02.06.2023, 15:38 75166

Inflation in May 2023 was 15.9% year-on-year

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The consumer price index slowed down for the month and amounted to 0.6% against 0.9% in April. Prices for paid services increased by 0.7%, food and non-food products - by 0.5%.

The increase in prices was noted for air passenger transport services by 11.5%, rail - by 2.5%. There is an increase in prices for sanatorium services by 5.6%, in the field of recreation and sports events - by 2.9%, preschool services - by 1.7%, healthcare - by 1.4%.

Food prices have significantly increased for fruit and vegetable products, in May cabbage rose by 23.8%, onions - by 9.9%, grapes - by 9.6%, carrots - by 8.6%, apples - by 5.3%, potatoes - by 4%. Rice prices increased by 2.5%, soft drinks - by 1.9%, drinking milk - by 1.8%, tea - by 1.6%. Cucumbers fell by 39.6%, tomatoes - by 23.7%, sweet peppers - by 7.6%, buckwheat groats - by 4%, bananas - by 3.8%.

The increase in prices in May was observed for liquefied gas in cylinders by 1.7%, gasoline - by 1.2%, diesel fuel - by 0.7%. Prices compared to last month increased for clothing and shoes by 1.3%, personal goods - by 1.2%, dishes - by 0.9%, detergents and cleaning products - by 0.8%.

Among the regions, the highest monthly inflation was registered in the city of Shymkent - by 1% (above the national average by 0.4 percentage points), the lowest - 0.1% in the Pavlodar region.

In the context of regions, prices for food products increased the most in the Ulytau region by 1.4%, non-food products - in the city of Almaty and North Kazakhstan region by 1%, paid services - in the city of Shymkent by 2.7%.

Inflation in May 2023 was 15.9% year-on-year. Prices for food products increased by 16.5%, non-food products - by 17.2%, paid services - by 13.5%.

Compared to May 2022, office supplies rose by 67.5%, cucumbers - by 53.4%, household soap - by 49.7%, dishwashing detergent - by 47.1%, concentrated sugar-free milk - by 46.6%, rice - by 44.9%, day hospital treatment - by 43.6%, sugar-refined - by 42.7%. On the contrary, in annual terms, cabbage and carrots fell by 19.1%, potatoes - by 16.8%, garlic - by 8.4%, beets - by 7.1%.

The consumer price index indicator characterizing the inflation rate is calculated monthly. Observations are conducted on tariffs and prices for services and goods, for a total of 508 positions. Dynamic changes in inflation can be viewed on a specially designed interactive dashboard, which covers indicators starting from 2018.

The Bureau calculates the consumer price index indicator monthly, which characterizes the level of inflation. We are observing changes in tariffs and prices for services and goods, for a total of 508 items. Prices are registered through a selective network of trade and service enterprises of various forms of ownership in all regional centers, the capital and a certain circle of cities and district centers," explains Kuanyshbek Zhakypbekuly, Director of the Bureau's Price Statistics Department.

*Since January 2023, when constructing the consumer price index, the share of food products is 41.8%, non-food products - 29.6%, paid services - 28.6%.

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17.12.2024, 21:12 13971

Gross agricultural output increased by 13.4% in Kazakhstan

Deputy Minister of Agriculture Azat Sultanov at the Government session reported that for the first 11 months of this year, the volume of gross agricultural output increased by 13.4% with an annual plan of 11.6% and amounted to 7.8 trillion tenge, primeminister.kz reports.

He noted that this growth was ensured by increasing production in crop production by 19.9%, in livestock production by 3.2%.

In crop production with an average yield of 16.1 centners per hectare threshed 26.7 million tonnes of cereals, including wheat - 19.8 million tonnes, rice - 563 thousand tonnes. Also, 2.9 million tonnes of potatoes, 3.9 million tonnes of vegetables, 3.2 million tonnes of oilseeds and 300 thousand tonnes of cotton were harvested. In the livestock sector, there was an increase in production of meat in slaughter weight by 4%, cow's milk by 4.4% and chicken eggs by 1.2%," Azat Sultanov said.

According to the agency, food production for the first 11 months of this year increased by 2.1% and totalled almost 3 trillion tenge.

