ASTANA, Kazakhstan, March 25. Kazakhstan plans to double its oil refining capacity, Minister of Energy Yerlan Akkenzhenov said, Trend reports via the ministry.
He made the remarks during the session “Global Oil Market Outlook: Fundamentals and Geopolitical Turbulence” at the CERAWeek international energy conference in the U.S.
According to Akkenzhenov, expanding refining capacity will allow Kazakhstan not only to fully meet domestic demand but also to strengthen its position as a supplier of petroleum products across Central Asia.
During the discussion, the minister outlined the current state of Kazakhstan’s oil industry, noting that the country continues to maintain its status as a reliable supplier of energy resources to global markets.
He also highlighted key challenges facing the sector, including energy security issues and the stable operation of the Caspian Pipeline Consortium (CPC), which handles the bulk of Kazakhstan’s oil exports.
"Ensuring uninterrupted functioning of this route remains critically important for the national economy," Akkenzhenov stressed.
At the same time, he noted that Kazakhstan is consistently pursuing a policy of diversifying export routes, including expanding directions toward China. However, the CPC remains the most cost-effective and priority oil transportation corridor.
Special attention in the minister’s remarks was given to improving the investment climate in the oil and gas sector. In this regard, he pointed to the implementation of the Enhanced Model Contract, which provides for tax incentives and is aimed at attracting new investments into hydrocarbon exploration and production
Within the frame of CERAWeek, Akkenzhenov held a meeting with U.S. Secretary of Energy Christopher Wright, where the sides discussed energy logistics and guarantees for uninterrupted supply of hydrocarbons to global markets.
It was noted that the total U.S. investment in Kazakhstan’s energy sector has exceeded $60 billion. American corporations ExxonMobil and Chevron remain key partners in the country’s largest energy projects—Tengiz, Karachaganak, and Kashagan—which together account for around 70% of Kazakhstan’s total oil production and contribute significantly to the global output of U.S. energy majors.
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