ASTANA – Deputy Prime Minister and Minister of National Economy Serik Zhumangarin chaired a March 3 meeting focused on boosting economic growth, focusing on the oil and gas industry and the investment-driven development of the Mangystau Region.
Photo credit: Prime Minister’s press service.
With real gross domestic product (GDP) growth in 2024 at 4.8%, the target for 2025 is 7%. This is a very high but achievable indicator with the timely implementation of investment projects in the real sector of the economy, said Zhumangarin.
Deputy Minister of Energy Yerlan Akkenzhenov noted that oil refining in January reached 1.53 million tons, or 104% compared to January last year. This figure is ahead of the plan for the first month of 2025 by 0.6%.
The share of oil refining in Kazakhstan’s GDP is less than 1% (for 2023 – 0.8%, for nine months of 2024 – 0.6%). At the same time, the oil refining sector produces products with high added value. After the completion of the expansion project of CaspiBitum, which is expected at the end of May, its refining capacity will increase from 1 million tons to 1.5 million tons. The total volume of refining capacities in 2026 will increase from 18 million to 18.5 million tons in Kazakhstan.
Zhumangarin also addressed concerns regarding the operational capacity of large and mini refineries.
“If there are no major external challenges, the oil refining sector has a strong opportunity to increase its contribution to Kazakhstan’s GDP this year,” said Zhumangarin.
