ANSHER GREAT SILK ROAD DIGEST

13 August 2012

Key Economy News

13 August 2012

Negotiations on Kazakhstan's WTO Accession to Complete by Late 2012

Exchange Rates
Currency Uzbekistan Kazakhstan Kyrgyzstan Tajikistan UZS KZT KGS TJS US$ Rate 1909,21 149,770 47,135 4,765 2,845 6,360 1,645 0,784 Week Change 4,3100 -0,4800 -0,0240 0,0000 0,0075 -0,0127 -0,0003 -0,0003

Turkmenistan TMM China Georgia Azerbaijan CNY GEL AZN

Source: markets.ft.com

Equity Markets
Index Ans her GSRI KASE Index GSE Index Rus s i a n RTS Sha ngha i Compos i te Index FTSE 100 Index Swi s s Ma rket Index NYSE Compos i te Index
Source: Yahoo Finance

Value 269,637 966,55 80,56 1430,51 2164,04 5851,51 6484,26 8044,76

Week Change (%) 5,16% 2,48% -0,01% 2,30% 1,64% 3,34% 1,00% 1,33%

Kazakhstan's accession to the World Trade Organization is one of the most important priorities of our country. The main bilateral negotiations with the Organization member states were held in 2012, according to Pm.kz. As the Ministry for Economic Integration of Kazakhstan reports, the process of bilateral and Source: inform.kz multilateral negotiations on Kazakhstan's WTO accession will be completed by the end of 2012. The work conducted in the first half of the year resulted in signing Protocols on completion of bilateral negotiations on Kazakhstan's joining the Organization with Argentine and Saudi Arabia. To date, Kazakhstan completed bilateral negotiations on access to the commodity and services market with all the WTO member states interested in access to Kazakhstani market. These are Kyrgyzstan, Georgia, Pakistan, Turkey, China, Korea, Oman, Japan, Cuba, Mexico, Norway, Dominican Republic, Bulgaria, Switzerland, Egypt, Israel, Brazil, Malaysia, Canada, Australia, India, Ecuador, Republic of El Salvador, the USA, EU, Guatemala, Argentine, Saudi Arabia. Besides, it is planned to complete negotiations with some of the members of the working group on Kazakhstan's WTO accession by October 2012 taking into consideration the necessity of adjustment of charges for goods connected with the commitments within the Customs Union. Besides, the negotiations with the European Union on export customs duties of Kazakhstan as for sensitive items for the EU within the framework of Kazakhstan's WTO accession near completion. It is worth noting that negotiations on the state support measures for agriculture are held during the period from May to September. Multilateral talks will be completed and a final version of a draft Report of the working group on Kazakhstan's WTO accession will be developed by November 2012. The package of signed documents is to be ratified later. As earlier reported, the 11th session of the working group in Kazakhstan's WTO accession was held in Geneva in April 2012. The draft final document describing the trade and economic regime of Kazakhstan and outlining conditions and commitments of our country as a WTO member was discussed at the session. As the Ministry for Economic Integration reports, the members of the working group familiarized with the recent amendments to Kazakhstani legislation and plans of legal reforms aimed at bringing the legislation into compliance with the rules of the WTO at that session. The negotiations are held on the basis of the priorities of economic development of the country taking into consideration the processing industry, the Ministry informs.
Source of news: http://silkroadintelligencer.com/2012/08/06/kazakhstans-negotiations-to-join-thewto-will-be-finished-this-year-kazinform/

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Great Silk Road Digest

13 August 2012

Key Economy News

China Becomes Russia's 2nd Largest Trade Partner
China became Russia's second largest trade partner in the first half of 2012, the Federal Customs Service (FTS) said Thursday. According to an agency report, Russia's trade with China amounted to 42.1 billion U.S. dollars, or 12.1 percent of its total foreign trade, compared with 42.6 billion dollars registered in trade with the Netherlands, its first largest trade partner. The country's other top trade partners include Italy, Turkey, the United States, Japan, Poland and France. Russia's total foreign trade in the first six months jumped 5.9 percent year-on-year to to 406.8 billion dollars. Its trade surplus grew by 12 percent from a year earlier, the report showed. In June, Russia's trade representative in China Sergey Tsyplakov predicted that trade between the two giants this year will total 90 billion dollars, nearing the 100-billion target for 2015 set during Russian President Vladimir Putin's early June visit to China.
Source of news: http://www.chinadaily.com.cn/china/2012-08/10/content_15657333.htm

