South Kazakhstan-based Shymkentnefteorgsintez (the Shymkent Oil Refinery, SOR) processed 3,650 million tonnes of crude oil in 1998 which was below its target of 3,785 million tonnes, though higher than the 3,476 million tonnes of crude which the refinery processed in 1997. The company's Technical Manager, Viktor Kim, explained that the underperformance was due to disputes with SOR's supplier, Hurricane Kumkol, which is developing the Kumkol oilfield in the south of Kazakhstan and supplies 75% of Shymkent crude. (Reuters)

In 1998 Kazakhstani metal companies' output amounted to KZT 81,190m (USD 956m), down from KZT 93,353m (USD 1.1bn) in 1997. The information was released by the head of the Mining and Metal Department of the Ministry of Energy, Industry and Trade, Amantai Kabyldenov. He said that Ispat Karmet reduced the production of iron by 16%, steel by 22%, rolled products by 15%, and tin plate by 9%.

The output of commercial ferroalloys at the Aksu Ferroalloy Plant increased by 5%. Another metal producer, JSC Ferrochrome, produced 2.5% more commercial ferroalloys than in 1997 while the production of ferro-chrome fell slightly by 0.5%.

According to the same source, the output of Donskoy GOK, iron ore producer, fell by 10.8% compared with 1997. At the same time, Zhairemsky GOK increased the production of iron ore by 225% and the production of manganese concentrate by 61.8%. (Interfax)

***

Aluminium of Kazakhstan, a producer of metal aluminium and alumina based in the north of Kazakhstan, has submitted to the KASE the auditor's report prepared by Deloitte & Touche who audited the company's financial statements for 1997. The report outlines considerable discrepancies between financial indicators presented in the financial statements and those calculated by the company's independent auditor. These discrepancies arose due to differences between Kazakhstani accounting standards and the ISA. The company's shares have been traded on the KASE, Listing B, since October 1997. (IRBIS)

Halyk Savings Bank of Kazakhstan (HSBK) intends to begin paying dividends to its shareholders in the current year, bank chairman Karim Masimov told Interfax. In 1998, as a result of the first stage of privatisation, 17.6% of shares were sold to the bank's individual clients. The bank thereby increased its authorised capital by USD 300m to USD 1.7bn. According to its chairman, the bank will have a general shareholders' meeting in late March to post the results of 1998. The meeting is supposed to agree the amount of the dividend.

At the second stage of privatisation, held on 20 July 1998, the Government sold 10% of shares in HSBK to the consortium Novaya Investitsionnaya Kompaniya (New Investment Company) for KZT 600m.. (Interfax)

***

The joint U.S.-Kazakhstani bank TexaKaBank has reported a USD1.1m profit in 1998. The bank's shareholder equity totalled USD 5m as of 1 January 1999. TexaKaBank has made three share issues. The latest issue, worth USD 6m, was registered on 18 December 1998. The number of shares was 600,000 with a face value of USD 10 per share. A bank press release says that 80% of the bank's capital belongs to private investment companies founded by Dallas financiers and bankers. TexaKaBank has now been operating in the Kazakhstani market for more than 5 years. It is a universal bank whose clients include large diverse investors, broker companies, and individuals.

(Reuters)

***

Neftebank, based in the town of Aktau in the west of Kazakhstan, has submitted to the KASE the protocol of the general shareholders' meeting held on 25 December 1998. The meeting changed the type and the name of the bank which will now be called the Public Company Neftebank. This is in line with the law "On Joint Stock Companies" as amended in 1998. Also, the meeting adopted a regulation on the Board of Directors and elected a Board of 10 members. U.S.-based Arthur Andersen was approved as the bank's independent auditor. (IRBIS)

***

Kazakhstan's largest private bank, Kazkommertsbank, conducted an extraordinary shareholders' meeting on 25 January 1999. The agenda included the approval of the final version of the bank's Charter and increase in the bank's liabilities. Also, the meeting considered the terms and procedure for the issuing notes by the bank, the foundation of subsidiaries and changes in the structure of the bank's authorised capital. (IRBIS)

Kazakhtelecom has presented to the KASE a new version of its Charter as approved by the general shareholders' meeting of 23 November 1998. The new Charter defines the status and composition of the governing body, the Board of Directors.(IRBIS)