Discover Kazakhstan’s hidden Frontier Market! We break down the KASE and AIX and its strange link to inflation.
What’s the deal with Kazakhstan Equities Markets? Located in Central Asia, this country is classified as a Frontier Market by major rating agencies, but it has huge potential, especially when compared to giants like the New York Stock Exchange.
We’re checking out the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX) to see if they can finally help diversify the country’s economy beyond its natural resources. Historically, its role in financing local businesses has been tiny.
Here's the kicker: Recent analysis revealed a truly shocking strong positive correlation between KASE’s market capitalization and inflation! We explain why this bizarre connection matters far more than its minimal influence on overall GDP or unemployment figures.
Learn what it takes for a bank-dominated market to break out of the pack and reach that coveted Emerging Markets status. Whether you're an American investor looking for new frontiers or just curious about global finance, this episode gives you the inside scoop on how money moves in Kazakhstan.
Hit play and get ready to talk about Tenge!

Where'd the Kazakh Tenge come from? This is the story of the Tenge, the remarkable and unexpected currency born of chaos.

In a time when vodka was used as a savings device, as the ruble crumbled a new currency suddenly emerged.

Explore Kazakhstan's rich mining legacy! From its ancient 'ore-igins' to its role as a global critical minerals powerhouse.

Get ready to drill down into its incredible mining story! This isn't just a tale of recent discoveries; Kazakhstan boasts a history of mining that goes back centuries, with ancient tribes excavating and crafting mind-blowing gold and bronze jewelry.

You'll discover how modern industrial mining in Kazakhstan actually kicked off about 120 years ago with British entrepreneurs. Learn about the massive, programmed geological research during Soviet times that revealed immense reserves of copper, zinc, lead, and iron ore, making Kazakhstan a flagship of Soviet industry. But don't let those old stereotypes fool you – this is a dynamically developing country, leading economic and political reforms in Central Asia, and it’s very successful at attracting foreign investment.

While Kazakhstan is well-known for its oil and gas, its subsoil is also a treasure trove of critical minerals. We're talking uranium (it’s a leading global producer!), titanium sponge, tungsten, lithium, silicon, and many other rare earth and strategic materials.

The government is seriously committed to developing its mining sector, not just for raw materials but also for adding value through processing and refining right there in Kazakhstan. They're looking for fair, long-lasting partnerships, where foreign investors bring in new technologies, expertise, and training for local staff. They also prioritize sustainable practices that respect local communities and the environment – a big area where British and American companies can really shine.

Kazakhstan and Chevron: The Deal of the Century.

Today we're going into the complex, high-stakes world of post-Soviet energy. Explore how Chevron secured a massive $20 billion joint venture in Kazakhstan, home to some of the world's largest oil fields like Tengiz, Karachaganak, and Kashagan.

Learn about the pivotal and controversial American figure, James Giffen, who served as counselor to Kazakhstan's President Nazarbayev. He played a central role in brokering enormous oil deals for U.S. companies during a time of immense change, leveraging his deep connections.

These weren't just business transactions; they involved navigating challenging technical issues like high pressure and hydrogen sulfide, alongside allegations of corruption and a major U.S. investigation known as "Kazakhgate." Discover how U.S. laws like the Foreign Corrupt Practices Act intersected with international diplomacy, power struggles, and the geopolitical significance of Central Asia's vast energy resources.

Ready to uncover the secrets of the 'black gold of the steppe'? Join us to explore Kazakhstan's epic oil saga!

Kazakhstan, a massive country far from the ocean, became a major player on the world energy stage. We dig into its history, from the first wells drilled back in 1911 to the era where they really started pumping serious oil in the 60s and 70s. Then came independence and big international companies jumping in, helping production shoot past 1 million barrels a day!

Discover the incredible story of the giant fields that power Kazakhstan's oil growth: Tengiz, Karachaganak, and Kashagan. Kashagan is one of the biggest finds anywhere outside the Middle East! But getting this oil out wasn't simple – it's deep, super-high-pressure, and full of nasty, toxic gas. They even had to build crazy artificial islands just to drill in the shallow Caspian Sea! We'll look at the challenges, like delays and massive costs at Kashagan, and the ingenuity it took to overcome them. We also touch on other important fields like Uzen, Zhetybay, Kalamkas, Kenkiyak, and Kumkol.

Major international players were key to developing these complex projects. Find out how big US companies like Chevron and ExxonMobil got involved, including the famous 40-year joint venture for Tengiz, sometimes called the "contract of the century." We also mention ConocoPhillips' past stake in Kashagan.

Since Kazakhstan is landlocked, getting the oil to market relies heavily on pipelines. The Caspian Pipeline Consortium (CPC) pipeline to the Black Sea is a major highway for their oil, capable of moving over a million barrels a day. There are also routes east to China, north into Russia, and across the Caspian Sea by tanker. The main oil they export is called CPC Blend, a prized type of light, sweet crude that makes lots of gasoline.

