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Gold/Mining/Energy : Petrokazakhstan Inc.
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To: kingfisher who wrote ()3/5/2000 6:18:00 PM
From: a_player_2001  Read Replies (1) of 2357
 
Although there is more risk for an oil company in Kazakhstan then for one in Alberta, lets remember that

(a) hhl has successfully been doing business in Kazakhstan since 1991, besides the refinery bust up.

(b) the merger with the refinery is very positive from a political risk perspective, as it will effectively turn the company into a local company of sorts. This will make the government less likely to meddle with it's business (using the usual developing country argument that foreign companies are only trying to grab the country's assets on the cheap leaving little permanent value for the people).

(c) The Kazakhs are the most market orientated of all the central Asian republics, maybe even more so than Russia. And they realize that messing around with foreign companies will permanently damage their ability to attract much needed foreign investment.

(d) The refinery's owners (Kazcomertsbank and by association ABN Amro have no interest in rocking the boat at this stage, because by going ahead they will end with a far more valuble company. Changing the plan at this stage would only be negative for them.

So, let's not blow the Kazakh angle out of proportion. This stock remains massively udervalued whichever way you look at it. Check projected cashflows for next year. The current price is just wrong. If I wasn't so long already, I would be loading up here

Player.
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