ASTANA, Kazakhstan, October 3. Only 35 percent of investments in Kazakhstan currently go to the oil and gas sector, Deputy Foreign Minister Alibek Kuantyrov said during the panel session “Investment Economy: Partnership between Business and Government” at the 16th KAZENERGY Eurasian Forum "A New Energy Order: Focus on Middle Powers", Trend reports.
Kuantyrov noted that the investment structure in Kazakhstan has changed significantly over the past two decades: in the 1990s, 75 percent of investments were concentrated in the oil and gas sector.
He articulated that artificial intelligence ought to be conceptualized not merely as a sector for capital allocation but also as a mechanism to enhance operational efficacy. The deputy minister also underscored the criticality of advancing renewable energy paradigms, phosphorus and hydrogen innovation frameworks, alongside sustainable coal processing methodologies.
It was also noted that the Kazenergy Association is currently drafting a law on petrochemicals aimed at stimulating deep processing of raw materials and enhancing the sector’s competitiveness.
Meanwhile, the OPEC annual global oil market review was presented at the forum by Behrooz Baikalizadeh, Head of the Oil Research Department at OPEC. He highlighted that between 2025 and 2050, the oil and gas sector will require massive investments of over $18.2 trillion. Of this, $14.9 trillion will be needed for upstream projects. Baikalizadeh warned that insufficient financing could threaten global market stability and energy security.
