached inthe mining sector 36 projects
(9% of total amount) with an investment
volume of 369 billion tenge (20%) and
thecreation of 22 thousand (24%) jobs.
Itis followed by transport infrastructure
8 projects (2%), 471 billion tenge (26%)
and 18 thousand people (20%), as well as
energy 15 (4%), 173 billion tenge (10%),
3.5 thousand people (4%).
According to theAgency for statistics
last year only enterprises, started under
SPAIID, produced goods and services for

over 510.5 billion tenge. Within this period


106 types of products, previously never
produced inKazakhstan, were developed.
These are of fshore steel structures,
turbine overpasses, composite metalreinforced plastic pipes, energy saving
LED lighting, tableted pharmaceuticals,
feed-stuf f with added mineral s and
many other.
Hence, thepositive effect from SPAIID
implementation isevident, as we say it.
However, not everything goes as smooth
as itlooks inthe official statistics.
OnJanuary 27, 2012 during an expanded
session, attended by themembers of
governments, akims, themanagement
of central state agencies, NDP Nur Otan
and SWF Samruk-Kazyna, thePresident
of Kazakhstan Nursultan Nazarbayev
paid at tent ion to thenumber of
systematic sideways inthe process of new
industrialization.

Responsible for everything

irst of all, thehead of thestate was


discontent with thequality of selection
of projects, listed inthe Industrialization
Map. Of all implemented projec t s
almost 60% account for agr icultural
and construction industries. This isthe
result of big reports. Of 31 big projects,
which isnearly 90% of thetotal volume
of investment inthe industrialization
Map, only 5 projec t s are linked to
manufacturing finished goods. 11 projects
assume of theproduction of downstream
operations outputs. Of 220 implemented
projects 80% of investment isdirected
to theoil and gas and mining sectors and
infrastructure. Inthis concern, Nursultan
Nazarbayev instructed Prime-Minister Karim
Massimov, first deputy Prime-Minister Serik
Akhmetov as well as themanagers of MINT
and JSC Samruk-Kazyna to run an analysis
and identif y how much each of these
projects facilitates thediversification of
Kazakhstans economy. Theresearch and
development of new projects, targeted
athigh added value outputs, must be
continued.
A s s e t I s s e ke sh e v, t h e Minis t er
of Industr y and New Technologies,
announce d t hef ir s t concl u s ions
inresponse to President s cr it ical
comments. During thegovernmental
session onFebruar y 14 he admitted
that theMinistry unfortunately, has no

Kazakhstan 2012#1

89

AIID PROGRAM
System basis of industrial innovative development
State program of accelerated industrial
innovative development for 20102014

Legislation
On Special economic zones
On energy efficiency and
energy saving
On state support to industrial
innovative activities
Permit and licensing system

Industrial and regional programs

Support programs

State stimulation

13 industrial programs
16 programs of regional
development
9 functional programs
Strategic plans of
government bodies

Productivity
Investor
Business Road Map
Post-crisis Recovery
Export, etc.

Scheme of efficient
placement of production facilities
Republic Industrialization Map
Region Industrialization Maps
100 instruments of state support

methodology instatistics by thelevel


of projects quality. Inthis concern,
theMinistry conducted an analysis of
industrialization Map projects by level,
so-called condit ional technological
complexity, including conversion rate,
added value, incurred costs, energy
ratio, organizational maturity and other
parameters. Itturned out that of 389
projects, introduced inthe first two
years of SPAIID, 70% are classified to
13 levels of technological complexity.
Atthe same time, only little over half
of the220 objects, currently being
constructed, are classified to 45 levels
of technological complexity and target
manufacturing finished goods. Meanwhile,
highly technological projects are mainly
initiated by thecenter while theprojects
with downstream operations, as a rule, are
offered to for implementation by akimats
and regional businesses.
Thesecond aspect, raised by thehead of
thestate, having its subordinates onthe
mat, isinsufficient demand for theoutput
of new plants. Ithas to be mentioned
here that out of 389 projects, launched
in20102011 only 130 have reached
theprojected capacity. I will directly say
that positive price structure for our export
goods, availability of funds and powerful
strengthening of state support to economy
significantly undermined theactivity of
thegovernment and ministries, akimats
and national companies atidentification
of additional sources for growth. Itis
irresponsible to be satisfied with just
theknowledge that another industrial
project isfinished inthe industry and
region. Of course thenew plant will not
develop onits own.
Inthis sense, thePresident reminded
that according to his instruc t ion
ArcelorMittal Company diversified its
production, building a rolling plant, while

90

l 2012#1l

Kazakhstan

in2010 itlaunched a pipe producing


pl ant inthe west of Kazakhst an.
ThePres ident s f ol low ing phr a se
characterizes thecurrent situation with
sales of ArceloMittal products: Its
products are highly demanded inthe
international markets, but not procured
by national companies. Itproduces rolls
but our builders do not buy rolls and get
them abroad. Therailroad plant will be
constructed, but KTZ will buy railroad
externally not domestically.
Another example isKamAZ-engineering
car assembly plant inthe Akmola
Oblast that, inthe opinion of Nursultan
Nazarbayev, could increase vehicle
production by 34 times only thanks
to thedemand by thestate sector and
national companies. Continuing thetopic
of developing thedomestic automobile
industry he said: The passenger cars are
produced inEastern Kazakhstan while our
officials buy foreign brand vehicles. Why
would do they not drive our cars? Why do
we develop theindustry if we do not use
itourselves.
Inthe light of thelast words thefigures,
presented inthe report of theAgency for
statistics and related to SPAIID indicators
inthe part of Kazakhstan content, look
very pointed. Thus, its share ongoods,
procured by thestate institutions,
dropped from 51.8% in2009 to 42.1%
in2011. Thesame indicator of theSamrukKazyna group of companies dropped from
63% to 33.6%, thebackbone enterprises
from 43.2% to 14.2%, while thesubsoil
users from 10.7% to 9.7%.
One more reason of no demand for
theoutput of new enterprises isthe formal
approach atselection of theprojects,
not considering theneeds of real sector.
Back inApril of last year vice-president of
Kazakhstans Chamber of Commerce Bekzat
Kaliyev noted that theissue of limited

sales markets for thegoods of domestic


producers isthe second important problem
for industrialization Map implementation
after lack of financing. There were cases
when inone oblast there were several
similar enterprises, producing same type
of output. Inone oblast there could be
either three chipping producing plants
or three brick producing plants. Why do
we need to support similar enterprises
inone oblast? Yes, thecompetition
isneeded. But you need to consider that
inthe post-crisis period theconstruction
boom isover. Tomorrow we will go back to
these enterprises and face theproblem of
selling thegoods again.
This way or another, theAIID program
operators promised to cor rec t all
mistakes, articulated by thehead of
thestate. Atthe same time, thekey
role incorrection of mistakes will
be played by local authorities. First
of all, they must def ine competitive
advantages and priorities of regional
development. Secondly, they need to
ensure comprehensive connection of local
projects with thenational socio-economic
programs. Thirdly, incooperation with
thegovernment they need to develop
measures onstrengthening interregional
cooperation, both domestically and
under SEP.
Therefore, beginning of 2012 themajor
accent inSPAIID implementation will
be addressed inthe regions. According
t o t h eins t r uc t ion of Nur sul t an
Nazarbayev from now onthe issues of
industrialization and investment will be
managed by special deputy akims that
will be sent by MINT from thepull of
theBolashak program graduates. They
will closely cooperate with theministry
and manage theindustrialization process
development inthe fields. We can only
hope that such measures will let us

AIID PROGRAM
Industrialization Map of Kazakhstan 20102014
Total number of projects

608

Problem projects

Total amount of projects

9,696.9

Total, including:
Lack of finances
Management
Lack of resources
Lack of facilities
Land allocation/
land buy-back
No sales market
Others

Confirmed funding

billion KZT

7,561.57
billion KZT

Unconfirmed funding

2,135.36
billion KZT

overcome thelobbying of projects by local


authorities that are not always linked to
industrial and territorial priorities.

Megaprojects from
theCenter

cco r d in g t o A s s e t I s s e ke sh e v,
thegovernment level work under
theframework of SPAIID will be continued
mainly intwo directions.
First of all , thefur ther formation
and implementation of thesystematic
industr ial policy consider ing
est ablishment of SEP, entrance of
Kazakhstan into WTO and therisk of
facing a financial crisis. Themajor goal
of this policy remains strengthening
thecompetitiveness of national business,
modernization and reconstruction of
current industrial base, activation of
processes, targeted atraising thelabor
productivity, energy ef f iciency and,
ingener al , sus t ainabl e economic
development.
Secondly, general coordination of
investment projects implementation
under t heIndus t r ializ at ion Map.
Thegovernment promises to strengthen
work on220 currently constructed
projects, for each of which there will
be a personal responsibility of thefirst
manager of theagency or national
company. As a result, until theend
of 2012 MINT isplanning to ensure
thelaunch of 130 new enterpr ises.
Theprogram operators have started an
update of theIndustrialization Map.
Atthe same time, theproject selection
will be tightened, while theinitiating
private companies are expected to have
appropriate competence, understandable
business strategy as well as sustainable
and competitive business models.

