Oil under control

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Kerim Raibetov

2008-10-07

ASTANA, Kazakhstan, Oct. 1—Prime Minister Karim Masimov on Sept. 30 told parliamentarians that the government would soon establish state control over all oil refineries. He also told parliamentarians about new measures to prevent deliberate bankruptcy, the forthcoming consideration of a draft law ‘On Veterans,’ and a number of other issues, Express-K said.

Masimov’s report to parliament during government hour, focused on the raging global financial crisis. After listing the stabilisation measures the government has already implemented, the prime minister talked about new steps in this area. "We consider it necessary to launch a mechanism of the law ‘On Financial Stability,’ that is being discussed in parliament,” he said. “The purpose of the draft law is to hold the large shareholders of financial organisations responsible for making the organisation insolvent, and define the procedure by which the state can acquire the authorised shares of a bank in the event its financial situation deteriorates.”

Masimov said this measure is designed to protect clients of financial organisations, primarily banks, if they declare voluntary bankruptcy. “I hope there will be no need to apply this law, but we must have the option of exercising this mechanism."

The prime minister also discussed fuel problems. He said that the state has already obtained controlling interest of Atyrau and Shymkent, two of the country’s three oil refineries, and the situation with the Pavlodar refinery will be determined in the next couple of weeks. “All three existing refineries will be under state control to some extent … to ensure stability in our society,” he promised.

Masimov also announced the planned reform of the customs control system. A draft law on that has already been submitted to parliament.

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