Kazakhs keep eying oil industry boost

The volume of oil production in Kazakhstan will total 104 million tonnes a year by 2025. The major part of oil will be extracted at the three main Kazakh oil fields, which are Tengiz, Karachaganak and Kashagan. There are plans to construct the fourth compressor and the fifth infield pipeline. According to Director General of the Kazenergy association Asset Magauov, the oil and gas industry still remains an attractive sector for direct investments. Moreover, the new tax code and the subsoil code will also contribute to the attraction of foreign businesses in oil fields, such as offshore oil exploration and extraction. A reform in environmental legislation is also planned to be held this year in Kazakhstan.

A special working group is established in the Ministry of Energy that prepared a draft concept of amendments to the environmental code. Together with the member companies of our association, we are actively generating suggestions, involving relevant consultants with expertise in reforming the environmental code, because, investors had many questions regarding environmental fees that they paid,” coments Kazenergy director general Asset Magaouov.

Meanwhile, modernization at three oil refineries will be completed this year. The move will result in the increased production of light oil products. It is forecasted that the volumes of oil processing will grow to one million tonnes.

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