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Number
157
71
33
20
26
6

Amount,
billion KZT
5,963.5
3,314.8
2,087.3
194.2
100.2
22.4

5
17

5
239.6

A sp e c ial con t r o l isp u t ov er


implementation of 11 industrial and
inf rastructure megaproject s, whose
launch was assigned by thehead of
thestate inhis message to thepeople of
Kazakhstan inJanuary of 2012. Overall,
itis expected to invest over 4.5 billion
tenge and create over 150 thousand
jobs there.
Thefirst project isthe construction of
a chemical plant, producing compound
fer t ilizers inthe Zhambyl obl ast ,
whose investor isOJSC MHK Eurochim
thebiggest Russian producer of mineral
fertilizers. Thefacilities of JSC Sary-Tas
phosphoric pellet producing plant that
was stagnant for over 15 years were sleeted
for project implementation. This will allow
to establish theproduction of enrichment
of phosphates from theKaratau basin field
and start theproduction of phosphoric,
complex and azotic mineral fertilizers
with thevolume of over 1.4 million tons
per year. This will let not only cover
theneeds of domestic agr icultural
producers, but also supply finished goods
to neighboring countries and beyond.
Overall, Eurochim will invest $2.4 billion
inthe project; atthe same time, during
theactive construction phase up to
4 thousand experts for building and
assembly will be attracted. Thelaunch of
theenterprise isscheduled to 2017. Asset
Issekeshev notes that today they resolved
theissue of supplying theproduction
capacities with natural gas, signed
thecontract with French TECHNIP MINES
Company for development of best schemes
for ore pretreatment, concentrating and
processing of mined ore, have started
preliminary work onpreparation of a
detailed feasibility study of theproject.
This year itis necessar y to prepare
thefields to stripping works, rebuild

theinfrastructure, including automobile


and rail ways, build 11 kilometers of
power transmission lines, run technical
observation of buildings and facilities of
theplant as well as to get theterms of
references for design.
Thesecond old new megaproject isthe
construction of theAtyrau integrated
gas chemical plant with thecost of $6.3
billion that was announced in2005 and
moved to SPAIID from previous program
documents. Theplant will produce 500
thousand tons of propylene and 800
thousand tons of polyethylene an output
that has never previously been produced
inour republic. According to Dauren
Erdebay, theCEO of United Chemical
company LLC, theproject issplit into
two phases: 20102014 and 20112016.
Thecontract for thefirst phase isthe
turnkey construction project and itwas
signed with Chinese Sinopec Engineering
Company. Korean LG Chemicals experts
will be attracted to theimplementation
of thesecond phase. A Gas chemical plant
isthe core project of theAtyrau Oblast
FEZ that creates thefoundation for other
projects implementation: construction
of an ammonium-carbamide plant as
well as cyclohexane and polyutherane
production.
Nat ional Company K a zMunay Ga s
isinvolved inimplementation of three
megaprojects, specified by thePresident.
First isthe construction of a deep oil
conversion plant atthe Atyrau OPP that
will allow expanding thebalanced capacity
of thecrude oil processing plant to
5.5 million tons per year by 2016, increase
theoutput of light oil products to 77% and
improve thequality of fuel to thelevel of
Euro-4 and Euro-5 standards. Thecost of
construction isestimated at$1.68 billion.
According to NC KMG head Lyazzat Kiinov
all theissues of attracting debt financing
will be resolved by thecompany inMay of
this year. As thestate support measures
KMG counts oninclusion of expenses
onresettling theresidents insanitary
protection territory zone of theAtyrau
oil refinery, expanded under this project
implement at ion, inthe budget of
theAtyrau oblast for 20122014.
O ther t wo projec t s of KMG are
closely linked with each other and
cover thegasification of Astana and
central regions of Kazakhstan. In2012
itis planned to resolve thefinancing

AIID PROGRAM
issues and start theconstruction of
theKartaly Tobol Kokshetau Astana
gas pipeline (with outlets to thecities
of Karaganda and Petropavlovsk) with a
capacity to 6 billion cubic meters per year.
Thetotal cost of thefirst line gasification
project will reach 328.7 billion tenge.
Mr. Kiinov said that thegasification of
thenorthern regions makes sense only
inthe case of financing from state budget
since theproject implementation, based
exclusively onmarket mechanisms, will
not allow to ensure acceptable gas price
level for final customers.
TheKarachaganak gas processing plant,
whose capacity will reach 5 billion cubic
meters, will be thesource of natural gas for
thefuture gas pipeline. Theconstruction
of this plant isestimated by KMG at$3.736
billion. This year thecompany isplanning
to get feedback onthe feasibility study
from state agencies, define theproject
documentation with thedeveloper as well
as finish thedesign. As Mr. Kiinov specified
there are two options for implementation
of thefirst line of theproject that were
proposed by ENI and Petrofac companies.
According to ENI, theimplementation
term and cost 20152019 and $4.9
billion; according to Petrofac 20132016
and $2.5 billion. Itis necessary to start
negotiations onensuring theraw material
supply for thegas processing plant from
theKarachaganak field that, inthe opinion
of KMG head, isone of key issues.
Theinfrastructure block of theprojects,
mentioned by thehead of thestate inhis
message, includes theconstruction of two
new railway spurs and theKazakhstani part
of theWestern Europe Western China
automobile corridor. Theimplementation
of thelast one started three years ago.
Nursultan Nazarbayev informed that
works onconstruction of theautomobile
highway with thecost of 875 billion
tenge need to be accomplished next year.
However, later onthe Minister of transport
and communications Askar Zhumagaliyev
said that thelast 465 kilometers of
theroad will be finished only in2015.
Theconstruction of theZhezkazgan
Beyneu and theArkalyk Shubarkol
railways ismanaged by JSC NC Kazakhstan
Temir Zholy. According to thecompany
President Askar Mamin, these projects
have strategic impor tance and will
significantly raise theexport and transit
potent ial of Kazakhstan. Thetotal

94

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length of theZhezkazgan Beyneu line


will reach 988 kilometers. Thestandard
durat ion of theconstruct ion is45
months ata cost of 591 billion tenge.
T hepr oje c t imp l em en t a t ion w il l
involve over 10 thousand people while
theoperational staff will reach about
3 thousand employees. Thelength of
theArkalyk Shubarkol line is214
kilometers while its cost is135 billion
tenge. Theconstruction will involve over
2 thousand people while theexploitation
period will need 600 people. Thestart of
both projects isscheduled for thefourth
quarter of 2012. Mr. Mamin emphasized
that , consider ing total absence of
theinfrastructure, significant farness
and underdeveloped state of theregions,
f irst of all , itis necessar y to build
thefacilities of external power supply,
run themobilization of equipment ,

A special control by
thePresident of the
country isput over
implementation of 11
megaprojects. Overall,
itis expected to invest
over 4.5 billion tenge
and create over 150
thousand jobs there.
organize rotation camps and prepare
theterritor y. Both projects must be
completed in2016.
JSC Samruk-Energo isresponsible
for theconstruction of theBalkhash
steam power plant with a capacity of
1320 megawatt and cost of $2.3 billion.
According to Almasadam Satkaliyev,
theChairman of its board of directors,
thenegotiations with theconsortium of
KEPCO and Samsung companies are already
completed onmajor project agreements.
Atthe moment, theconstruction and
assembly operations onthe preparatory
pha s e f ac ilit ie s are inprogre s s:
t h ee x p ans ion o f t h eK ar ao t ko l
r ailway s t at ion, moder nizat ion of
theroad approach and construction of
thetechnical water conduit. Meanwhile,
thePresident of Kazakhstan assigned to
start theconstruction of thefirst module
of theBalkhash steam power plant this

