Sept. 25 (Bloomberg) -- Erbolat Dosayev was named Kazakh economic development and trade minister, joining his business partner Nurlan Kapparov, who was reappointed as environmental protection minister in a new Cabinet.
President Nursultan Nazarbayev announced the makeup of the Cabinet after Karim Massimov resigned as premier yesterday and was replaced by Serik Akhmetov, prompting the formation of a new government. Oil and Gas Minister Sauat Mynbayev, Finance Minister Bolat Zhamishev, Deputy Prime Minister Kairat Kelimbetov and most other Cabinet members from the previous government kept their posts, according to a statement published on the president’s website today.
Dosayev replaces Bakytzhan Sagintayev, who became the ruling Nur Otan party’s first deputy chairman yesterday. Dosayev is Kapparov’s “close business associate,” according to the website of Almaty-based Kazinvestbank, where both own stakes. Dosayev is the chairman of Kazinvestbank’s board, according to its website.
Dosayev previously worked as health minister and Kapparov served as a deputy energy minister, according to the website of Lancaster Group, another company they co-own.
Lancaster Group has a stake in Ersai, a joint venture with Saipem SpA. The company worked to build a hub island for the Kashagan field, a $46 billion project that’s seeking government approval for another multi-billion expansion.
The reassignments by the Kazakh president will have “little impact on the effectiveness, stability, or predictability of Kazakhstan’s policy making and political institutions” because of the control exerted by Nazarbayev, Standard & Poor’s said in a statement released today.
The central Asian nation’s BBB+ credit rating and outlook are unaffected by yesterday’s resignation of Massimov and his replacement with Akhmetov, S&P analysts Ana Jelenkovic and Kai Stukenbrock said in the statement.
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