There was an increase in the production of such types of import-dependent products as: cheese and cottage cheese by 8.7%, sausages by 4.1%, butter by 2.9% and vegetable oil by 12%.

We see growth in this industry for the rest of the year due to the processing of cereals, oilseeds and sugar production. In order to prevent a slowdown in the growth of the industry next year, the volume of financing of spring field and harvesting work will be brought to 700 billion tenge, preferential leasing of agricultural machinery to 200 billion tenge. It is planned to introduce 1.9 million tonnes of mineral fertilisers and increase the share of elite seeds to 10.5%," Azat Sultanov added.

Deputy Minister stressed that the growth of production in agriculture was ensured due to timely measures taken by the Government on financial and logistical support of field work and favourable climatic conditions.

For the first time the volume of concessional lending for spring field work has increased 3 times and reached a record 580 billion tenge at a net 5% per annum. Thanks to these measures of financial support, along with the high yield obtained, the volume of mineral fertilisers application amounted to 1.2 million tonnes, which exceeds the level of last year by 2 times, and the level of agricultural machinery renewal will be brought to 5.5%.

This year also achieved a record harvest of sugar beet, harvesting of which is at the stage of completion, which will contribute to the growth of gross agricultural output," Azat Sultanov said.

Deputy Minister emphasised that the Ministry of Agriculture is taking all necessary measures to achieve the planned indicators.

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17.12.2024, 20:10 14141

National Bank reported improvement of business climate in Kazakhstan: business activity index at 51.6 points

Business activity index, compiled on the basis of surveys of the National Bank, at the end of November this year increased and amounted to 51.6 points. This was reported at the Government session by the Chairman of the National Bank of Kazakhstan Timur Suleimenov, primeminister.kz reports.

The index remains in the positive zone for the tenth month in a row. The index for services was 51.5, for production - 53.1 points. The index of business climate in November increased and remained positive. Current and future business conditions are viewed favourably.

Annual inflation at the end of November was 8.4 per cent. Disinflation of food products has a restraining effect on inflation. However, its acceleration to 5.4% was recorded in the last month. The growth of prices for non-food products is slowing down to a lesser extent - 8%. The highest growth continues to demonstrate inflation of paid services - 13.3% - against the background of the ongoing programme ‘Tariff in exchange for investment’ and the rise in the cost of a number of market services," Timur Suleimenov said.

As for the monthly inflation, in November it remained at the level of the previous month and amounted to 0.9%, slightly higher than the historical average.

The domestic economy remains under pro-inflationary pressure on the background of stable domestic demand, continued fiscal stimulus, rising inflation expectations, as well as the growth of regulated prices.

In terms of risks from the external environment, there is an acceleration of inflation in a major trading partner - Russia, and rising prices on world food markets. Under these conditions, the National Bank raised the base rate to 15.25% on 29 November this year.

Against the backdrop of increased volatility in financial and energy markets, the National Bank will closely monitor the need for additional tightening of monetary policy to return inflation to the trajectory of sustainable slowdown and achieve the medium-term target of 5%.

In November this year, amid a combination of factors, the tenge exchange rate weakened by 5% to 512.52 tenge per dollar. Against the background of global strengthening of the dollar, changes in the cost of commodities and aggravation of the geopolitical situation in the world, negative dynamics of emerging market currencies were observed everywhere. Also, amid the introduction of new sanctions against the financial sector of Russia accelerated weakening of the Russian ruble - the currency of one of the key trading partners of the country," Chairman of the National Bank said.

At the same time, the domestic foreign exchange market was characterised by increased demand for foreign currency from economic agents and a decrease in supply, including against the background of overcoming the psychological level of the tenge exchange rate.

Against the background of deterioration of a number of fundamental factors to prevent destabilising fluctuations, smoothing excessive volatility of the exchange rate of tenge and for the purposes of ensuring the supply of foreign currency in the period from 15 to 28 November, the National Bank conducted currency interventions.

Further dynamics of the tenge will depend on the dynamics of the current account of the balance of payments, expectations of market participants, the situation on world markets and changes in the geopolitical situation. The National Bank will continue to adhere to the flexible exchange rate regime, which excludes the accumulation of imbalances," the head of the NB emphasised.