year that will ensure additional production


of over 9 billion kWh of electricity and
resolve theproblem of an energy deficit
inthe southern regions of therepublic.
Two project s, directly super v ised
by theMinistry of Industry and New
Technologies, target atthe development
of world class ski resorts. Thefirst one
near Almaty, another one inthe Burabay
recreational area.
A sset I ssekeshev infor med that
theBurabay projec t target s at12
years and 7 consecutive phases. Atthe
moment, thefirst of thephases isbeing
implemented Burabay Lakes Resort
Hotel that assumes theconstruction
of thehotel with 402 rooms, SPA and
healthcare center. These facilities will
be launched inthe fall of this year.
Thepreliminary cost of this phase isabout
$90 million.
TheKok Zhayl au projec t pl ans
theconstruction of a ski resort inthe
Zaili Alatau with thelength of theski
slopes to 500 kilometers as well as
building theutility systems inthe
major facilities of theresort. Thecost
of building theinfrastructure will reach
about 112 billion tenge. Another over
$2 billion will be attracted as commercial
investment inthe construct ion of
thehotels. Theministry isplanning
to complete thefeasibility study and
systematic development plan inthe
fourth quarter of this year while next year
theworks ondesign and construction of
theexternal networks will be initiated.
Concluding, itwould be useful to
emphasize that thefact of including
theabove-mentioned megaprojects inthe
message of thePresident shows that
despite thenumber of current problems
this year all of them, this way or another,
will enter their active phase. Moreover,
thePresident already insisted onrevising
thestate budget and allocation of
additional money from theNational Fund
for their implementation. Considering
thescale and capital intensity of these
constructions as well as theneeds
ingoods, works and service for their
implementation, one can confidently say
that AIID program infact received new
powerful growth points that, intheir turn,
will launch other (although not such big)
projects of new industrialization.
Editorial

Destination Point AIID

Sovereign Wealth Fund Samruk-Kazyna plays a key role in the AIID


program implementation. Today, it manages state assets with a value
of over $80 billion while it is constituted by about 500 subsidiary and
affiliated companies that generate over half of the annual GDP in the
republic. Meanwhile, there recently have been events, able to radically
change the principles and model of the Fund operation.

he first in the line of events was the


switch of the Funds management. On
December 26, 2011 Timur Kulibayev handed
in a written application to the PrimeMinister with the request to free him from
the position of Chief Executive Officer
and Chairman of the Management Board
of SWF Samruk-Kazyna. Umirzak Shukeyev,
previously holding the position of the first
deputy Prime-Minister, was appointed to
his position. The reason why Mr. Kulibayev,
a member of the Funds management since
2006 and the Chief Executive Officer since

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April of last year, left was undoubtedly


the riots that took place in Zhanaozen on
December 16. It is common knowledge that
the riots were reasoned by the strikes by
the workers of Ozenmunaygas production
branch of KazMunayGas EP company and the
followed up mass dismissal of oil company
workers.
On December 22 during his meeting
with active citizens of the city in Aktau
the President of Kazakhstan Nursultan
Nazarbayev said that his assignment on
timely resolution of the labor issue had not

been performed and that was the reason


for aggravation of tension. Overall, the
demands of the company workers to the
employers were reasonable. Even if there
were violations of workplace discipline by
the workers, the employers should not have
forgotten that they are our citizens and not
coming from the moon. They should have
been listened to and, as far as possible,
given maximum support. Unfortunately,
this was not done.
According to Umirzak Shukeyev, the
situation in Zhanaozen demonstrated full

incompetence of the Fund and its structural


companies to solve the labor conflicts.
Instead of building a dialogue, there were
wrong steps from the viewpoint of sociallabor relations that only complicated the
issue. We have many thousands of staff
members in our companies. Therefore, the
right conclusions are important We must
take systematic measures not to allow labor
conflicts while in case of their emergence we
need to resolve them in a civilized manner.
Our task is to do everything possible in
order to nullify the possibility of emergence
of similar situations in the future.
In this concern, SWF Samruk-Kazyna
established the working group on analysis
and development of social and labor
relations that is already working on
situations in key production companies
of the Fund in order to identify the risk
zones and preparation of timely preventive
measures. The Fund established the Center
for social partnership, headed by Nurlan
Erimbetov, a prominent public figure.
The goals of the Center are to maintain
contact with the regions, run necessary
sociological researches, keep an eye on the
social feeling of the employees in the group
companies.
Umirzak Shukeyev hopes that this way it
would be possible to build a new system of
social and labor relations management that
will allow to flexibly respond to challenges
and not to allow the emergence of tensions.

New law

At

the beginning of Februar y the


President of Kazakhstan signed a
new law On national welfare fund that
essentially changes its operation model.
First of all, the goals of Fund operations
have been clearly identif ied. In the
previous version of the law they were as
follows: first of all, facilitation in ensuring
the sustainable development of economy;
secondly, facilitation to modernization
and diversif ication of economy; and,
thirdly, raising the efficiency of subsidiary
companies operations. The new formula is
marginally pragmatic: Enhancing national
welfare of the Republic of Kazakhstan
through increasing long term price (value)
of organization, included in the Funds
group, effective management of assets,
included in the Funds group. In fact,
Samruk-Kazyna may now concentrate on
only two major issues increasing the

market price and enhancing the quality of


corporate management in its subsidiaries.
The l aw al so assumes cer t ain
systematization of functions of government
as the body, representing the executive
branch of power and the sole shareholder.
From now on the government will manage
SWF only directly through the Board of
directors. At the same time, the Fund
and its subsidiary organizations will gain
the opportunity of independent decision
making on current economic operations,
based on transparency and precision
principles, while excessive interference in
the group operations by the state agencies
is limited.
In the opinion of Umirzak Shukeyev, this
will allow to significantly expedite the
process of decision making. The Fund had
the experience where the decisions were
taken in 56 months while three times the
coordination was agreed with the same
people in the ministries. The documents
went around in a circle, being agreed in the
state commission, government and Board of
directors. Same people put signatures at all
phases.
Along with this the Board of directors
gains higher authorities; its competence
now includes the definition of the order for
development, approval and evaluation of
Funds development plan implementation.
At the same time the number of independent
directors increased (from 33% to 40%) that
meets the OECD recommendation and the
experience of leading global corporations.
Moreover, in accordance with the law,
the Fund is not any more the subject for
regulations of Typical procurement rules,
approved by the government. The process
of amending the procurement rules will
be simplified that will allow spending less
time on procedural issues. Meanwhile, strict
control over the procurement process will
be maintained. It will be ensured based on
procurement Rules, approved by the Funds
Board of directors headed by the PrimeMinister of Kazakhstan and consisting of
managers of line ministries. This mechanism
will not only guarantee the state interests
but also will raise the market mobility of
the companies.
The new mechanism of controlling the
Funds f inancial operations is backed
up by the law. The document assumes
the inclusion of the audit committee
representative in the specialized committee
under the Board of directors that will be

also constituted by the representatives


of other controlling and law enforcement
bodies. It will ensure the control of use of
not only state but also commercial funds
(commercial operations revenues) of any
company in the Samruk-Kazyna group.
At the same time, the funds, allocated by
the state from the republican budget, will
be inspected by the Audit committee, based
on the Budget code.

Investment priorities

he new law clearly and unambiguously


says that the major work of SWF SamrukKazyna management must be concentrated
at raising the value of the subsidiary
companies. According to the new head of
the Fund, this means that his management
must first of all ensure the efficiency of
the investment projects. We studied the
investment programs of key subsidiary
companies. I will say that the situation
is controversial. Overall, 160 projects are
being implemented. Of them, SamrukKazyna considered only about 50. This
means that on more than 100 projects we
have no clear understanding about their
necessity. Perhaps, the majority of these
projects are quite effective, the return on
many of them is not clear to end. There are
also horizonless and loss making projects.
In this concern, Mr. Shukeyev instructed
the Funds Committee for investment to
analyze already launched investment
projects to compliance with the company
profile, volume of financing and their
significance. Unprofitable projects will
no longer be financed. Moreover, all new
projects of the subsidiary structures will
have to go through a mandatory analysis in
the Fund.
Speaking of unprofitable projects that
companies are forced to implement due
to their social importance, a separate
accounting principle will be applied there.
It will no longer be possible to hide
inefficient work behind the allegedly high
level of social responsibility, Mr. Shukeyev
warned his subordinates.
The special control will be put on
implementation of seven megaprojects,
assigned to the Fund, from the total amount,
articulated by the President of Kazakhstan
in his new message. The detailed events
plans were already prepared for them with
definition of personal responsibility and
certain implementation terms.