Energy Sectors Remain Major Focus of China's ODI

Outbound direct investment (ODI) made by China's energy and resources industries reached around $239 billion from 2005 to the first half of 2012, accounting for 71 percent of the country's ODI, according to a report issued Wednesday by Ernst & Young. China's ODI skyrocketed from $10 billion in 2005 to nearly $73 billion in 2011, the report said. In recent years, China has diversified its ODI from energy industries to the agriculture and technology sectors. Eighty-two percent of China's ODI went to energy industries in 2009, but the proportion fell to 60 percent in the first half of this year. However, outbound investment in the agriculture and technology sectors, which accounted for just 2 percent of total ODI in 2009, jumped to 17 percent in the first half, according to the report. Many Chinese companies polled in the survey said they may take Source: xinhuanet.com advantage of European economic woes by acquiring undervalued assets. Thirty percent of companies polled pointed to Western Europe as their top investment destination, while 22 percent of companies saw the United States and Canada as best places to invest.
Source of news: http://www.chinadaily.com.cn/china/2012-08/08/content_15653358.htm

Measures to Boost Private Investment Have Worked

A Chinese official who regulates investment activities in the country said Tuesday the government's measures encouraging private funds to enter more sectors have worked and helped stabilize investment growth this year. The official remarks of the National Development and Reform Commission, China's top economic planner, came as the Chinese government works to stabilize economic growth through swifter approvals of investment projects in the world's second-largest economy. "Those measures encouraging private capital to enter fields such as oil and gas exploration and education have been playing an active role since the beginning of this year," said the official, citing the heavier weighting of private funds in the country's overall financial input. He declined to be named, as many economists and private entrepreneurs complain that more has to be done to allow private funds easier and wider access to more sectors. Fixed-asset private investment in China rose 25.8 percent year-on-year to 9.37 trillion yuan ($1.48 trillion) in the first six months of 2012, accounting for 62.2 percent of the country's total investment, which expanded 20.4 percent in the first half, according to data from the National Bureau of Statistics. According to the official, private investment in the oil and gas exploration, education and health sectors surged 89.2 percent, 40.2 percent and 43.1 percent, respectively, in the first half of this year. The small quantity of private funds in those sectors also helped yield rapid growth, since such fields used to be dominated by state-owned capital, he said. Earlier in June, the NDRC and the Ministry of Finance issued a joint statement vowing to treat government funds and private capital equally in order to create a better business environment for private entrepreneurs. The Chinese economy expanded only 7.8 percent year-on-year in the first half of this year, marking the slowest pace in three years and creating substantial pressure for the government to stabilize growth. The Chinese central government issued a 36-article statement in 2010 to boost private investment, encouraging and guiding private capital into heavily state-controlled and -monopolized sectors and industries.
Source of news: http://www.pedaily.cn/Item.aspx?id=218973

Great Silk Road Digest

13 August 2012

Key Company News

Santos to Acquire Shares in Tajikistan Oil Entity
Santos International Ventures Pty. Ltd. has exercised an option under which Santos and a third party will acquire a combined 70% shareholding in Somon Oil CJSC, a Tajikistan company. The other 30% of Somon Oil is owned by DWM Petroleum AG, a subsidiary of Manas Petroleum Corp., Baar, Switzerland, 20%, and Anavak LLC 10%. The acquisition is subject to certain transaction documents being agreed and completed including a farmin agreement and a shareholder agreement. DWM, Santos, and the third party are in advanced negotiating stages and expect to sign the transaction documents by Sept. 6, 2012. Somon Oil has issued tenders for long lead items and an expression of interest for a drilling rig and bundled wellsite services in preparation for its forthcoming drilling program in Tajikistan.
Source of news: http://www.ogj.com/articles/2012/08/santos-to-acquire-shares-in-tajikistan-entity.html?cmpid=EnlDailyAugust102012

