Kazakhstani bank seeking Long Island investors

LONG ISLAND - NefteBank, a publicly traded Kazahkstani bank, has been meeting with Long Island companies, business leaders and potential investors in an effort to raise funds for energy and minerals exploration and infrastructure in the former Soviet Republic.

The bank's chairman, president

and advisors met with Brookhaven National Laboratory of Upton, the Long Island Forum of Technology in Farmingdale, the Long Island Association in Commack, Bank of New York representatives from Garden City, Symbol Technologies in Holtsville, Arrow Electronics of Melville and Hytech Industries Corp. of Ronkonkoma, among others.

"We are looking for capital for investments in different projects in the western part of Kazakhstan and looking for investors in the bank itself," said Stefan Ragan, a NefteBank financial analyst who is part of the visiting delegation.

NefteBank, which helps finance infrastructure and Kazakhstan's main industry - oil and gas - were seeking investors and joint venture partners, Ragan said. The country, with some of the world's biggest energy reserves, is restricted by a lack of pipelines and other infrastructure. American companies including Texaco, Amoco, Chevron and Mobil are active there, in addition to European firm such as British Gas and Italy's Agip.

Through its trip here and to Washington, the bank also hopes to boost its stock price by arranging the issue of American Depository Receipts, allowing it to trade on a U.S. stock exchange in addition to the Kazakhstan market.

Dowling College, which sponsored and helped organize the NefteBank. visit, will also host NefteBank Chairman Zhanabai Sindikov's daughter as a student, Ragan said. David Ochoa, Dowlings' vice president, said the college is further talking with Kazakhstan officials about bringing students from the former Soviet Republic for its MBA program.

Ragan said the bank is talking with the Long Island Forum for Technology about the possibility of its pharmaceutical members investing in the exploitation of Kazakhstan's baryta mines. Baryta is a mineral essential to the production of certain drugs.

NefteBank talked with Brookhaven National Lab officials about further cooperation on the disposal of nuclear waste, Ochoa said.

The NefteBank executives plan a follow-up visit in October.