Kazakhstan 2012#1

97

samruk-k azyna
Overall, under the framework of AIID
the Samruk-Kazyna group of companies
implements 24 large investment projects
for total amount of $15.3 billion that are
represented in nearly all sectors of the
economy and have strategic importance in
reaching the goals of new industrialization.
According to Asset Abdygapparov, the
managing director of the Fund, at the
moment SWF has already finished 5 projects,
included in the Industrialization Map.
Specifically, SWF finished the construction
of the Moynak hydropower plant with a
capacity of 300 MWatt. Kazakhstan Temir
Zholy launched the working motion at two
railroad lines: Zhetygen Korgas and Uzen
state border with Turkmenistan. SWF also
started a freight wagon producing plant in
Ekibastuz and Talgo passenger wagon plant
in Astana.
SWF is also actively running projects on
modernization of the Shardarin hydropower
plant as well as the expansion of capacities
of Ekibastuz-based SDPP-1 and SDPP-2.
JSC KEGOC is running the modernization
of national power networks (II phase)
and construction of the Alma 500 kilovolt
electrical substation to ensure a reliable
power supply to the Almaty region.
In the oil and gas industry SWF is building
the Beyneu Shymkent gas pipeline while
in the petrochemical industr y SWF is
constructing an aromatic hydrocarbon
producing plant at the Atyrau oil refinery.
The construction of an integrated gas
chemical plant in the Atyrau oblast,
modernization of a sulfuric plant with
the capacity of 180 thousand tons in the
Stepnogorsk city of the Akmola oblast,
establishment of road bitumen production
at the Aktay plastic mass plant targeted at
strengthening the export potential of the
republic of movement of enterprises into a
higher level of production.
In the telecommunicat ions sec tor
JSC Kazakhtelecom implement s the
construction of FTTH (Fiber to the Home)
project that will enable to ensure the
average speed of broadband access to
internet at 16 megabit/second in Astana
and Almaty by 2012 and in the oblast
centers by 2016.
Among the innovative initiatives of the
Fund under AIID program, Mr. Abdygapparov
highlighted the project on producing the
photovoltaic modules, based on Kazakhstani
silicon (Kaz PV), implemented by JSC NAC
Kazatomprom.

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There is money

It

is clear that this w ide-ranging


investment program of SWF SamrukKazyna requires substantial f inancial
resources. At the same time, the significant
part of needed funds is attracted thanks to
foreign loans. As a result, on October 1,
2011 the foreign debt of the Fund and its
subsidiary companies (not including banks)
reached $21.4 billion (17.4% of gross
foreign debt of Kazakhstan).
In this concern, on February 4, 2012
during the expanded board session of JSC
Samruk-Kazyna Umirzak Shukeyev informed
his subordinates that the issue of financial
sustainability is a matter for everybodys
attention. Now we need to monitor the
financial indicators of our companies and
review them critically. We are not allowed
to let this debt accelerate. The Fund
established a special committee that will
regularly consider the information about
financial sustainability of the companies.
On March 2 there was a session of the
Board for management of National Fund,
headed by the President, which made a
number of strategic decision, directly
affecting the improvement of the financial
condition of the Samruk-Kazyna group.
Specifically, it was defined that the start
of the key investment projects, announced
in the Presidents message, including the
modernization of the Atyrau oil refinery,
construction of the first integrated gas
chemical plant and the Balkhash thermal
electric power station, affordable housing
construction program implementation and
other large projects of the Fund will be
financed by another use of anti-crisis funds
in 2012.
In addition, it was decided to extend
the terms and lower the interest rates on
loans to the total amount of 850 billion
tenge, previously allocated by SWF from
the National Fund for implementation
of anti-crisis programs that will, overall,
substantially lower the financial burden
on Samruk-Kazyna. Specifically, the debt
will be reduced by 329 billion tenge that
will be spent on increasing SWF capital.
Meanwhile, the annual expenses of the
group on servicing the loans will be reduced
by 2.4 billion tenge.
And with it, JSC NC KazMunayGas will
receive a new $4 billion loan from the
National Fund. It will be used in two
tranches in 2013 and 2015. This measure

will allow the company to reduce the


size of its foreign debt, maintain the
sustainability to the problems in the global
economy and continue participation in
the biggest project on the development of
the Kashagan field with no damage to its
investment program. At the same time, a
qualitatively new approach is going to be
applied for structuring a KMG loan in the
form of international format bonds that
will ensure an additional rate of return
and high liquidity of the National Funds
investment.
It has to be mentioned that BTA Bank
remains a heav y burden for the SWF
Samruk-Kazyna balance sheet. It is common
knowledge that the Fund supports the
proposal on a second restructuring of the
part of its liabilities, but a compromise
solution, which would fit all interested
parties, is still not found. In this situation
the companies in the group will have to
continue supporting BTA through placement
of deposits and opening new accounts.
Mr. Shukeyev gave a clear comment on that:
I address the attention of the companies.
There should be no contradictory actions
in relation to BTA Bank. This is a clear
instruction.

To support Kazakhstani
content

he important issue, listed in the Funds


agenda is raising the Kazakhstani
content (KC). As the leaders of the
domestic economy, the group companies
procure over 70 thousand goods, works and
services. As a result of last year the total
sum of signed contracts reached 3,913
billion tenge. It is clear that most of the
procured items could have been produced
by Kazakhstani enterprises.
The significant progress in the support
of local content was reached by JSC NC
Kazakhstan Temir Zholy. Today, the entire
work wear and textile production as well
as the track superstructure materials
(not including the rail-tracks and some
types of attachments) are procured by
the company from domestic producers.
It signed long term contract s w ith
Kazakhstani enterprises for supply of
rolling stocks for the sum of 530 billion
tenge. The establishment of this direction
of machine building is done by KTZ through
the technologies transfer in cooperation
with leading global companies, including

samruk-k azyna
General Electric, Alstom, Siemens, Talgo
and Transmashholding. At the same time,
every project assumes the localization of
components and parts production. The
plants, producing diesel locomotives,
passenger and freight wagons, already
discuss this issue with 40 local machine
building companies that will allow to reach
their localization level to 50% by 2015.
Thus, until the end of 2012 it is planned to
launch the output of a large car casting at
JSC Vostokmashzavod (Ust-Kamenogorsk),
KMZ after Parkhomenko LLC (Karaganda),
Simplex Mash LLC (Temirtau) and Format
Mach Company LLC (Pavlodar) as well as
track switching equipment and wheels
at Prommashkomplekt LLC (Ekibastuz).
Rail-tracks production is a matter of
strategic importance for KTZ: the company
already signed the memorandum with JSC
ArselorMittal Temirtau on the establishment
of a joint venture in Karaganda for
manufacturing rails and special sections.
In accordance with reached agreements,
the launch of the enterprise is scheduled
to 2014.
Similar work, albeit in the f ield of
development of oil and gas machine building,
is conducted by JSC NC KazMunayGas group
of companies: only in 2011 KMG started 16
new plants. The company is planning to
implement another 6 investment projects,
the investment volume in which will
account of 1350 billion tenge and will
create over 4.2 thousand jobs.
The major potential for further growth
of Kazakhstani content is the procurement
of large oil and gas project operators. In
this concern, KMG and the Machine builders
Union of Kazakhstan established 3 joint
working groups with participation of JV
Tengizchevroil, NCOC and Karachaganak
Petroleum Operating B.V. Their task is to
define the list of oil and gas equipment that
could be potentially produced in Kazakhstan
as well as a circle of foreign producers
potential partners for establishing joint
machine building enterprises.
The strateg y for development of
Kazakhstani content in large projects will
be implemented in 3 phases. First is the
increase of procurement of goods, whose
output is already set in Kazakhstan. Second
is active facilitation to the production of
non-highly technological goods, based on
current or new enterprises. Third is the
establishment of JV with foreign companies
for production of highly technological

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Kazakhstan

production. Thus, the construction of the


KAZ M-I drilling fluid plant with a capacity
of 84 thousand tons per year was completed
at the end of last year. The enterprise will
cover the needs of operators, running works
at the offshore fields, including Kashagan.
Overall in 2012 it is planned to start new
plants on 54 commodity items.
The projects in the field of local content
development are also implemented by other
companies of the Fund, including JSC NAC
Kazatomprom, JSC KEGOC, JSC SamrukEnergo and others. However, recently we
have been observing the downgrade of
this figure throughout the group. In 2009
the share of Kazakhstani content in the
Funds procurement was 70% while in 2010
(considering the growth of total volume of
procurement by more than twice) it dropped
to 50% while by the end of 2011 it fell by
another 2%.
In this concern Umirzak Shukeyev
instructed to go back to the previous level of
70%. For this purpose the Fund established
a new department of Kazakhstani content
that will monitor and report the situation
personally to the head of SWF on a monthly
basis. We need to start an electronic
procurement process. We already have some
developments. In the near future (quarter,
first half of the year) we must introduce
electronic procurement. All procurement
operations will be run at the same pace,
he said.
The second direction, to be followed
by SWF under KC development, is the
implementation of small and medium
network projects of Kazakhstani content
around large industrial enterprises of the
group, located in the regions. For this
purpose we need to start a partnership with
private sector. We consolidate the work of
the development institutes that will provide
the entire necessary support. SamrukKazyna Invest will also be working with
private structures and direct investment in
capital.