Japan Invests in Atyrau Refinery

Kazakhstan's Atyrau refinery has signed a $297.5 million loan agreement with Japan Bank for International Cooperation and Bank of Tokyo Mitsubishi UFJ for construction of an advanced oil processing center, KazMunaiGas national companys website reports. The agreement between the refinery and the Japanese banks was signed on August 8 in Tokyo. The loan period is 13.5 years. According to Director General of Atyrau refinery Talgat Baitaziyev, construction of the center will allow to increase oil refining efficiency to 85 percent by 2016. Oil processing volume will reach 5.5 million tons per year. Production of high-octane petrol will raise from 600 thousand tons to 1.7 million tons per year. Production of diesel fuel will reach 1.4 million tons per year. The petrol will comply with Euro-5 standard. Source: tengrinews.kz The contract for construction of the advanced oil processing center was signed in December 2011 between the Atyrau refinery and a consortium of Sinopec Engineering (China), Marubeni Corporation (Japan) and KazStroyService (Kazakhstan). The project is worth $1.7 billion. On June 6 Atyrau Refinery signed a loan agreement with Chinese Export-Import Bank on a loan of over $1 billion. Construction of the advanced oil processing center at Atyrau refinery was part of Kazakhstan President Nursultan Nazarbayevs State-of-the Union Address. The project is aimed at processing 2.4 million tons of oil per year. Kazakhstan has three oil refineries in Atyrau, Shymkent and Pavlodar.
Source of news: http://en.tengrinews.kz/finance/Japan-invests-in-Atyrau-refinery-12099/

$7 million Equity for Services Agreement with Zhanros Drilling

Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, announces that it has entered into an agreement with Zhanros Drilling, one of its drilling contractors, whereby Zhanros will fund up to US$7 million of drilling and workover services in exchange for ordinary shares in the Company. Under the terms of the Agreement, Zhanros will drill up to four shallow, post-salt, wells and fund related ancillary services in exchange for up to 90,322,581 ordinary shares in the Company at a price of 5p per share in lieu of cash payment. Zhanros will be issued Shares on a monthly basis as payment for the drilling and workover services provided under existing service contracts between the Companys operating subsidiary, Samek International LLP, and Zhanros as services are completed. The Company expects to begin drilling the BCHW-1 well on the Baichonas West Prospect using Zhanros ZJ-20 drilling rig currently on location. The Company is mobilising the drilling and service company personnel out to the rig and expects to spud the well in approximately one week. The Baichonas West Prospect is a four-way anticline targeting unrisked mean resources of 10 million barrels of oil in Jurassic and Triassic reservoirs with an expected total depth of 1,400 metres. The Company has also awarded a tender to Zhanros for two additional shallow drilling rigs to facilitate the completion of the Companys post-salt exploration programme before the March 2013 expiry of the exploration phase of its Blocks A&E Licence. Contracting and mobilising any additional shallow rigs is subject to obtaining additional financing to drill the wells.
Source of news: http://www.oilandgaseurasia.com/news/p/0/news/15957

Great Silk Road Digest

13 August 2012

Key Company News

AGMK Receives Loan from FRDU for US$74.2 million
Fund for Reconstruction and Development of Uzbekistan (FRDU) allocated loan for US$74.2 million to construction of cement plant in Jizzakh region. RIA Novosti reported quoting source in AGMK the loan was issued for 10 years with three year grace period. The interest rate was not disclosed. In July 2012, AGMK signed an agreement with Dal Teknik Makina (Turkey) with the cost of US$97.6 million to develop working documentation of technologic part and supply equipment on turnkey basis for construction of capacities on production of 760,000 tonnes of Portland cement and 350,000 tonnes of white cement. Within the project, it is planned to construct mine in Jizzakh region and construction of production infrastructures. Uzstroymaterialy joint stock company will render technical support to project implementation. The project will be implemented within two years. The project with the cost of US$114.2 million due to loans of the FRDU for US$74.2 million and own resources of AGMK US$40 million. According to AGMK specialists, the plant will allow satisfy demands of the combine in cement and supply 200,000 tonnes of cement to internal and external markets.
Source of news: http://www.uzdaily.com/articles-id-19697.htm

Metallurgical Plant in Uzbekistan Implementing Project of Gold Production Modernization

