The U.S.-Kazakhstan joint venture TengizChevroil (TCO) in Western Kazakhstan is planning to produce 12 million tonnes of oil annually by the year 2001 when a Caspian Pipeline Consortium pipe is expected to begin operating, said Nick Zana, the president of Chevron Overseas Petroleum Inc. for Eurasian operations. According to him, TCO recovered 8.3 million tonnes of oil in 1998 and hopes for 9.3 million tonnes in 1999. Chevron owns 45% in the JV TCO (KazakhOil has 25%, Mobil 25%, and LUKARCO 5%). Last year, Chevron invested USD 550m in the Tengiz oilfield and it is going to invest USD 450m more in the current year in order to increase production. The company is reportedly pressing for a 25-30% reduction in Kazakhstani rail tariffs so that lower transport costs can help to compensate for low oil prices. (Reuters)

The Canadian company Indochina Goldfields Ltd. (IG) has reportedly bought 20% of the shares in the Bakurchik gold deposit (Western Kazakhstan) from GTL Resources. It thereby became the 100% owner of the field. A press release from GTL Resources says that IG paid a total of USD 505m for the deal. Bakyrchik has gold reserves estimated at 10.5 million oz (326 tonnes). The average concentration of gold is 6.9g/tonne. (Interfax)

***

The production of ferroalloys at Aksu Ferroalloy Plant in the north of Kazakhstan fell 14.5% compared with 1997 owing to a decrease in demand on the world market. The plant is a part of the Kazchrome transnational corporation which is controlled by the Eurasian Bank. The plant had to stop almost its entire production from mid-July to August 1998 due to the unfavourable market situation. Currently, 21 furnaces are in operation. Last year the plant cut its costs by 12.7%. According to the plant's director, Bolat Sviatov, companies from the U.S., Germany, Korea, Japan, and Norway buy the plant's products. (Reuters)

***

Aluminium of Kazakhstan produced 1.08 million tonnes of alumina in 1998. This output met the planned figure, but it was 0.9% less than what was produced in 1997. The production of bauxite increased 0.6% to 3.4 million tonnes. The company produced commercial products amounting to KZT 14.0bn (USD 164m) and its sales of the merchandise totalled KZT 14.1bn. The company expects a net income of KZT 130,154m (USD 153m) for 1998. Last year, the company's investment in fixed assets totalled KZT 685m (USD 8.05m). (Reuters)

Halyk Savings Bank of Kazakhstan (HSBK) is to hold an annual general shareholders' meeting on 19 March 1999. The shareholders will consider increasing the bank's authorised capital by KZT 301,200,000 (over USD 3.5m). This would be done through the placement of the 4^th issue of shares (amounting to 3,012,000 shares) with a face value of KZT 100 each. The shareholders are also expected to approve the amount of dividend for 1998 as well as a new bank charter, and an annual financial statement. A new Board of Directors will also be elected. (Interfax)

***

According to the IRBIS information agency, on 14 January 1999 the National Securities Commission issued a license to Bank Kaspiisky to implement custodian activities on the securities market.