Overcast optimization

We

would like to pay special attention to


the innovations that were reasoned
by the Presidents critics, addressed to SWF,
which was announced during an expanded
session of the government on January 27
of this year. Here Umirzak Estayevich
just took over the position and witnessed
many zingers, not working people that

present papers for large paychecks. In this


concern, the President instructed to propose
measures on optimization of national
holdings, companies and state enterprises
until April 15.
Mr. Shukeyev affirms that certain work
on optimization is already conducted.
Thus, the new structure of the Fund clearly
divides the functions and eliminates their
duplication. Overall, SWF will be split
into four blocks. The first is the finance
and economic block that supervises all
the issues of economic planning, finance
and regulation of the second-tier banks.
This block, headed by Elena Bakhmutova,
will have a separate treasury department,
which was strengthen in order to raise the
efficiency of managing free funds.
The second is the strategic block,
managed by Kuandyk Bishimbayev. He will
make decisions on strategic development,
innovative policy, investment projects
and special sector programs residential
development and national IPO. This block
formed the new department of Kazakhstani
content. It will include SK Kontract, SK
Farmacia and SK Invest. We in fact have all
necessary institutes for the development
of a public-pr ivate par tnership and
running so-called medium-size investment
projects: development institutes, analysis
and funds. This all needs to be united in
one block, Mr. Shukeyev commented on
the innovation.
He will personally manage the third
operations and production block that
controls three basic sectors oil and gas,
mining and smelting and energy.
Finally, the fourth supporting block
includes legal service, corporate governance
service, risk management service, audit and
control and HR.
Moreover, four commit tees (credit ,
evaluation and planning, investment
and innovation, human resources) were
established for ensuring systematic work
and energizing the Funds operations. Under
their competence once every two weeks they
will consider the indicators of all subsidiary
companies, give recommendations and
conclusions. In order to monitor and control
subsidiaries operations a number of certain
criteria were defined, whereas on a monthly
basis each company will report to the Fund
for compliance to these criteria.
Also there are services that will have
a vertical transparent structure on the
scale of the group. These are legal and

samruk-k azyna
Table 1. Assets size rating of Samruk-Kazyna affiliated organizations
Company name
Industry
1
KazMunayGas
Oil & Gas
2
BTA Bank
Financial sector
3
Kazakhstan Temir Zholy
Transport
4
Development Bank of Kazakhstan
Financial sector
5
Kazatomprom
Atomic industry
6
Alliance Bank
Financial sector
7
Kazakhtelecom
Telecommunication
8
Samruk-Energy
Energy sector
9
Temirbank
Financial sector
10 Entrepreneurship Development Fund Damu
Financial sector
11 KEGOC
Energy sector
12 Real Estate Fund Samruk-Kazyna
Financial sector
13 Kazyna Capital Management
Financial sector
14 Air Astana
Transport
15 Kazpost
Telecommunication
16 National Innovation Fund
Financial sector
17 Kazakhstan Investment Fund
Financial sector
18 Kazakhstan Engineering
Machinery
19 SK-Pharmaceuticals
Pharmaceutical
20 KazExportGarant
Financial sector
21 Atyrau International Airport
Transport
22 United Chemical Company
Chemical industry
23 Aktobe International Airport
Transport
24 Tau-Ken Samruk
Mining & Metallurgy
25 Samruk-Kazyna Contract
Financial sector
26 Kazakhstan SREI named after Sh. Ch. Chokin
Energy sector
27 Samruk-Kazyna Invest
Financial sector
28 Pavlodar Airport
Transport
29 KOREM
Energy sector

Assets, million KZT


5,752,400
1,895,710
1,300,467
958,611
528,537
427,584
370,562
244,049
243,999
218,500
180,368
84,542
76,072
49,134
33,197
27,111
25,620
24,698
16,693
12,850
3,976
3,790
3,035
2,453
2,307
697
518
305
168

Table 2. Equity size rating of Samruk-Kazyna affiliated organizations


Company name
Industry
1
KazMunayGas
Oil & Gas
2
Kazakhstan Temir Zholy
Transport
3
Kazatomprom
Atomic industry
4
Development Bank of Kazakhstan
Financial sector
5
Kazakhtelecom
Telecommunication
6
KEGOC
Enregy sector
7
Samruk-Energo
Enregy sector
8
Kazyna Capital Management
Financial sector
9
Temirbank
Financial sector
10 Entrepreneurship Development Fund Damu
Financial sector
11 Air Astana
Transport
12 Real Estate Fund Samruk-Kazyna
Financial sector
13 National Innovation Fund
Financial sector
14 Investment Fund of Kazakhstan
Financial sector
15 Kazakhstan Engineering
Machinery
16 KazExportGarant
Financial sector
17 Kazpost
Telecommunication
18 United Chemical Company
Chemical industry
19 SK-Pharmaceuticals
Pharmaceutical
20 Actobe International Airport
Transport
21 Tau-Ken Samruk
Mining & Metallurgy
22 Samruk-Kazyna Contract
Financial sector
23 Atyrau International Airport
Transport
24 Samruk-Kazyna Invest
Financial sector
25 KazNII Energetiki named after Sh. Ch. Chokin
Enregy sector
26 Pavlodar Airport
Transport
27 KOREM
Enregy sector
28 BTA Bank
Financial sector
29 Alliance Bank
Financial sector

Equity, million KZT


2,731,353
752,201
279,420
267,881
238,592
113,413
112,302
76,015
55,613
44,478
30,057
26,752
25,888
25,469
14,953
11,130
8,598
3,574
3,107
2,933
2,418
2,246
1,643
460
444
247
164
-104,513
-105,035

Editorial

As of 2010

102

l 2012#1l

human resource support, security service,


corporate governance and risk management,
audit, public relations, business planning,
financial reporting, treasury, procurement,
innovation and investment, strategic
planning and document management.
This linear scheme of structure building
by blocks mostly meets the current tasks
and, in the opinion of experts, reflects
the worlds experience. I recommend all
subsidiary companies to carefully evaluate
their structures and make corrections,
ensuring maximum efficiency and consider
the ver tical layout of the mentioned
structures. This means that from us to
subsidiary companies, from subsidiary
companies to their companies vertically,
the head of SWF underlined.
Speaking of optimization of staff amount,
in the opinion of the Samruk-Kazyna
manager, this issue was quite effectively
solved in the corporate center. Some time
ago 210 people worked in the Fund while
now we have only 140. This means two-three
employees per department. This is normal
for a company that manages the group with
total amount of staff members of over 320
thousand people.
Meanwhile he sees big optimization
reserves in the subsidiary and secondtier subsidiaries of SWF. There are over
500 enterprises in the system where
does this go? A special customer company
is established to construct the building.
Later on we have the contractor company.
And then we have the incorporated
technical supervisor We have everything!
Therefore, we need to get rid of non-core
business assets. The serious nature of
upcoming opt imizat ion of personnel
capacity is demonstrated by the plans of
NC KazMunayGas that is going to cut 25%
of its employees while the same indicator of
its subsidiary KMG EP will reach 50%. In the
next two years KTZ is also going to optimize
its staff capacity by 17%.
Needless to say that the problem of
optimization of the structure and the
number of national companies as well
as their inflated staff capacity is not a
new one. This issue has been regularly
considered from the very first days of Funds
operation. We can only hope that the new
management of Samruk-Kazyna will be able
to produce significant results in resolution
of mentioned problem.

Kazakhstan

blitz poll

course for innovations


In the framework of the Made in KZ 2012 project,
we have addressed to top managers of the national
companies, included in Sowereign Welth Fund
Samruk-Kazyna, with the request to share with
readers of Kazakhstan magazine their achievements
and priorities in the field of implementation of
industrial innovative projects and local content
development.
1 What are the strategic tasks of your company in the
area of industrial-innovative development?
2 What investment projects, targeted at the development
of domestic productions and Kazakhstani companies, are
implemented by your company today?