Timur Suleimenov also added that the deficit of the current account of the balance of payments decreased from - $6.7bn in 9 months of 2023 to about zero level of - $0.3bn in 9 months of 2024 due to the improvement of the trade balance.

Gross international reserves stood at $105bn at end-November this year, up 9.5% since the beginning of the year. Gold and foreign exchange reserves of the National Bank increased by 23% to $44.2bn since the beginning of this year. Assets of the National Fund increased by 1.3% since the beginning of this year to $60.8bn. The amount of revenues to the Fund since the beginning of the year amounted to 3.7 trillion tenge, and the volume of transfers to the national budget - 5.3 trillion tenge. Investment income of the National Fund for the first 11 months of this year was 9.5%, or $5.7bn.

Pension assets of the UNPF continue to demonstrate positive dynamics. Since the beginning of the year, pension assets increased by 22.7% to 21.8 trillion tenge. Investment income since the beginning of the year totalled 2.8 trillion tenge. Pension contributions increased by 19% to 2.3 trln tenge against 2023. Early withdrawals totalled 495.6 billion tenge," Timur Suleimenov summarised.

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17.12.2024, 19:06 14481

Oil and gas chemical production volume increased 1.6 times - Ministry of Energy

Energy Minister Almassadam Satkaliyev reported on the development of the fuel and energy complex for 11 months of 2024 at the Government session, primeminister.kz reports.

Thus, for this period the volume of oil and condensate production amounted to 80.5 million tonnes, or 98% of the same period last year, including for large companies in the oil and gas industry. Tengiz produced 25.9 million tonnes of oil during the period, or 97.9% of the same period last year. Oil production at Kashagan was 15.8 million tonnes, or 92.8% of the same period last year. The indicator of the Karachaganak project was 11.1 million tonnes, or 100.9% against the same period last year.

The year-on-year decline in production levels was affected by major field overhauls in 2024. At Tengiz - due to the planned launch of the Future Expansion Project in May and August, a 50-day repair was carried out; at Kashagan, a repair was carried out to replace the slug catcher with a full shutdown for 21 days. In addition, the decrease in production was affected by unscheduled shutdowns at Karachaganak field and restrictions on gas reception by Orenburg GPP, CPC shutdowns for planned preventive maintenance, as well as repair work at the Second Generation Plant of Tengiz field due to internal steam leakage into the process flow from 26 October this year," the Minister said.

In this regard, at the end of this year, oil production is expected at the level of 87.8 million tonnes. Failure to achieve the planned production figure affected oil exports - 63.2 million tonnes of oil, or 98.3% of the same period last year.

As for the gas sector, according to the updated data of the Situation and Analytical Centre of the Fuel and Energy Complex, 53.8 billion cubic metres of gas were produced in the reporting period, or 100.2% against the same period last year. During the reporting period, 5.4 billion cubic metres of marketable gas were exported, which is 101.9% against the same period last year. Domestic consumption of marketable gas totalled 18.2 billion cubic metres, which is 109% of the same period last year. The volume of liquefied petroleum gas production amounted to 2.75 million tonnes, which is 103% compared to the same period of the last year.

In January-November this year, about 12.3 million tonnes of petroleum products were produced, or 101.7% against the same period last year, including the indicator for motor gasoline was 4.9 million tonnes, or 102.1% against last year; the volume of diesel fuel production was 4.9 million tonnes, or 104.3% against last year.

I would like to note that today there is a joint order of the Ministries of Energy, Finance and the National Security Committee, under which a ban on the export of petrol, diesel fuel and other certain types of petroleum products by road transport outside the country has been introduced. The indicator for jet fuel was about 0.68 million tonnes, with an increase of 21.4% compared to the same period last year, " Almassadam Satkaliyev said.

The volume of production of oil and gas chemical products amounted to 506.1 thousand tonnes, which is more than 1.6 times higher than the same period last year.

During the reporting period, generated 106.7 billion kWh of electricity, or 104.7% compared to the same period last year. In the renewable energy sector - 148 renewable energy facilities with installed capacity of 2.9 thousand MW are operating in the republic. In the first 11 months of this year, electricity generation from RES facilities totalled 6.4 billion kWh. To date, 3 RES projects with a capacity of 34.95 MW have been implemented. Five more RES projects with a capacity of 128.4 MW are expected to be commissioned by the end of this year.

