Kazakh prime minister keeps post after election

ASTANA, Sep 2 (Reuters) Kazakh Prime Minister Karim Masimov, a loyal member of President Nursultan Nazarbayev's inner circle, retained his job toady after the Central Asian nation's parliament rubber-stamped his re-election.

Although this was part of a technical procedure after a parliamentary vote earlier this month, the continuation of Masimov's role is of keen interest to foreign investors, who are watching Kazakhstan for any change in its business policy.

The new parliament, which consists solely of pro-presidential MPs, unanimously returned Masimov to office again,today.

"By doing so we unanimously confirmed our confidence in this government," said Aslan Musin, the new speaker of the lower house.

Masimov, first appointed prime minister in January, has played an instrumental role in Kazakhstan's row with a group of Western oil companies developing the Kashagan oil field on the Caspian Sea, the biggest oil find in decades.

Under Masimov, the Kazakh government suspended work at the oilfield on Aug. 27 citing ecological issues, in a dispute over Kashagan's start-up delays and cost overruns.

Masimov is a pro-business technocrat who speaks five languages and has studied in a US business school.Kazakhstan, a former Soviet Central Asian nation, is a big regional oil producer which is fast emerging as a major source of non-OPEC oil. International majors have invested billions of dollars in energy projects in Kazakhstan, including Kashagan.

The Aug 18 parliamentary election, has been judged flawed by international observers and described as a return to the Soviet past by the opposition.

It handed Nazarbayev's Nur Otan party every available seat in parliament after it won 88 per cent of votes.

REUTERS PDT AS1508