Minister of Energy of Kazakhstan delivers report to the President on development of oil, gas and energy sectors

02 August 2016, 20:20

Energy Minister Kanat Bozumbayev reported to the Head of the state Nursultan Nazarbayev on the key indicators of the development of oil and gas, petrochemical and power industries and informed about the work plans for the coming period. It is reported by the press service of Akorda.

During the meeting they discussed the course of realization of large investment projects in petroleum and energy industries, including commissioning of Kashagan project, expansion of production capacity of Tengiz projects and increase the production of liquid hydrocarbons at Karashagan field.

The Head of State drew attention to the need for further development of energy sector in order to ensure a high level of competitiveness and meet the growing energy needs of the economy. In addition, the President of Kazakhstan noted the importance of taking measures to build scientific and technological capacities and the creation of conditions for the country's transition to a low-carbon development and "green economy."

Energy Minister noted that a slight decline in oil production in the current year is caused by a decline in prices for basic energy resources in the world.

"In the first half of the year 38.8 mln tons of oil was produced, accounting for about 97% of the volume of production in the same period last year. By the end of the current year it is planned to increase production capacity to 75 million tons. However, it processed 6.9 million tons of oil, which is almost 5% higher than it was at the same period of last year," Bozumbayev summed up.

Following the meeting the Head of State gave a number of specific instructions.