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Samruk-Kazyna National Welfare Fund Investment opportunities July 2010 Samruk-Kazyna Overview National Welfare Fund consolidates key state assets in more than 400 subsidiary companies Key player of the industrial and innovation development program

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samruk kazyna
Samruk-Kazyna
  • Overview
  • National Welfare Fund consolidates key state assets in more than 400 subsidiary companies
  • Key player ofthe industrial and innovation development program
  • Effective tool in implementation of the Anti-crisis program:
  • primary role in stabilization of financial sector by means of direct participation in 4 largest commercial banks of the country
  • primary role in stabilization of the real estate market
  • direct support of the small and medium size businesses
  • manages mortgage refinance program
  • Main objectives
  • Achieving sustainable growth of state economy
  • Promoting modernization and diversification of state economy
  • Increasing the effectiveness of the holding and all of its affiliates
  • Promoting and implementing large-scale investment projects

2

samruk kazyna3
Samruk-Kazyna
  • Main assets
slide4

Oil & Gas

      • Overview
      • Oil and gas sector – 30% of Kazakhstan’ s GDP
      • Proved oil reserves - 6.5 bn tons
      • Gas reserves – 7 trillion cubic meters (3.9% of world reserves)
      • The production of oil in Kazakhstan has increased by 52% (2002-2009) while the production of gas has increased by 37% in the same period
      • Samruk-Kazyna participation in the sector
          • KazMunayGas - vertically integrated national oil and gas company
      • Development perspectives
      • Production growth due to field developments (Kashagan, Khvalynskoye, Block N etc.)
      • Transport infrastructure development – launch of Trans-Caspian Transportation System, “Kazakhstan-China” pipeline’s extension, construction of “Beineu-Shymkent” gas pipeline, Aktau port’s development
      • Development of local refinery capacities up to 17 mln tons / processing upgrading
      • Development of petrochemical branch
      • Investment opportunities*
  • Atyrau Oil Refinery - Oil deep processing Complex construction ($1.1 bn)
  • Pavlodar Oil Refinery ($1 bn)
  • Construction of petrochemical plant in Atyrau ($6.3 bn)

*More information about investment projects – in annex

slide5

Power

      • Current trends
      • Considerable gap in electricity supply between energy excessive northern regions of Kazakhstan and energy-dependent southern regions of the country
      • Local production capacities are depreciated by almost 70%
      • Competitive advantage
      • Access to low-cost fuel due to large local reserves of coal, oil and gas
      • Opportunity to develop renewable energy resources
      • Development perspectives
      • Construction of 6 new thermal power plants (coal or nuclear) until 2030
      • Construction of new hydropower plants
      • Samruk-Kazyna participation in the sector
      • Samruk-Energy- operates major power plants in Kazakhstan
      • KEGOC- operates the national power grid, owns and operates all main and interregional transmission lines and master substations across the country
      • Investment opportunities
  • Balkhash thermal power station ($2.4 bn)
  • Electricity consumption in Kazakhstan (forecast), bn kWth

2009

2024

138

125

98

Pessimistic

78,4

Basic

+25%

+60%

+76%

Optimistic

slide6

Transportation& Telecommunications

    • Overview
    • Strategic geographical location
    • High dependence of the economy on transport infrastructure
  • Samruk-Kazyna participation in the sector
    • Kazakhstan Temir Zholy - national company, monopoly railway operator
    • Air Astana - leading domestic airline
    • Kazakhtelecom - major player on the telecommunication market
    • Investment opportunities
    • Production of passenger rail carriers ($60 mln)
    • Construction of the railway Zhetygen – Korgas (border with China) ($1.1 bn)
    • Construction of the railway Uzen – border with Turkmenistan ($433 mln)

Freight turnover in Kazakhstan, bn tkm

Passenger turnover in Kazakhstan bn pkm

slide7

Metals& Mining

  • Overview
    • Large reserves of Uranium, Lead, Zinc, Gold, Coal
    • 2008: production of ferrous metals - $4.5 bn
    • production of precious and non-ferrous metals – $ 4.4 bn
    • Share of metals and mining sector in total industrial production of Kazakhstan – 20%
    • Objective – production of high value added products
    • Samruk-Kazyna participation in the sector
    • Tauken-Samruk -national mining company
    • Kazatomprom - national nuclear company, implements the industry development program of Kazakhstan aimed at creation of a vertically integrated complex of nuclear fuel cycle
  • Investment opportunities
    • Upgrade of cast iron plant ($457 mln)
    • Steel rails production ($309 mln)
    • Polycrystalline production ($388 mln)
slide8

