ASTANA — KazMunayGas (KMG) Chairman Askhat Khasenov underscored the company’s growing partnership with China, announcing plans for new joint projects in oil, gas, and petrochemicals during the eighth Kazakhstan–China Business Council in Beijing on Sept. 2, KMG’s press service reported.
KMG Chairman Askhat Khasenov announced a 15 billion yuan (US$ 2 billion) Dim Sum bond program to bolster KMG’s presence in international markets in Beijing on Sept. 2 Photo credit: KMG’s press service
With a market capitalization of $22.7 billion, KMG plans to launch a Dim Sum bond program worth up to 15 billion yuan (nearly US$2 billion) to bolster KMG’s presence in international markets. Dim Sum bonds are yuan-denominated bonds sold outside China, allowing companies like KMG to tap Chinese currency from global investors.
Khasenov stressed that KMG already works closely with major Chinese energy players. According to him, this year alone, new exploration agreements were signed with Sinopec, CNOOC, and CNODC, covering fields in West Kazakhstan, Atyrau, and the Pre-Caspian Basin.
Khasenov said KMG is exploring new areas of collaboration with Chinese partners, including IT solutions to modernize operations.
He invited Chinese partners to take part in future projects, noting that only five of Kazakhstan’s 15 sedimentary basins are currently being developed. Chinese companies already account for 5.5 million tons of annual oil output in joint projects with KMG.
“To increase production at operating assets, we plan to introduce new technologies,” said Khasenov.
KMG is also exploring new areas of collaboration with Chinese partners, including IT solutions to modernize operations.
Partnerships between Kazakhstan and China are also expanding into refining and petrochemicals, with joint ventures advancing a major polyethylene complex and a urea plant. Speaking at the Kazakhstan–China Business Council in Beijing today, President Kassym-Jomart Tokayev highlighted the strong track record of bilateral energy cooperation and urged deeper collaboration on large-scale hydrocarbon and petrochemical projects.
In talks with CNPC Chairman Dai Houliang, Tokayev stressed the importance of developing Kazakhstan’s gas chemical industry, pointing to flagship initiatives such as the expansion of the Shymkent Oil Refinery, which aims to double its capacity to 12 million tons annually by 2030, and the planned urea facility in the Aktobe region to support the agro-industrial sector.
