Kazakhstan - 03

Kazakhstan: Buy High, Sell Low: Gas Distribution Company Hobbled by Regulations

Kazakhstan’s gas distribution sector is in need of significant reforms, as it is incurring increasingly severe losses. The main victim is KTGA, which controls 95% of the market in 10 gasified regions of the country and supplies gas to roughly 8mn consumers. (KTGA is the most important and most problematic asset of KTG.) Indeed, over the last three years several top officials have publicly blamed KTGA’s continuous losses on the existing “cross-subsidy” system of regulations.

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