Chemicals

    • Resources
      • Kazakhstan is 11th in the world in mineral production
      • Second largest proved supplies of sulfuric acid in the world
      • Kazakhstan possesses 1/3 of proved phosphorite reserves in CIS and over 5% of world reserves
    • Current trends
      • Growing demand for fertilizers in Russia and China
      • Annual chemicals production grew 2,6 times in 2004-2008 years period
      • Local companies produce phosphorus, sodium bichromate, phosphoric fertilizers, nitric fertilizers, chromic compounds, plastics, tires, general mechanical rubber goods
      • There is a potential of products diversification (organic and nonorganic chemical products, special chemicals)
      • Samruk-Kazyna participation in the sector
  • United Chemical Company - consolidates state assets in chemical sector
    • Investment opportunities
      • Mineral fertilizers – Kok-Dzhon ($1.9 bn)
      • Construction of phosphorite fertilizers plant ($600 mln)
      • Sulphuric Acid production ($65 mln)
slide9

Pharmaceuticals

  • Current trends
  • Market size – around $900 mln
  • Growing local consumption – 20% average annual growth
  • Local production is growing, but covers only 10% of domestic market
  • 90% of consumed pharmaceuticals are imported
  • Samruk-Kazyna participation in the sector
  • SK Pharmacy - national medicine and medical equipment distribution company
  • Key advantages
  • Growth of domestic production
  • Transparency in government purchases
  • Demand for improved quality of products
  • Investment opportunities
    • Construction of pharmaceuticals plant in Astana and expansion of production in Shymkent ($81 mln)
    • National medicine and medical equipment distribution company ($80 mln)

9

slide10

Annex

Investmentprojects

10

slide12

Atyrau Oil Refinery

Oil deep processing Complex construction

  • Background
    • Total project cost: $1.1 bn
    • Capital structure: equity - $1 mln, debt - $1,099 mln
    • Implementation period: 2011-2014
  • Key project advantages
    • High value added production:
      • Increase in processing depth up to 82%
      • Production of high-octane refined products
      • High ecological standards: Euro - V
      • Domestic market’s share increase for high-octane oil products
      • Manpower: construction – 2507, maintenance - 391
  • Investment Opportunities
    • Debt financing

12

slide13

Pavlodar Oil Refinery

  • Background
    • Reconstruction and modernisation of Pavlodar Oil Refinery to increase annual production capacity to:
      • motor fuel – 2 million tons
      • jet fuel – 132 thousand tons
      • diesel fuel – 2 million tons
      • fuel oil – 252 thousand tons
    • Total project cost: $1 bn
    • Implementation period: 2011-2013
  • Key project advantages
    • High value added production
      • Production of high-octane refined products
    • High ecological standards: Euro - III, IV
    • Domestic market’s share increase for high-octane oil products
    • Manpower: construction – 3100
  • Investment Opportunities
    • Debt financing

13

slide14

Petrochemical plant in Atyrau

  • Background
    • Construction of a petrochemical plant with annual production capacity:
      • 1 stage: polypropylene 800 thsd tons
      • 2 stage: polyethylene 450 thsd tons
    • Total project cost: $6.3 bn
    • Capital structure: 27% equity, 73% debt
    • Implementation period: 2009-2012
  • Key project advantages
    • High value added production
    • High profitability margins (over 50% EBITDA, over 20% net income margin)
    • Manpower: construction – 12000, maintenance – 800
  • Investment Opportunities
    • Debt financing
    • Equity

14

slide15

Balkhash thermal power station

  • Background
    • Construction of one 1320 MWt module is under consideration
    • Possible further extension up to 4000 MWt
    • Total project cost: $2.4bn
    • Capital structure: equity 30%, debt 70%
    • Implementation period: 2010 – 2014
  • Key project advantages
    • Meet the demand for electricity in Almaty region
    • Low production costs
      • Investment opportunities
    • Debt financing
slide16

Rail Passenger Carriers

  • Background
    • Production of rail passenger carriers
    • Total project cost: $60 mln
    • Quantity: 150 units per year
    • Implementation period: 2010-2012
  • Key project advantages
    • Creation of carrier assembling line to meet the growing demand in passenger carriers on the domestic market
  • Investment Opportunities
    • Debt financing

16

slide17

Construction of the railway Zhetygen - Korgas

  • Background
    • Construction of a railroad connecting Almaty region with the Chinese border in Korgas
    • Total length – 293 km
    • Passenger and freight transportation
    • Total project cost: $1.1 bn
    • Capital structure: 45,8% equity, 54,2% debt
    • Implementation period: 2009-2012
  • Key project advantages
    • Strategic infrastructure concession project
    • Risks shared with public authorities
  • Investment Opportunities
    • Debt financing (45%)

17

slide18

Construction of the railway Uzen – border with Turkmenistan

  • Background
    • Construction of the new railway road near Caspian sea (Uzen-Gyzylgaya-Bereket-Etrek-Gorgan) with further link with Russian railroad network
    • Total length – 670 km, Kazakhstan’ s part – 138,5 km
    • Passenger and freight transportation
    • Total project cost: $433 mln
    • Capital structure: 47,2% equity, 52,8% debt
    • Implementation period: 2009-2012
  • Key project advantages
    • Strategic infrastructure concession project
    • Risks shared with public authorities
  • Investment Opportunities
    • Debt financing (31%)

