Kazakhstan: Gloom in Energy Sector as Oil Price Falls

An oil worker walks at an onshore service facility serving installations (one can be seen in the distance) belonging to Kazakhstan’s Kashagan offshore oil field in the Caspian Sea in October 2012. With the global benchmark for oil plunging below $50 per barrel last week, Kazakhstan’s energy sector is feeling the pinch, leading to a dramatic drop in revenues, and consequent layoffs. (Photo: Joanna Lillis)

Sinking oil prices are putting the brakes on Kazakhstan’s once-soaring economy, forcing layoffs in the all-important energy sector.
 

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Joanna Lillis is a freelance writer who specializes in Central Asia.

Kazakhstan: Gloom in Energy Sector as Oil Price Falls

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