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17.12.2024, 18:53 14301

Own revenues of local budgets performed by 108% and totalled 7.2 trillion tenge

Deputy Minister of Finance Yerzhan Birzhanov at the Government session presented the results of the financial year for 11 months of 2024. State budget revenues totalled 19 trillion tenge, which is 90% of the plan. The republican treasury received 11.8 trillion tenge, or 82% of the planned, primeminister.kz reports.

According to the Deputy Minister, the main non-fulfilment is due to a decrease in tax revenues, which amounted to 76% of the plan.

The main reasons for non-fulfilment of the plan are due to a decrease in the volume of imports from third countries for 10 months compared to the same period last year by 6.5%, or less by $2.3 billion; lower prices for major export metals, which in turn affected the reduction of advance payments on 602 major taxpayers by 267 billion tenge. The increase in VAT refunds totalled 981 billion tenge, up 2.5 times year-on-year. Nevertheless, non-performance on taxes is compensated by an increase in non-tax payments by 1 trillion tenge," Yerzhan Birzhanov emphasised.

As for local budgets, their own revenues were fulfilled by 108% and totalled 7.2 trillion tenge. The plan was exceeded by 525 billion tenge. Compared to the same period last year, revenues increased by 26.5%, or 1.5 trillion tenge.

In terms of budget expenditures: the state budget was executed by 94% of the planned, the republican budget - 96%, local budgets - 92%. The republican budget expenditures amounted to 20.8 trillion tenge, the priority of which remains the preservation of social orientation.

The state fulfilled the main social obligations:

pensions and benefits - 5.2 trillion tenge;
subventions to regions - KZT 4.8 trln;
targeted contribution of the Compulsory Medical Insurance Fund - KZT 1.6 trln.

Local budget expenditures totalled KZT13 trln:

on social sphere - 6.6 trillion tenge (51 per cent);
housing and utilities - KZT 1.9 trln (14.6 per cent);
transport and communications - KZT 1.2 trln (9.3%);
agriculture - KZT 750bn (5.7%).

One of the important components of budget execution is the process of public procurement. Their volume in 2024 amounted to 8.8 trillion tenge, while 840 billion tenge was saved by optimising budget funds.

In addition, 1,460 audit activities were carried out for the amount of 6.9 trillion tenge of budgetary funds. Financial irregularities amounting to about 271 billion tenge were identified and violations were eliminated for 221 billion tenge.

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17.12.2024, 17:58 12351

Trade, manufacturing, agriculture and construction accounted for more than 70% of GDP growth

Deputy Prime Minister-Minister of National Economy Nurlan Baibazarov reported on the results of socio-economic development of Kazakhstan for 11 months of 2024 at the Government session. The country's economic growth was 4.4%. Growth in the real sector was 5%, production in the services sector increased by 4.5%, primeminister.kz reports.

According to Nurlan Baibazarov, the main contribution was made by the non-oil sector with growth of 5.1%. Improved dynamics is observed in agriculture, manufacturing, construction, trade and transport. Among the sectors, agriculture and construction showed the highest growth. Trade grew by 8.2%, transport services - by 8.1%, manufacturing - by 5.3%. Trade, manufacturing, agriculture and construction accounted for more than 70 per cent of GDP growth.

Fixed capital investment grew by 3.1 per cent. The largest investment growth is observed in non-resource industries. The volume of investments increased in education by 2.2 times, scientific and technical activities - by 42.1%, transport - by 27.2%, manufacturing industry - by 18%. The best indicators are noted in Karaganda, Pavlodar, Turkestan, Almaty regions and Zhetisu," Deputy Prime Minister said.

At the same time, a significant decrease in investment is observed in Atyrau, Akmola, Mangystau and Aktobe regions.

Nurlan Baybazarov also added that in January-October this year foreign trade turnover totalled $116.9 billion. Exports amounted to $68.5 billion, including exports of processed goods - $23.3 billion. Imports of goods amounted to $48.4 billion. Positive trade balance increased by 33.4% to $20.1 billion.