Navoi Mining and Metallurgical Plant implementing a project to modernize the production of heap leaching of gold worth $28 million in 2012-2015, the company said on Thursday. The modernization will increase the working area of the fifth phase of the leach pad, which in turn will increase the proceeds of ore, previously not involved in recycling by 20 percent. Project will be financed by the plant's own funds in the amount of $19.7 million and credit of the Fund for Reconstruction and Development of Uzbekistan in the amount of $8.3 million. The experts of the plant noted that the modernization will allow to extend the activities of production until at least 2025. As reported, the plant completed the first phase of modernization of heap leaching, providing the construction of the fifth phase of the leach pads worth $25.3 million, in late 2011.
Source of news: http://en.trend.az/capital/business/2055399.html

Source: trend.az

Great Silk Road Digest

13 August 2012

Key Industry News

More Rare Earth Players Expected
China's preeminent position in rare earths exports is likely to change after a couple of mining operations in the United States and Australia begin to produce the materials next year. Liu Yinan, vice-chairman of the China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters, said the new production could lead to greater fluctuations in the materials' global price. China is now the source of 90 percent of the rare earths used in the world. The materials - 17 metals needed to make various high-tech products - have fallen into short supply in recent times and become more expensive as a result. Seeing that, the United States, Australia and South Africa, all places rich in rare earths, have begun to undertake projects to produce the materials, Liu said on Thursday at the Rare Earth Industry Forum in Baotou, a city in North China's Inner Mongolia autonomous region. Mike Vaisey, vice-president of research and technology at Lynas Corporation Ltd, an Australia-based rare earth mining company, said it is undertaking rare earth mining projects in Australia and Malaysia. Together, they are expected to begin yielding 22,000 metric tons of rare earths a year in late 2013. Sun Dekuan, chief representative of Molycorp Inc Beijing office, said the company has the ability to produce 40,000 tons of rare earths a year in the first half of 2013, although the amount it actually produces will depend on the demand for the materials. Molycorp, the US mining company, used to be among the companies that produced the most rare earths in the world but ceased mining the materials when the cost of doing so increased and their price fell. Ma Rongzhang, secretary-general of the Association of the China Rare Earth Industry, said the two companies will be able to produce enough rare earths to meet the demand outside of China. Liu Yinan estimated that the widespread use of advanced technology will stoke the demand for rare earths in coming years. Rare earths will also be consumed in greater amounts in China, he said. About 120,000 tons of rare earths are now used in the world a year. That amount is expected to increase to 160,000 tons by 2016, according to research conducted by Dudley Kingsnorth, executive director of the Industrial Minerals Company of Australia Pty Ltd. From 2011 to 2016, China is expected to go from using 70,000 tons of rare earths a year to 105,000 tons. In the rest of the world, the amount is expected to go from 35,000 tons a year to 55,000 tons during that period. Jon Hykawy, clean technologies and materials analyst with Byron Capital Markets Ltd in Canada, said at the forum that "the new suppliers will make a significant shift in the global market by providing alternative sources and cause some Chinese small plants to be fazed out". "The change will inevitably affect the global price of rare earths," Liu said. The amount of rare earths exported this year is expected to decrease to about 10,000 tons, far less than the 31,000 tons that can be shipped out under government quotas, Ma said. Last year, 16,900 tons of the materials were exported. Liu said the country should export more light rare earths, which are mostly found in Inner Mongolia, and export less heavy rare earths, which are concentrated in Ganzhou, a city in Jiangxi province, and Longyan, a city in Fujian province.
Source of news: http://www.chinadaily.com.cn/china/2012-08/10/content_15659397.htm

