Kazakhstan targets China, India in long-tern fuel production strategy
Kazakhstan, one of fastest-growing oil producers in the world, plans to boost its fuel exports to China, India and Central Asia, pinning its hopes on growing demand in the regions, the energy ministry said on Tuesday.
It said the government approved the long-term strategy of the oil refining industry's development for 2025–2040. The country currently has restrictions on exports of gasoline and diesel.
The country has three large oil producing plants—in Pavlodar in the north, Shymkent in the south and Atyrau in the west—with combined annual production reaching 17 MM tonnes (t) (350,000 bpd) following modernization.
The ministry said it expected domestic fuel demand to grow by up to 2% each year thanks to urbanization and industrial development.
It said it sought to boost fuel exports, targeting markets in China, India and the countries in Central Asia with a view of raising the share of exports in total output to 30% by 2040.
It added that it may raise foreign investments to fund the implementation of the strategy given Kazakhstan's crude oil reserves of 30 Bbbl.
Comments