18

slide19

Cast iron plant

  • Background
    • Construction of metallurgy plant SBS Steel for production of cast iron in Aktobe region
    • 500 thsd tons of granulated iron annually
    • Total project cost: $457mln
    • Implementation period: 2010 – 2012
    • Key advantages
    • Strengthening export potential of Kazakhstan
    • Production of high quality iron based on the unique patented KOBE Steel technology
    • Manpower: construction – 1800-2300, maintenance - 500
    • Investment Opportunities
    • Debt financing

19

slide20

Steel Rails Production

  • Background
    • Production of steel rails and rolled steel at KSP Steel metallurgy plant
    • 200thsd tons annually
    • Total project cost: $309 mln
    • Capital structure: 20% equity, 80% debt
    • Implementation period: 2010-2013
    • Key advantages
    • Meet the growing local demand
    • Manpower: construction – 1000, maintenance - 106
    • Investment Opportunities
    • Debt financing $247 mln

20

slide21

Production of polycrystalline silicon

  • Background
    • Creation of silicon cluster on manufacture of mono/poly crystal ingots and silicon plates:
      • 2500 tons of polycrystalline silicon
    • Total project cost: $388 mln
    • Capital structure: 30% equity, 70% debt
    • Implementation period: 2010 – 2013
  • Key project advantages
    • Well-positioned to supply European and Asian markets
      • Competitive advantage via long-term access to low-cost raw materials
    • High value added production
      • High profitability margins (sales of $594 mln a year)
      • Competitive advantage due to low transportation costs
    • Advanced stage of project planning
      • Feasibility studies and technical specifications completed by leading consultants
      • Development Bank of Kazakhstan commenced $150 mln loan guarantee for plant construction
  • Investment Opportunities
    • Debt financing $50 mln
    • Equity

21

slide22

Mineral Fertilizers Production

  • Background
    • Construction of mineral fertilizers producing plant combined with Kok-Djon (Aral-Tobe and Kisik-Tobe sites) and Gimmelfarbskoe deposits
    • Production of mineral fertilizers -1 mln tones
    • Products:potassium phosphate, NPK fertilizers, yellow phosphorus,phosphoric acid, reactive compounds
    • Total project cost: $1.9bn
    • Expected launch: 2018
  • Key project advantages
    • Availability of natural resources
    • Low production costs
    • Meeting 100% local demand on mineral fertilizers of high quality and exporting
    • Manpower: 5000
  • Investment opportunities
    • Equity
    • Debt financing

22

slide23

Phosphorite Fertilizers Production

  • Background
    • Construction of phosphorite tails and low-grade ore processing plant
    • Production capacity of 1mln tons of phosphorite fertilizers annually
    • Total project cost: $600 mln
    • Expected launch: 2010
  • Key project advantages
    • Availability of unique technology to produce phosphorite fertilizers from low-grade ore
    • Large reserves (over 500 mln tons) of low-grade ore
    • Proximity and access to markets in China
    • Strong competitive advantage – the lowest production cost
    • Ability to produce highly-enriched fertilizers and develop production of NPK fertilizers jointly with KazAzot
  • Investment Opportunities
    • Debt financing
    • Equity
    • Equipment & Technologies

23

slide24

Sulphuric acid production

  • Background
    • Reconstruction of sulphuric acid plant on the base of SGHK Ltd aiming to provide Kazatomprom’s uranium producing entities with sulphuric acid
    • 180 thsd tons annually
    • Total project cost: $69 mln
    • Capital structure: 31% equity, 69% debt
    • Implementation period: 2010 - 2012
  • Key advantages
    • Low cost of raw materials
    • Manpower: construction – 300, maintenance – 141
  • Investment Opportunities
    • Debt financing

24

slide25

Pharmaceuticals plant

  • Background
    • Construction of a pharmaceuticals plant in Astana and expansion of current production of ChimPharm (Shymkent)
    • Total project cost: $81 mln
    • Capital structure: $30 mln- equity, $51 mln – debt
    • Implementation period: 2009 - 2011
  • Key advantages
    • Growing local demand
    • Growing local production on the Kazakhstan’s pharmaceutical market from 10% to 25%
    • Creating innovative, science intensive and export oriented production (turnaround)
    • Manpower: construction – 1000, maintenance - 300
  • Investment Opportunities
    • Equity
    • Debt financing
    • Technologies

25

slide26

National medicine and medical equipment distribution company

  • Background
    • Creation of integrated medicine and medical equipment distribution system
    • Total project cost: $ 80 mln
    • Expected launch: 2009–2010
  • Key project advantages
    • Growing market
    • Development of local pharmaceutical industry
    • Transparency in government pharmaceutics procurement, effective system of transport and logistics
  • Investment Opportunities
    • Debt financing for a logistics system construction
    • Medications supply to Kazakhstan

26

slide27

Contacts:

Republic of Kazakhstan

Astana , Orynbor street 10,«Kazyna Tower»

[email protected]

www.samruk-kazyna.kz