China to Create Rare Earth Mega-Corporation

A proposal to form a massive rare earth corporation has been submitted to the State Council, China's Cabinet, and is highly likely to be approved soon, a leading domestic producer said Thursday. The establishment of China North Rare Earths (Group) Hi-tech Co will be led by China's top rare earth producer, the Inner Mongolia Baotou Steel RareEarth (Group) Hi-Tech Co. (REHT), whose light rare earth output accounts for more than half of the world's total, REHT's general manager Zhang Zhong said at a major annual industry conference. He said that to form the mega-corporation, the REHT will team up with major rare earth producers in Gansu, Sichuan and Shandong provinces to integrate light rare earth resources in the country's northern region. The proposed group will also actively participate in the restructuring of rare earth enterprises in the southern provinces, which are known for their heavy rare earth production, Zhang said. Source: cnbc.com China plans to foster two or three large rare earth enterprises by consolidating companies in the sector, Minister of Industry and Information Technology Miao Wei said in March. The industry consolidation and the country's other measures, including output caps, export quotas, stricter emission standards and higher resource taxes, all aim to control environmental damage, stave off resource depletion and promote the sustainable development of the sector. As the world's largest producer of rare earth metals, China now supplies more than 90 percent of the global demand for the metals, although its reserves account for just 23 percent of the world's total.
Source of news: http://www.chinadaily.com.cn/china/2012-08/09/content_15656433.htm

Great Silk Road Digest

13 August 2012

Key Industry News

Kyrgyzstan, Kazakhstan may Discuss Oil Pipeline Construction
Kyrgyzstan and Kazakhstan may discuss construction of an oil pipeline during a meeting of the countries' leaders, KyrTAG reported with reference to Kyrgyz Economy and AntiMonopoly Minister Temir Sariyev on Monday. He said the issue is very important and it should be discussed at the meeting, he said. The issue of the pipeline construction was already discussed during Kyrgyz President Almazbek Atambayev's last visit to Kazakhstan. Sariyev said that Kyrgyzstan plans to finish the construction of the oil refinery with capacity of 800,000 tons in Kara-Balt by late 2012.
Source of news: http://en.trend.az/regions/casia/kazakhstan/2053577.html

Source: trend.az

Uzbekistan-US Annual Business Forum to be Held in Tashkent

Almost 50 executives from the top US companies will take part in the upcoming 2012 Uzbekistan-US Annual Business Forum that will take place in Tashkent on 17 August, 2012 to concur with the Annual Bilateral Consultations between the governments of the United States and Uzbekistan, according to Carolyn Lamm, Chair of the American-Uzbekistan Chamber of Commerce (AUCC). "In the upcoming forum, the two governments will meet to discuss their issues on the 16th of August in the annual business consultations and on the 17th, our companies will be there. I'm leading a delegation of almost 50 executives from the top US businesses, who will come together then with the officials from both sides to discuss our problems and our views," Lamm told Silk Road Newsline in an interview. "The upcoming Forum will be, I think, a tremendous benefit to our members. We always open at the Forum by hearing from the leaders of the governments on both sides, from the Uzbek Government, from the US Government and then our members all speak and exchange their views on how their companies have developed business in Uzbekistan, exported products from Uzbekistan, which really enhances the bilateral commercial relationship," Lamm said adding that a new agreement between NUKEM Inc., one of the top providers of uranium to nuclear power plants worldwide, and Uzbekistan's state-owned Navoi Mining & Metallurgy Combinat (NMMC) may also be in the works. "And I hear that we may even have a few very concrete contracts that may be signed coming out of the meetings at the Forum. So we have hopefully some enhanced business relationships and steps forward, including for potentially NUKEM with Navoi," she said. Incorporated in Washington D.C., the American-Uzbekistan Chamber of Commerce (AUCC) seeks to promote trade and investment ties, cultural exchanges and bonds of friendship between the United States of America and the Republic of Uzbekistan. AUCC contributed to the early signing of a Bilateral Trade Agreement between the United States and the Republic of Uzbekistan and continues to advocate vigorously for the interests of US business in Uzbekistan. "The Chamber has a very important role and we began in 1993, so we will be celebrating our 20th anniversary next year and we've had from the beginning some very successful investors in Uzbekistan among our members, including NUKEM, FMN Logistics, GE and GM and Lockheed and Boeing and Caterpillar, which is represented by Solar Turbines and Zeppelin International AG, and Case New Holland and we have a wide variety of the biggest US companies who have been very, very successful there both in terms of developing Uzbekistan, offering employment in Uzbekistan as well as enhancing their own business relationships," Lamm said. The AUCC currently lists 17 major US companies as its members and Lamm says AUCC membership has increased since last fall when it hosted a very successful 2011 US-Uzbekistan Annual Business Forum in Washington which was attended by many US companies and senior representatives of the US Government. "Since the last very successful forum, business is increasing and we've now increased with Lockheed, with McLarty Associates, with Indsur Stelcor, Inc. We really have increased our membership and our reach. Both Zeppelin and Solar Turbines have joined. So we really have enhanced membership. And we have many others who are kind of interested and as their businesses grow, they join," Lamm said. Other AUCC members include The Boeing Company, Case New Holland, FMN Logistics, General Electric, General Motors, Harris Corporation, Honeywell, Nukem, Inc. Rio Tinto, Sikorsky and White & Case LLP. "Uzbekistan really offers a wide variety of areas for US investors. There are many in the energy field of course, in the natural resource field. Uzbekistan is rich in natural resources, whether it's gold or uranium, gas and many precious metals, rare earths, molybdenum, aluminum. There are a wide variety of things that are very attractive. But also the labor force is well educated; the people are very bright and industrious. So there are many things with value added on the ground to the very basic materials that are of great interest to the US companies," Lamm said.
Source of news: http://www.uzdaily.com/articles-id-19732.htm

