Kazakhstan outlines strategic plans in oil and gas sector at CERAWeek conference

During the discussion, the minister presented the current state of Kazakhstan's oil industry, while stressing that the country maintains its position as a reliable supplier of energy resources to the global market.

The minister outlined key challenges facing the industry, including energy security issues, particularly the stability of the Caspian Pipeline Consortium (CPC), which exports the majority of Kazakhstan's oil. The importance of ensuring the uninterrupted operation of this route was noted as critically significant for the national economy.

At the same time, Kazakhstan is consistently implementing a policy of diversifying its export routes, including developing pathways towards the People's Republic of China. However, the CPC remains the most economically efficient and prioritized channel for oil transportation.

The minister's speech also focused on improving the investment climate in the oil and gas sector. He highlighted the implementation of the Enhanced Model Contract, which provides tax incentives aimed at attracting new investments in geological exploration and hydrocarbon production.

Strategic plans for the development of oil and gas chemistry were also outlined. Kazakhstan intends to double its oil refining capacity, which will not only ensure the domestic market's needs but also strengthen the country's position as a supplier of petroleum products in the Central Asian region.

Kazakhstan's participation in CERAWeek confirms the country's commitment to active dialogue with the international energy community and the promotion of a balanced policy in the face of global challenges and geopolitical turbulence, the ministry noted.

Earlier, Qazinform reported US investment in Kazakhstan’s energy sector surpasses $60bn.