Del.icio.us
Analysis: China ups Kazakh energy holdings
Washington, April 28, 2009 - The dramatic downturn in energy prices has heavily impacted oil-producing nations, few more than Kazakhstan, which had a marginal oil industry prior to the 1991 breakup of the Soviet Union. Having attracted more than $40 billion in foreign investment since then, Astana is now caught between a fiscal rock and a hard place as foreign investors seek to retrieve their funds. In its search for foreign capital to cover its balance-of-payments problems, Kazakhstan, like many nations, is turning to a nation flush with an astounding $2 trillion in foreign reserves, besides running a massive trade surplus -- China.
Apr 28, 2009