Great Silk Road Digest

13 August 2012

Key Market News

CSRC Prioritizes IPOs of Western China Firms
China's securities regulator has given priority to enterprises from the country's western regions that are seeking approval for initial public offering, according to the China Securities Regulatory Commission. The move, starting from this month, aims to promote the development of the country's western regions, especially in regards to the real economy, China Securities Journal reported Monday, citing sources from the CSRC. Enterprises from western regions that are applying for an IPO on the Shanghai or Shenzhen markets will be specially labeled, according to the CSRC. Currently, 129 enterprises nationwide are seeking approval to list in Shanghai, while 629 are applying for IPOs in Shenzhen, according to the CSRC's announcement on Aug 10. However, the CSRC seems to have slowed down the pace of approving new IPOs amid a poorly performing stock market, though it had previously hinted that an IPO suspension was unlikely. No new prospectus has been published since July 16, according to the CSRC's website. The CSRC began to disclose prospectuses of enterprises seeking IPOs and going under the commission's preliminary examinations since February this year, and it is the first time that no new prospectus was disclosed for more than 25 days. China's stock market has been shaken this year over concerns of a deepening slowdown in the national economy amid the global downturn. The key Shanghai index has declined more than 10 percent from its peak in February. The country's GDP expanded 7.6 percent in the second quarter of the year, down sharply from 9.5 percent a year earlier and half a point below the 8.1 percent rise seen in the first three months of this year.
Source of news: http://www.chinadaily.com.cn/business/2012-08/13/content_15671385.htm

Ansher Great Silk Road Index

The AGSRI has rehabilitated and increased by 5.16% this week. The leader of the week was Chinese market with 5.12% increase, followed by Kazakh market (3.41% increase). Meanwhile, Georgian and Uzbek markets did not show any significant movements due to the difference in currency exchange rates. All major sectors grew this week: Banking sector comprised 2.38%, Metals&Mining 4.74% and Construction Materials - 4.42%. Similarly, our mid-size sectors showed increase as well. Electric Utilities increased by 3.66%, Retail industry - by 5.86, and Food Processing Industry comparised 2.58% increase.

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Great Silk Road Digest

13 August 2012

Contacts
836, Shanghai International Finance Center Tower 2, 8 Century Avenue, Pudong New Area Shanghai, 200120 China Phone: +86 21 6062 7252 Fax: +86 21 6062 7259

13, Al-Farabi Ave., BC "Nurli Tau", Block 1 "V", Office 604 Almaty 050059 Kazakhstan Phone: +7 727 311 10 14 Fax: +7 727 311 10 15

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Nozim Kabilov Senior Vice-President Nozim.Kabilov@ansherglobal.com Ravshan Yunusov Vice-President, Asset Management Ravshan.Yunusov@ansherglobal.com Bakhodir Mirsaatov Vice-President, Investment Banking Bakhodir.Mirsaatov@ansherglobal.com

Davran Akhmedov Investment Manager, Mineral Resources Davron.Akhmedov@ansherglobal.com Rustam Uteuliev Investment Manager, Equipment Manufacturing Rustam.Uteuliev@ansherglobal.com Malika Madyarova Investment Analyst Malika.Madyarova@ansherglobal.com

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