Lyazzat Kiinov,
Chief Executive Officer
of JSC National Company
KazMunayGas
1 Theoil and gas companies pay much
attention to scientif ic, technical and
Innovative development since this serves
as theguarantee for their dynamism and
competitiveness. Therefore, until 2016 JSC
National Company KazMunayGas isplanning
to invest about $312 million ininnovative
projects and research and development.
Inorder to ensure theinnovative
development of theoil and gas industry we
have developed an innovative technological
program for thecompany with thepurpose
to create conditions for a wide use of
resource-saving, environmentally safe
industrial technologies. This will help
increase theoil conversion ratio and
product line, improve thequality of products
to theinternational standards level, ensure
thegrowth of reserves and oil production
inthe fields, increase production volumes
and decrease costs. Itis important to
mention that today incooperation with
research and development departments
nearly all foreign oil and gas corporations
are working onmodeling thefields and
studying thezones of interest.
Thepreliminar y estimates indicate
that additional income of KazMunayGas,
generated by innovations, will reach about
$3 billion; atthe same time, thegrowth
of labor productivity inthe company will
reach $149 thousand. Thus, by 2020 given
thelabor productivity at521 thousand US

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Kazakhstan

as well as business processes, stimulating


t heimpl ement at ion of innov at ive
d e v e l o p m e n t m e a s u r e s , in c l u d in g
theattraction of financing instruments
and thelaunch of advanced management
technologies of JSC SWF Samruk-Kazyna.

dollars one third will be ensured thanks to


innovations.
Inorder to build an innov at ive
infrastructure in20112015 JSC National
Company KazMunayGas isplanning to
allocate about 43 billion tenge that will be
spent onconstruction of theKING Scientific
Research Center facilities as well as
theInstitute of information technologies
and Oil and Gas engineering under KBTU
atthe Park of Innovative Technologies FEZ
territory.
2 JSC National Company KazMunayGas
isactively working onprojects of rebuilding
and moder niz at ion of K a z akhs t ani
oil ref iner ies. Themajor phase of
modernization of these plants will take
place in20122015. Theimplementation of
these projects will let us raise theaverage
complexity index to theworld indicator of
10.2, lead theoil conversion ratio to 90%
and quality of engine oil to Euro-5. Today,
therespective indicators are 4.67, 63% and
Euro-2. Theimplementation of this task, set
by thePresident of RK, onmodernization
of oil refineries will allow ensuring a total
supply to theinternal market by domestic
high-quality oil products by 2016.
Another projec t , implemented by
KazMunayGas under AIID state program,
isthe construction of an asphalt cement
producing plant inAktau that will annually
produce atleast 400 thousand tons of
high quality bitumen. Theplant output
isplanned to be used for theconstruction
and exploitation of theWestern Europe
Western China international transport
corridor. This highway will not only connect
Europe and Asia but also will strategically
strengthen Kazakhstan and give impulse for
thedevelopment of regions inthe republic.
KazMunayGas conducts targeted work
and strives to make its contribution
inthe expansion of Kazakhstani content.
According to preliminary estimates, last
year theshare of local content inthe
purchase of goods reached 38% and for
services this figure was 60%. By 2015 we
are planning to lead these indicators to
60% and 90% respectively. Today, thetotal
amount of long term contract, signed and
planned to be signed inthe near future with
Kazakhstani producers of goods, reaches
about 78 billion tenge. These funds will
let them run modernization of their plants
and raise thecompetitiveness of products
as well as create 1,635 new jobs by 2016.

Vladimir Shkolnik,
Chief Executive Officer
of JSC NAC Kazatomprom
1 Thestrategy of JSC NAC Kazatomprom
assumes building a transnational diversified
company, also including theforeign assets
of thenuclear fuel cycle.
Themajor strategic task of thecompany
isgener a t ion of ma x imum pr of it
per k ilogram of uranium, produced
inKazakhstan, atall thefollowing phases
of NFC through effective and optimal use
of thedomestic mineral resources base
depending oncurrent market structure.
One of t hemajor direc t ions of
t hes t r at e g ic devel opment ist he
diversification of business into adjoining
highly technological areas w ith
thedevelopment of scientific technical and
innovative potential. Under its framework
thecompany established new highly
technological plants, based onrare and
rare-earth metals. Moreover, thecompany
implements a number of innovative projects
for thedevelopment and installation of RER
(solar and wind energy, technologies of heat
pump units).
Themajor priorities of innovative and
technical development of Kazatomprom
are modernizat ion, adopt ion of new
technologies, organization of R&D (research
and development) operations, energy
and resource saving, raising Kazakhstani
content , format ion of a mot ivat ion
mechanism and an innovative culture. We
are launching themonitoring system for
current and promising innovative projects

2 Kazatomprom systemat ically


approaches theissues ondevelopment of
innovative business directions; therefore,
creating new businesses inthe republic
thecompany strives to cover thefull cycle
from provision of raw materials to finished
goods. This istrue for projects onrenewable
energy as well as production and processing
of rare and rare-earth metals. We are
establishing new technological platforms for
production of uranium and other production
areas of NFC, for demineralization, water
conditioning and production of chemicals,
for production, transfer and storage of
energy.
Theapproach , inpr ac t ice which
thecompany reached significant successes
incertain industries and diversifies its
operations inthe adjoining sectors for
minimization of market risks and increasing
financial sustainability, iswidely adopted
among leading global transnat ional
corporations.
Under thelaw onsuppor t of using
therenewable energy sources we implement
projects, related to thedevelopment and
launch of RER both atour own enterprises and
for satisfaction of republics needs. This isthe
establishment of theplant and servicing of
wind power stations and heat pump units, as
well as thecreation of photoelectric modules
based onKazakhstan silicon.
Themos t impor t ant indicator of
thepurchasing operations inKazatomprom
isthe share of Kazakhstani content inthe
procurement of goods, works and services.
Thecompany permanently runs scientific and
marketing researches, targeted atincreasing
theshare of local content inprocurements
by its enterprises.
Today thelist of products, demanded by
Kazatomprom, isdominated by chemical and
pipe production, as well as machine building
goods. With thepurpose of increasing
Kazakhstani content inDecember of 2011
we launched a new vitriol plant inthe
Zhanakorgan village of theKyzylorda oblast.
Theproduced sulphuric acid will cover
thegrowing needs of uranium producing
plants inthe region. This project was
implemented by SKZ-U LLC.

Kazakhstan 2012#1

105

blitz poll

Nazarbek Beysen,
Chief Executive Office
of SK-Pharmaceuticals LLC
1 One of key tasks of SK-Pharmaceuticals
LLC as a Single dis t r ibutor isthe
f ac ilit at ion to thedevelopment of
domestic production through signing
l ong t er m cont r ac t s and of f er ing
thepriorities upon procurement process.
As you know Kazakhstan isrunning
t hes t ate progr am onacceler ated
industrial innovative development under
which a number of projects are being
implemented, including those targeted
atthe support of thepharmaceutical
industr y. Themajor indicator isthe
increase of domestic drugs volume inthe
domestic market by 2014 from 30% to
50% innatural units.
This program stimulates themoder
nization of production areas, creates
favorable investment conditions and
ensures guaranteed volume of sales
through a Single distributor.
Our company of f er s K a z akhs t ani
producers thepreferences upon
procurement of drugs and medical
devices. If thetender onthis or another
medicat ion iscompeted by several
potential suppliers, thepriority isgiven
to thedomestic producer, undoubtedly,
not atthe expense of thequality of
offered products.
Today, such measures already let us
increase thecontent of Kazakhstani
producers inthe procurement of a Single
distributor to 68% innatural units.

106

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Kazakhstan

2 As I already mentioned earlier under


AIID program we ensure guaranteed
sales volume through signing long term
contracts. Atthe same time, domestic
producers are obliged to introduce
thestandards of appropr iate Good
Manufacturing Practice (GMP). Only upon
performance of this condition, a Single
distributor starts theprocurement of
medicine onthese contracts. Therefore,
our company stimulates Kazakhstani
produc ing pl ant s to inves t f unds
inmoder nizat ion of produc t s and
thelaunch of new lines.
Today, 14 long term contracts have
already been signed. Atthe moment four
enterprises have performed theliabilities
onestablishment of theproduction lines,
based onGMP standards, and started
thesupply of pharmaceutical products
and medical accessories under long term
agreements on37 items for total amount
of 2.1 billion tenge.
Theinstitution of theCustoms Union
expands theinvestment opportunities of
Kazakhstani companies because itopens
thedoors to theintegrated markets of
Russia, Belarus and Kazakhstan, thetotal
size of which reaches $17 billion while
thedomestic market size equals to only
$1.1 billion.
Atthe same time, under theframework
of theCustoms Union thelegislative base
inthe field of production and turnover
of drugs and medical devices will be
standardized.
There will be thesingle network of
laboratories, controlling thequality of
products, and an integrated system of
inspecting thepharmaceutical market
subjects (analogous to EU).
Themeasures oncontrolling thequality
and safet y of theproduct s w ill be
regulated. Atthe same time, Kazakhstan
saved it s 5-year transit ion per iod
oncustoms duties for pharmaceutical
products.
Themember countries of theCustoms
Union also agreed onmutual recognition
of theregistrat ion cer t if icates for
domestic manufacturers, producing GMP
standard output. This means that they
will not need to register their products
inall three countries of theCustoms
Union registration inone country will
be enough.
All these measures enhance theexport
potential of theKazakhstani companies.

