Shymkentnefteorgsintez (the Shymkent Oil Refinery based in southern Kazakhstan) has reduced its crude oil processing by 40% in the past three months. The company's Deputy Chairman, Beibit Akhabaev, told Reuters that the reduction was forced since the company's sales had slumped. "We cannot compete with the price of Russia's gasoline," said Akhabaev. According to him, Russian gasoline became three times cheaper than that produced in Kazakhstan after the Russian crisis in August 1998. (Reuters)

As reported by the IRBIS news agency, the refinery has submitted to the KASE the prospectus for a second issue of shares and a certificate verifying the state registration of the issue. The decision to increase the company's authorised capital to KZT 100m through issuing shares was made at a general shareholders' meeting held on 22 May 1998. (IRBIS)

As reported by the Khabar news agency, the Kazakhstani Government is planning to sell two large companies based in the Akmola region (Central Kazakhstan) in the near future. The Tselinny Mining and Chemical Plant (TMCP), a producer of uranium ores, and a gold producer, Kazakhaltyn, will be put up for auction as one lot. According to the news agency, the TMCP will stop mining uranium ores in late March and its metal works will be re-equipped to produce gold. The cost of upgrading the facility is estimated at USD 4.5m.

Kazkommertsbank, Kazakhstan's largest private bank (Listing A on the KASE), has submitted to the KASE its audited balance sheet and income statement as of 31 December 1998. On 1 January 1999, the bank had a net income of KZT 1,046,166,000 (about USD 12.5m). As a result of a fifth issue of shares (on 19 May 1998) the bank increased its authorised capital to KZT 2,854,288,000 (USD 34m) from KZT 2,830,500,000 at the beginning of 1998. Compared to 1997, the bank's liabilities grew 49.9% to KZT 13.23bn, and its operating income increased 60.2% to KZT 4.04bn. (IRBIS)

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Another private Kazakhstani bank, Temirbank (Listing A on the KASE), has also presented its financial statement to the KASE. As of 1 January 1999, the bank posted a net income of KZT 208,694,000 (around USD 2.5m). The bank had made eight issues of shares before 1998 and its authorised capital reached KZT 500m as of 31 December 1997. As a result of a ninth issue of shares on 23 February 1998 and the subsequent purchase of part of the shares, the bank's authorised capital increased 98.2% to KZT 991,047,000 (USD 11.8m) in 1998 compared with 1997. The bank's liabilities increased in 1998 by 85.6% compared with the previous year. Its operating income increased 27.0% over the reported period to KZT 281.47m. (IRBIS)

On 10 March, Deputy Prime Minister Alexander Pavlov presented to the national electric grid operating company, KEGOC, its new president Evgeny Feld. A 40-year-old government appointee, Mr. Feld, was formerly the Managing Director of Kazkommertsbank. (IRBIS)