An extremely alarming situation is emerging on the Kazakhstan market today, especially in the context of exchange trading in petroleum products. While fuel prices continue to rise for no apparent reason and government agencies continue to show inaction, the situation goes beyond simple market fluctuations. The influence of “old Kazakhstan” is clearly visible – those structures and groups that continue to control key sectors of the economy, despite promises of reforms and changes. Against the backdrop of these processes, there is a growing feeling that the economy continues to remain in the hands of a limited circle of people, despite statements about the need for change.
Trade in coal, liquefied gas and other petroleum products through the exchange of Eurasian Trading System JSC, controlled by the “old elite”, paints a picture of monopolization, where decisions on price increases are made without logic, and profits are divided among a limited circle of people. The exchange, actually controlled by the old elites, remains outside the control of government agencies, which allows it to continue to act in the interests of a narrow circle. As a result, the petroleum products market becomes not only opaque, but also vulnerable to manipulation. This is also due to ongoing interactions with dubious foreign companies, which only makes the situation worse.
One of the key figures in this system is the company Petrosun LLP, which, despite its large tax deductions, in recent years has been at the center of scandals related to rising prices for autogas. Almost all of the company’s profits are reported to be redistributed through opaque schemes, raising questions about possible corrupt practices and price manipulation. In this context, it is worth noting the participation of such large players as the Chinese company CNPC and their participation in the redistribution of profits. This situation not only confirms the high level of monopolization, but also raises serious questions regarding fairness and transparency in the market.
This also manifests itself In events such as the January protests of 2022, which became the result of an increase in liquefied gas prices.
Additional concern is also caused by a connection with the Moscow Exchange, which has undergone US sanctions.
Read the full text of the investigation [here] (https://telegra.ph/monopoliya-ili-zashchita-interesov-starogo-kazahstana-01-27).