The manufacturing industry maintained positive growth rates. Manufacturing output accelerated to 5.3 per cent. Growth was recorded in 14 regions. The largest increase is noted in Kyzylorda, Mangystau, Turkestan, Karaganda regions. Growth in the manufacturing industry was mainly due to the growth of production in metallurgy by 7.2% and mechanical engineering by 6.9%. In addition, production in the chemical industry increased by 8.4%, pharmaceutical products by 21%, food products by 2.1%, metal products by 29.5% and furniture by 12.8%," the Minister of National Economy announced the data.

Meanwhile, output growth in the mining industry slowed to 0.1 per cent. This was due to a decrease in oil production by 2% and natural gas production by 0.3%. Meanwhile, metal ore production increased by 7.9 per cent and coal production by 1.9 per cent.

Construction shows a high growth rate of 10.3%. High indicators are provided due to the implementation of four large-scale initiatives of the Head of State on housing construction, construction of transport and social infrastructure, as well as modernisation of engineering networks. Positive dynamics was recorded in 18 regions, with the greatest growth in construction and installation work in Kyzylorda, Karaganda, Turkestan regions, as well as in Zhetisu. Decrease in construction is noted in Atyrau and Mangystau regions," Nurlan Baybazarov reported.

As for the commissioning of housing, 16.3 million square metres were commissioned in January-November this year, which is 8.3% more than the same period last year. The highest indicators are observed in the city of Shymkent, as well as Pavlodar, Turkestan, Kyzylorda regions, as well as Ulytau region.

Gross output of agricultural products increased by 13.4 per cent. The main factor of growth was crop production. Thanks to the completion of the main harvest, the indicator increased by 19.9%. Akmola, North Kazakhstan, Pavlodar and Kostanay regions are in the lead.

As part of ensuring economic growth, central and local executive bodies need to focus on the following measures:

to strengthen control over the utilisation of budget funds in construction, to complete the construction of rental housing and roads;
ensure completion and commissioning of planned investment projects in the manufacturing industry by the end of this year;
to strengthen control and utilisation of funds allocated for housing construction and support of machine building;
administrators of budget programmes to ensure full utilisation of funds;
ensure uninterrupted transport and sale of grain, including for export.

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17.12.2024, 17:31 12201

Government summarises social and economic development results for 11 months of 2024: 4.4% of GDP growth is provided by non-resource sector

At the Government session under the chairmanship of the Prime Minister of the Republic of Kazakhstan considered the results of socio-economic development and execution of the republican budget for January-November 2024. Deputy Prime Minister - Minister of National Economy Nurlan Baibazarov reported on sectoral dynamics, also heard reports of the Chairman of the National Bank of Kazakhstan Timur Suleimenov, Deputy Minister of Finance Yerzhan Birzhanov, primeminister.kz reports.

At the end of 11 months, GDP growth was 4.4%. The main driver of economic growth was the non-resource sector. Deputy Prime Minister - Minister of National Economy Nurlan Baibazarov reported that in agriculture growth was 13.4%, in construction 10.3%, in trade 8.2%, in transport and warehousing 8.1%, in manufacturing 5.3%. There has also been a positive dynamics in the sectors of information and communication, electricity.

Head of the Government emphasised that the measures taken to stimulate economic activity have yielded results: growth in agriculture, manufacturing industry, construction and transport has exceeded annual targets.

In terms of regions by main macroeconomic indicators, the growth leaders were Karaganda, Kyzylorda, Pavlodar and Turkestan regions, as well as the cities of Astana and Shymkent. The lowest indicators were achieved in Atyrau region, Mangystau region, Zhambyl region, West Kazakhstan region, Akmola region and Ulytau region. Akims of these regions have been instructed to take measures to change the situation. At the same time, new approaches are needed to enhance socio-economic development of regions, it is important to ensure systematic coordination of the implementation of programme documents implementation process - the corresponding instruction was given to Deputy Prime Minister Kanat Bozumbayev.

Prime Minister noted the need to strengthen work on further diversification of the economy, attracting investment and creating permanent jobs.

