KMG ramps up oil and condensate production to 23.8mln tons

According to Askhat Khassenov, the volume of crude oil and condensate production by KMG group of companies made 23.8 million tons, having increased by 1.3% since 2023.

He said that the design stage of the Kalamkas-Sea project worth $6.4bln had begun. In 2024, drilling works were launched at the Turgai Paleozoic, Karaton Podsolevoy, Karazhar, and Taisoigan wells, the reserves of which exceed 800 million tons in oil equivalent.

In 2024, oil transportation volumes  increased by 4% against 2023 reaching 83.6 million tons. 17.44 million tons of oil were processed at the domestic oil refineries.

Askhat Khassenov said that the company launched measures to increase light-oil products manufacture by 370,000 tons to supply them to the domestic market.

In his words, the project aimed at increasing bitumen production to 750,000 tons at the LLP CASPI BITUM is in the implementation phase. Construction works have begun on a $7.4 billion polyethylene plant with the annual capacity of 1.25 million tons. Construction of a desalination plant  and a 247MW hybrid power generating unit is underway in Mangistau region.

Kassym-Jomart Tokayev was also informed about the implementation of social projects in the regions.

Upon completion of the meeting, the President tasked KMG Chairman to continue the works in geological exploration, implementation of major investment projects and development of petrochemistry.

On January 8, Kassym-Jomart Tokayev received the Chairman of the Financial Monitoring Agency, Zhanat Elimanov, who reported about the Agency’s work in 2024 and the tasks set for the upcoming period.