Kuanyshbek Yessekeyev,
Chief Executive Officer
of JSC Kazakhtelecom
1 Several major strategic tasks can
be indicated inthe field of innovative
operations of JSC Kazakhtelecom. First of
all, isbuilding an effective organizational
s t r uc ture that meet s key aspec t s
inthis area as well as introduction
of a process model and innovat ive
development strategy that are supposed
to support theinnovation process atall
phases. An important role isplayed by
theemergence of an innovative culture
that isable to significantly influence this
process, being its original accelerator.
JSC Kazakhtelecom pays great attention
to thecreation of necessar y human
resource and infrastructure conditions
inorder to introduce theinnovations
inside thecompany. Under this task
itis expected to develop scientif ic
laboratories and incubators, designated
to run research and development, as well
as theexpansion of excellence centers
for human resources. With thepurpose
to monitor and timely correct innovative
operations itis planned to introduce key
performance indicators for innovation
management systems.
Based onJSC Kazakhtelecom strate
gic development goal s as well as
tasks for innovative development, our
company isrunning innovative projects,
inthe f ield of mobile and opt ical
technologies and cloud comput ing.
Thus, inaccordance with theservice

development plans of thecompany


theorganization of broadband access to
FTTH optical communication lines (GPON)
isconsidered as a major direction.
iDNet ser v ice, of fered onthe basis
of this technology, meets all modern
requirements for organization of highquality and high speed access to Internet
resources and other information services.
In2011 theiDNet service was first
of fered inthe cities of Almaty and
Astana as well as all oblast centers of
Kazakhstan. Until 2015 we are planning
to install over 500 thousand ports and
use this network to cover all thelarge
cities of therepublic. Another important
direc t ion isf ur t her devel opment
CDMA-450 (EV-DO) networks inorder
to ensure high-speed wireless access
throughout thecountry. I would like
to emphasize that both these projects
are included inthe state Program
for accelerated industrial-innovative
development.
2 JSC Kazakhtelecom runs systematic
work onincreasing theKazakhstani
content inthe procurement of goods,
works and services. Considering thefact
that procurement of goods constitutes
over 50% of all theprocurement volume
(and atthe same time we purchase
mainly impor ted telecommunications
equipment w ith zero Kazakhstani
content), one of theways to increase
thelocal content isthe suppor t of
domestic companies, willing to star t
theproduction of import-substituting
equipment inKazakhstan. For instance,
today we already cooperate with ASHU
LLC, Eltex Alatau LLC, AlphaNetwork
LLC for establishment of GPON importsubst itut ing telecommunicat ion
equipment, optical splitters and patch
cords plants, based onPIT Alatau FEZ.

Kanat Alpysbaev,
Vice-president for
economy and finance
at JSC National Company
Kazakhstan Temir Zholy
1 The contribution of our company
inthe accelerated industrial innovative
development ishard to overestimate.
Today, theportfolio of JSC NC Kazakhstan
Temir Zholy includes 14 innovative
projects, some of which are already inthe
final implementation phase.
Thecompany faces a number of
impor tant tasks. By 2015 we must
increase theoutput of railroad machine
building by 3 times (compared to 2011)
to 300 billion tenge as well as lead
Kazakhstani content inthe procurement
volume to 95%. Within this period we
need to expand thelist of items, produced
domestically for theneeds of railroad
transport, to 5,200 items (in 2011
3,688), as well as create 13,000 new jobs
(in 2011 about 3,000).

2 TheTalgo plant, producing passenger


coaches, was launched inAstana in2011.
Theprojected capacity of theenterprise
is150 units per year. In2012 thefirst
train, consisting of new wagons, produced
inKazakhstan, will connect Almaty and
Petropavlovsk.
Another big project of Kazakhstan
Te m i r Z h o l y i s t h e c o n s t r u c t i o n
of thepl ant , produc ing elec tr ic
locomotives incooperation with Alstom
Transpor t (France) company and CJSC
Transmashholding (Russia). Thecapacities
of JSC Lokomotiv Kurastyru Zauyty will
be used atmaximum inthe production of
parts and joints for future locomotives.
In2011 JSC NC Kazakhstan Temir Zholy
successfully finished theconstruction of
theKorgas Zhetygen and theUzen
state border with Turkmenistan railroad
lines. Currently, both roads and adjacent
infrastructure objects are additionally
equipped with thenecessary technical
and communication systems.
Inaddition, thecompany isactively
involved inthe development of theDostyk
station, bordering China, inorder to lead
its carrying capacity to 25 million tons of
freight per year by 2015.
In2013 we will finish building a trunk
fiber-optic transmission line with a total
length of 4,000 kilometers while by 2016
thecompany will establish theKhorgos
Eastern gates FEZ industrial and logistics
hub as well as internal logistics terminals
inthe big cities of therepublic.
Among other big industrial projects,
implemented by JSC NC KTZ today, we may
mention thelaunch of theplant producing car
casting inUst-Kamenogorsk, electric switch
mechanisms and R-65 rails inKaraganda,
modernization of railroad tracking substation
equipment, as well as theconstruction of
thenew Arkalyk Shubarkol and Zhezkazgan
Beyneu railroads.

Kazakhstan 2012#1

107

leaders

SPACE Altitudes
of a Titanic Giant

The Ust-Kamenogorsk titanium and magnesium plant (UKTMP) can


be called by right the proud of the mining and metallwurgy sector of
independent Kazakhstan. The share of output by the UKTMP in the worlds
titanium production is 14%. The enterprise provides more than 17% of
the demand for this metal by the international aerospace sector.

At the beginning of a
long path

he glor ious histor y of the UstKamenogorsk titanium and magnesium


plant counts for more than 45 years.
Built with the application of up-to-date
research and technical developments
and also experience of other advanced
enterprises in the USSR, the plant was put
into operation on March 27, 1965. The place

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for its construction was selected not by


chance. In the first place, Ust-Kamenogorsk
was a large mining and metallurgy center
that could provide the UKTMP with highlyskilled specialists working in non-ferrous
metallurgy. The second thing is that the
cascade of the hydroelectric power stations
at the Irtysh River provided the plant with
cheap electric power. In 1969 the UKTMP
reached the design capacity, and later in
1971 the expansion and modernization of

it started. The plant was designed and then


was operating in close interaction with
the other Soviet enterprises. Carnallite
produced at the Bereznikovsky titanium
and magnesium plant was used as a raw
material for the magnesium production.
The UKTMP was provided with titanium slag
owing to supplies from the Zaporozhsky and
Bereznikovsky plants. The greater part of the
high-quality titanium sponge was processed
at the Upper Saldinsky metallurgical plant

in Ural. In connection with the lack of


own titanium and magnesium raw material,
the UKTMP was operating in more difficult
conditions than other enterprises in Russia
and Ukraine. With the development of the
titanium sponge producing facilities, the
plant became experiencing a lack of titanium
slag and had to adapt its technologies for
various types of the raw material rutile
and titanium slag from Australia, Africa
and America. This allowed accumulating
extensive experience in processing of
various titanium-bearing raw materials and
to create a flexible process flowsheet.
The year 1989 recorded the peak of output
by the UKTMP throughout the history of the
plant operation. This was a milestone, the
peak of production, simultaneously a starting
point of the modern history of the plant.

