Kazakh energy sector investments to total $57 billion in 2017-2025

ASTANA – Investments in Kazakhstan’s energy sector will total 19 trillion tenge (US$57 billion) in 2017-2025 and 97 percent will be private investments, Kazakh Minister of Energy Kanat Bozumbayev told the Sept. 7-8 11th Kazenergy Eurasian Forum in Astana.

Kanat Bozumbayev. Photo credit: inform.kz

Kanat Bozumbayev. Photo credit: inform.kz

The forum’s theme this year was Securing the Future of Energy. Highlighting the event was the presentation of the national energy report prepared by the KazEnergy Association together with the British analytical firm IHS Markit that incorporates the general description of the development of the country’s primary sectors of economy.

The two-day event brought global energy companies to the Kazakh capital city to address issues related to the efficient management of sustainable energy sources, controlling production, storage and usage of energy sources and ensuring access to them, climate change and reducing CO2 emissions, as well as innovative development of uranium and nuclear industries.

The minister also spoke about the current energy projects.

“In oil and gas industry, four oil and gas plants with a total annual capacity of 2.3 million tonnes are now being constructed. In nuclear industry, we are planning to launch the construction of the plant producing fuel assemblies, incorporating IT technologies in uranium mining ventures as well as intensifying the search for replenishment of the uranium mineral resource base,” added Bozumbayev.

In his remarks, Bozumbayev noted that 11 non-members of the Organisation of the Petroleum Exporting Countries (OPEC), including Kazakhstan, are fulfilling their obligations, adding that Kazakhstan, Russia and Mexico are accomplishing more than 90 percent of their obligations envisioned in their agreements with OPEC.

“The OPEC member states are doing less than non-members, first and foremost Libya and Nigeria. We are more keen to live up to our obligations,” said Bozumbayev.

In August, Kazakhstan’s goal was producing 1.68 million barrels, and it made 1.643 barrels. “Somewhere it is lower and somewhere it is higher, but Kazakhstan will keep fulfilling its obligations,” Bozumbayev said.