Beyond oil, Kazakhstan has tons of natural gas, mostly in those big oil fields. We explore how much of that gas is used to boost oil production and the challenges of dealing with its high sulfur content. Plus, learn about their gas pipelines and how they connect producing regions to cities. Fun fact: Kazakhstan is also a global leader in coal and the world's largest uranium producer!

Join us as we explore the epic engineering, the wild history, and the sheer grit it took to unlock this "black gold" under the Kazakh steppe!

We're talking about the Shaybanid Empire! How did Shaybani Khan take Samarkand? Find out on Steppe by Steppe!

Join us as Steppe by Steppe explores the dramatic rise of Muhammad Shaybani Khan, the ambitious Uzbek leader who capitalized on the chaos of the fading Timurid Empire. Trace his path from mercenary to ruler as he unified Uzbek tribes and seized control of Central Asia's crown jewels: Samarkand and Bukhara, founding the powerful Shaybanid Dynasty.

This episode dives into Shaybani's takeover of Samarkand in 1501. We contrast this pivotal moment with the city's earlier, devastating history, like the infamous Mongol sack of 1220. Shaybani's approach earned our title: 'Less Sack, More Steppe'. Far from destroying the city, the Shaybanids established it as a crucial center and left their own architectural mark, contributing to its revival.

Learn about his strategic rule, religious emphasis, and the fierce rivalry with the rising Safavid Empire that ultimately sealed his fate at the Battle of Merv.

Explore the exotic flavors of Uzbekistan, a culinary jewel on the legendary Silk Road! Discover the secrets behind Uzbekistan's mouthwatering cuisine. Learn about plov, the national dish loved by rich and poor alike, and how ancient traditions shape modern meals. From savory samsas to hearty lagman and flavorful shashlik, we uncover the unique spices and ingredients that make Uzbek food a delicious adventure for American palates. Journey with us through centuries of history and taste the cultural exchange that defines this fascinating foodscape.

What's covered:

• The significance of plov and its regional varieties across Uzbekistan.
• Popular dishes like samsa, manti, shashlik, and lagman and their key ingredients.
• The historical connection between Uzbek cuisine and the Silk Road.
• How Uzbek food reflects the country's hospitality, community, and identity.
• Insights into traditional cooking methods and the importance of ingredients like cumin and animal fat.

Unlock the profound and playful wisdom of Nasruddin from Uzbekistan!

Delve into the enduring legacy of this legendary wise fool. Discover the uproarious and thought-provoking tales of Nasruddin, revered in Uzbekistan as Afandi, whose timeless humor has captivated hearts for centuries. Explore how his seemingly simple anecdotes cleverly challenge societal norms and offer surprisingly relevant insights for modern Americans. Learn about the deep cultural roots of his stories in Uzbekistan and across the Islamic world. Get ready to laugh out loud while uncovering the hidden gems of wisdom embedded in Nasruddin's unforgettable adventures. Understand why this master of wit and irony remains a beloved figure, offering a unique perspective on life, folly, and the search for understanding. Prepare to have your perceptions shifted and your funny bone tickled by the incomparable Uzbek wisdom of Nasruddin!

Step onto the ancient Silk Road and delve into the extraordinary story of the Jews of Bukhara, Uzbekistan! This episode of Steppe by Steppe unearths the deep historical roots of this vibrant community in the heart of Central Asia. Discover their centuries-long presence in legendary cities like Bukhara and Samarkand, once vital hubs of trade and culture.

Explore the unique tapestry of their traditions, from the soul-stirring melodies of their classical Shashmaqam music to the distinct sounds of their Bukhori language, a Judeo-Persian dialect with ancient ties. Learn about their rich cultural heritage, shaped by both Jewish practices and the influences of their Central Asian neighbors. Today, a thriving diaspora community calls America home, with a significant presence in Queens, New York, where 108th Street is affectionately known as "Bukharan Broadway," a testament to their vibrant cultural life in the United States.

Hear the compelling journey of a people who have bridged the ancient world and modern American society, preserving their unique identity while contributing to the diverse cultural landscape of the United States.

This episode offers a fascinating glimpse into a little-known chapter of Jewish history and the enduring spirit of a unique community.

Delve deeper into the clandestine world of Cold War espionage! Steppe by Steppe unearths shocking declassified CIA documents exposing America's secret intelligence operations within the enigmatic Kazakh SSR.

Journey behind the Iron Curtain and into a land largely cutoff from the West. What secrets did the CIA seek in Almaty and across Kazakhstan at the height of the Cold War?

Discover the fascinating details revealed in these newly found archives – the threats perceived, the interests pursued, and the intricate spy games on the steppe. Understand what made this region so compelling to American intelligence during a pivotal era of global tension.

Uncover a hidden history of Kazakhstan and the CIA's Cold War activities!