KMG Chairman invites Chinese companies to join new geological exploration and petrochemical projects in Kazakhstan
Chairman of JSC NC KazMunayGas National Company Askhat Khassenov addressed the panel session “Deepening practical cooperation in the field of energy and promotion of green development” as part of the 8th meeting of the Kazakh-Chinese Business Council held in Beijing on Sep 2, Kazinform News Agency reports.
In his remarks, Khassenov said that KazMunayGas is the company with the highest market capitalization in Kazakhstan at $22.7 billion. KMG actively explores the potential of international financial markets and plans to approve a program to issue Dim Sum bonds worth a total of 15 billion yuan.
“In general, KMG enjoys effective cooperation with major Chinese companies in all areas. In the current year, KMG has entered into contracts with Sinopec regarding the Berezovckiy deposit in the West Kazakhstan region, and with CNOOC on Zhylyoi site in Atyrau region. The exploration of Dostyk site is underway together with CNODC. Chinese partners are interested in other promising geological projects, such as Bereke in Atyrau region and Shu-Sarysu in Ulytau,” said Khassenov.
At the same time, there is enormous potential for new investments, since out of 15 sedimentary basins, production is carried out only in 5, he noted.
Khassenov invited Chinese companies to explore new deposits in Kazakhstan.As for oil extraction, Chinese companies account for 5.5 million tons of annual oil production in joint projects with KMG.
He also spoke on cooperation with the Chinese partners in oil processing and petrochemical sector, mentioning Polyethylene project (with the capacity of 1.25 million tons of oil per year), and Carbamide project (with the capacity of 880 thousand tons per year).
One of the most important and large projects implemented together with CNPC is the expansion of the Shymkent Oil Refinery capacities from the current 6 million tons to 12 million tons by 2030, he concluded.
Earlier it was reported that more than 70 documents worth over $15 billion were signed following the 8th meeting of the Kazakhstan-China Business Council.
