ASTANA, Kazakhstan, August 21. KazMunayGas, Kazakhstan's oil and gas producer, has signed a memorandum of understanding with China National Offshore Oil Corporation International Limited (CNOOC) for a joint exploration, Trend reports.
Both parties expressed interest in joint geological studies on promising exploration projects and developing hydrocarbon fields in Kazakhstan.
As part of his visit to China, Askat Hasenov, KazMunayGas Chairman of the Board, held meetings with CITIC Group representatives. They discussed collaborative initiatives in exploration, oil production, and refining.
In discussions with CITIC Group Chairman Xi Guohua, they reviewed the current status of the expansion project for the Aktau Bitumen Plant (LLP "Caspi Bitum"), which aims to increase capacity from 500,000 to 750,000 tons of bitumen per year. Construction and installation work is expected to start in the fourth quarter of this year.
“Kazakhstan has been working with CITIC Group in the oil and gas sector for over 15 years, and we highly value our strategic partnership,” said Hasenov.
Hasenov emphasized the importance of starting the plant in March 2025, before the road construction season begins, and suggested adjusting the project schedule to allow for continuous operation.
The parties also discussed expediting the manufacturing of equipment and optimizing logistics for its delivery to "Caspi Bitum".
Both sides highlighted the strong potential and positive momentum in Kazakhstan-China cooperation in the oil and gas sector.