We have clear contours of further investment development. But attracting investment is only half of the task. An equally important part is quality support of projects, solving emerging problems and ensuring their successful implementation. I instruct the Ministries of Foreign Affairs and National Economy together with the interested state bodies to strengthen the work on support of investment projects. It is necessary to solve investors' problems manually on the ground. I also instruct Akimats to regularly consider problematic issues at regional Investment headquarters," Olzhas Bektenov emphasised.

To attract investment and high value-added industries, it is important to ensure the availability of ready-made infrastructure. Due to the weak involvement of akimats in the financing of communications, the regions were instructed to take into account the allocation of funds for the construction of infrastructure to industrial sites.

As part of the work to reduce wear and tear in electricity, heat and water supply networks, sectoral ministries and regions need to ensure proper implementation of the programme "Tariff in exchange for investment". The Ministry of National Economy and sectoral state bodies are tasked with controlling unjustified growth of tariffs and prices for public utilities, as well as maintaining a balance between the economic and social components. It was instructed to ensure compliance with the minimum contribution to inflation from tariffs and prices for regulated services, established by the Council on Economic Policy.

The Energy Ministry has been tasked to strengthen measures to increase the production of natural gas and oil. The head of the Government stressed that in 2025 it is necessary to ensure oil production in the planned volume.

Given the slowdown of annual inflation to 8.4% in November, it has been instructed to keep the issue of price growth under control, to use available mechanisms for this purpose, including stabilisation funds, forward contracts, subsidies. At the same time, it is necessary to expand production of import-dependent products. Olzhas Bektenov noted that it is necessary to maintain the positive dynamics of economic growth. In this regard, ministers and akims have been instructed to take special control over the full and timely utilisation of allocated funds, the Ministry of Finance - to increase control over the execution of the revenue part of the budget.

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03.12.2024, 17:14 103536

15 oil and gas blocks sold at electronic auctions this year - Ministry of Energy

At the Government session chaired by Prime Minister Olzhas Bektenov Deputy Minister of Energy Yerlan Akkenzhenov spoke about the work on the development of the geological industry in the field of hydrocarbons, primeminister.kz reports.

He noted that Kazakhstan has significant potential resources that remain unexplored or understudied. In order to improve the investment climate is systematic work to improve legislation in the field of subsoil use.

As part of the amendments adopted in 2023, norms were introduced in terms of: increasing the exploration period in exchange for additional investment in exploration; incentives for the development of depleted (mature) fields; refusal of a subsoil user from drilling based on the results of seismic exploration.

Admprocedures for subsoil use operations and expert examination of basic project documents were also optimised: a notification procedure was introduced for exploration projects at the prospecting stage, as well as environmental expertise after the sectoral expert examination of project documents.

In addition, the amendments to the legislation provide for the reduction of financial and administrative costs for subsoil users and the reduction of the time required to review documents.

In 2024, amendments to legislation on subsoil use are also planned. In particular, it is planned to provide a priority right to subsoil use to investors who carry out geological exploration in poorly explored areas at their own expense; to implement and develop areas in which there is no interest of national companies in the field of hydrocarbons.

The amendments are also aimed at limiting national companies to a 3-year period for submitting an application for direct negotiations from the date of inclusion of the relevant subsoil area in the programme of management of the state subsoil fund. In the absence of applications from national companies within the specified period, the site will be put up for auction.

In order to exclude speculative actions it is proposed to prohibit the alienation of subsoil use rights (share in the subsoil use right) during the first 3 years from the date of conclusion of the contract for exploration and production, since one of the conditions accepted at the auction is the obligation to perform geological exploration (drilling of wells) by the winner. At the moment the draft law is under consideration of the Government Apparatus.

In order to accelerate the involvement of fields in development, the transition from exploration to evaluation under one contract and from exploration to production under ten contracts was carried out.

Two electronic auctions were held this year, at which 15 sites were realised. The final size of the signature bonus was - 32.7 billion tenge, of which to date 9.1 billion tenge has been received by the budget. Investments in geological exploration totalled $82.5 million," Yerlan Akkenzhenov said.

Also, 56 prospecting projects approved by the subsoil user themselves have been submitted in a notification procedure. Thus, each subsoil user saved about two months to pass the state expertise of project documents. This allowed subsoil users to start performing field works faster. For 9 months of the current year subsoil users invested in geological exploration - 125.9 billion tenge.

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