Time for changes

In

1990 the plant was run by Bagdat


Shayakhmetov. Perhaps the most
difficult and most important role fell on his
share. The year 1991 was the time when the
economic and production relations between
the Soviet enterprises began destroying.
Toremove the UKTMP as a competitor
from the titanium and magnesium market,
supplies of carnallite and titanic slag
from Russia and Ukraine were completely
ceased in 1993, while the usual customers
stopped buying titanium sponge, since the
market was oversupplied with the titanium
products reserves kept in the warehouses
produced by the former militar y and
industrial complex of the former USSR.
A dilemma emerged to die or seek for the
ways of recovery in the new conditions.
Bagdat Shayakhmetov, who came to the
plant while a boy and grew in his career
from a worker to the head of the plant, did
not consider any other option, except for
struggle.
For this, they had to resolve a big number
of important and urgent tasks to re-equip
the process line, taking into consideration
the lack of titanium and magnesium
raw material, to search for a new market
for selling of products, and to carry out
certification of the titanium sponge for the
new consumers, the Western companies.
In many respects, the destiny of the
strategic sector depended on decisions
taken at the governmental level. Thus,
the plant director proposed to develop a
program of the sector development. This

initiative had been supported by the Head


of the State Nursultan Nazarbayev and
Government of the Republic of Kazakhstan,
and already in 1992 Kazakhstan was the first
among the CIS countries who developed a
national program of extensive development
of the titanium and magnesium industry.
The program provided for the setting up
by the UKTMP of its own raw material base,
processing of raw material into titanic slag,
increase in the capacity of the metallurgical
equipment, certification of production as
per the international standards, producing
products with a higher added value in the
value chain, involving the production of
titanium slag, titanium ingots and titanium
alloy, also of end products with a high
added value.
With such strategic program in action, the
enterprise was provided an opportunity to
build up a vector of future activities. During
the most complicated period, when plants
and factories were closing throughout all
Kazakhstan because of breakup of former
relations, the plant began constructing
a new shop for concentrate smelting. The
project looked fantastic. Isnt it strange
to build the shop with no raw material
available for it; moreover, this raw material
had first to be explored, produced and
delivered? At that time the republic counted
only on the domestic ore reserves.

With that purpose the geological reserves


of three mines located in the Aktobe Oblast,
Kostanai Oblast and East Kazakhstan Oblast
were explored and approved. In 2000, an
ore mining enterprise Satpaevsk Titanium
Mines Ltd with participation of UKTMP JSC
was set up in the Kokpektinsky rayon, East
Kazakhstan Oblast. The enterprise was
named after the patriarch of the domestic
geology, Academician K.I.Satpayev.
Following the pit mining and launch into
production of the industrial unit, the plant
produced an ilmenite concentrate for the
first time in the history of Kazakhstan.
In20002002, together with geologist
from Japan extra geological prospecting
was carried out. This allowed increasing the
explored reserved by 50 per cent.
Finally, the raw material issue was closed
in 2000 with the putting into operation of
an ilmenite concentrate producing shop.
Its launch into operation took place in
the presence of President of Kazakhstan
Nursultan Nazarbayev. For the first time in
the history of the republic titanium slag was
received, the raw material for production
of titanium sponge and pigment titanium
dioxide.
In parallel w ith ensur ing the raw
material independence of Kazakhstan,
the search of new markets for selling of
products was in progress. Only very high

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LEADERS
Environmental issues, involving the
application of the advanced developments
and technologies, were always a special
focus of the top management of the plant
while carrying out the production and
corporate governance. In a 45 year history
of the plant the design capacity of the
UKTMP have increased three times, while the
emissions have reduced by 3.2times. This,
in many respects, becomes possible due to
extra investments in the environmental
action plan.
The first large environmental facilities
were put into and accepted for operation at
the end of the eighties of the last century.
These are a water recycling station, new slag
storage pit, units that purify ventilation
gases from dust and various chemical
impurities. In 2004 the plant passed
through certification of the environmental
management system for its compliance with
ISO 14001 and OHSAS 18001. Today, the
UKTMP is introducing into operation new
environmental protection facilities so that
to reduce to the minimum damage caused to
the environment as a result of carrying out
a full cycle of processing of the products.

New horizons

quality of titanium sponge could provide


the access of this product to the external
markets. The plant had to develop many
technological processes on it s own,
since no one was going to share the
experience and developments. When the
UKTMP entered the global market with its
titanium sponge, the quality of the product
was found meeting the international
standards. This became the main pass for
international certification.
The plant passed through the first stage of
international certification by international
consumers in 19941995. At that time,
aerospace companies conducted more than a
dozen of audit inspections, confirming with
their certificates that they were satisfied
with the product quality control system at
the UKTMP. In 2000 the plant was issued a

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certificate of compliance ISO 9002, while


in 2002 a certificate of compliance with
the American aerospace standard AS 9100.
In2003 the quality management system at
the plant was confirmed for its compliance
with the requirements of new standards
versions S 9100:2001 andISO 9001:2000.
The consumers of production of the UKTMP
were Pratt & Whitney, General Electric,
Snecma, Timet, Allvac and other respectable
international companies. The plant turned
into a largest integrated producer of high
grade titanium for the aerospace industry.
In this prestigious and most prospective
from the economic point of view segment of
the titanium market the UKTMP is meeting
competition with Japanese producers today,
whose achievements in this field are beyond
doubts.

uring the time of the plant operation


in the market condition about 15 types
of titanium sponge intended for different
purposes were launched into production,
while the UKTMP became a brand name that
was with dignity representing Kazakhstan
in the external markets. Along with that,
future prospects of development are seen
in the titanium products with a higher
added value, since the UKTMP set before
itself a new global goal, which outlined the
next step of development of the domestic
titanium and magnesium industry. This
is a project of developing a product line
with a higher added value, which will allow
deviating from the raw material orientation
of the sector to production of titanium
ingots and titanium alloy. The UKTMP did
not close the project even in the years of
recent economic recession. The skill of
thinking strategically added to the general
progress of the plant: the to management
clearly understood that by contributing
to the improvement of production in the
condition of economic recession, the
UKTMP would quicker achieve progress
after the end of the recession. Moreover,
this breakthrough project was part of the

republican Industr ialization Program,


while at the beginning of September
2010 in the presence of President of the
countr y a new plant with production
capacity of 11 thousand tons of titanium
ingots of double melting a year was put
into operation. This event predetermined
a further trend in development of the
domestic titanium industry. The plant
faces new possibilities of cooperation
with European and American enterprises
engaged in processing of titanium ingots
into finished products.
The first fruit in implementation of
this potential was the setting up of a
joint venture with French firm Aubert and
Duval, the largest worlds supplier of steel
products. The new joint venture, named
UKAD, launched the construction of a plant
for production of bars, forgings and other
products for the aerospace industry and
this is the last, fifth value-added level in
the value chain! On June 24, 2011 in Paris
at the Le Bourget air show, UKAD JV and the
EADS Group of Companies, the latter involves
the world-known brands Airbus, Astrium,
Cassidian and Eurocopter, entered into a
long-term agreement for supply of titanium
semi-finished products for forging parts and
fasteners under the programs implemented
by EADS, including for production of Airbus
aircrafts. The agreement is aimed to set up a
fully integrated system of titanium supplies
between Aubert and Duval, EADS and UKTMP.
With this system set up, UKAD JV will be
processing titanium ingots manufactured at
UKTMP in semis, while the Aubert and Duval
Company will be in charge for production of
forged parts that are needed for production
of aircraft components. In addition, EADS
and UKTMP agreed to sign a new agreement
that will ensure the supply of titanium raw
material to UKAD, and also to other suppliers
of EADS until 2022.
The f inal chord in the creation of
industrial-related integrated chain UKTMP
UKAD Aubert and Duval, enabling to
compete with world leaders in the titanium
industry, was the launch of the UKAD JVs
plant in commercial operation in Les Ansiz
in September 2011 during the official
visit of President of Kazakhstan Nursultan
Nazarbayev to France.
Cooperation between UKTMP and Asian
partners is in active development phase.
In August 2010 an agreement was reached
with South Korea's POSCO to establish a
joint venture to produce titanium slabs

with their subsequent processing into


titanium sheets and tubes. On October 18,
2011 in Ust-Kamenogorsk POSUK Titanium
JV held an official ceremony, devoted to
commencement of construction of a new
plant. The value of the project is some $50M,
and the launch of the plant into commercial
operation is scheduled for late 2013.
So, today, in the twentieth anniversary
of the countrys independence, we can say
that the strategic task of creation of a fully
integrated production from ore to finished
products with a high added value is met.
This means that the UKTMP implements
into practice the objectives set by the
President and government of the Republic
of Kazakhstan with regard to industrial and
innovative development of the economy of
sovereign Kazakhstan.

On December 21 of 2010, the UstKamenogorsk Titanium and Magnesium


Plant was given a special award from
the Head of the state in nomination
Industrial Breakthrough at the Altyn
Sapa competition. This award became
a remarkable completion of the manyyear program Titan that was developed
and implemented under supervision of
Nursultan Nazarbayev. The example of
the UKTMP Director Bagdat Shayakhmetov
and many thousand personnel of the plant
which contributed into overall success of
the plant evidences that the goal of the
Kazakhstan-2030 Strategy to be among top
50 most developed states in the world is
quite achievable, if every person adds his/
her knowledge, will and labor in overall
progress.

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