KAZAKHSTAN’S OUTLOOK-1: High costs, uncertainty challenge operators in promising Kazakhstan

Kazakhstan is endowed with significant oil and gas resources and is expected to become one of the world’s top 10 oil producers within the next decade. The high cost of doing business in the country, however, means that Kazakhstan will need to improve its institutional framework to successfully compete for foreign investment.A large degree of risk and uncertainty continues to plague the oil and gas sector as the government makes significant changes to the petroleum tax legislation and takes an aggressive approach in “rebalancing” contractual arrangements with industry.High levels of bureaucracy, regulatory burden, and corruption persist, and economic factors appear to be ...

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