Kazakhstan set to increase oil refining capacity to 18.5mln tons
Images | depositphotos
Kazakhstan’s Deputy Prime Minister - Minister of National Economy Serik Zhumangarin chaired a meeting of the economic growth staff focusing on prospects of the oil and gas sector for this year and the investment and economic development of Mangistau region, Kazinform News Agency reports.
According to the press service of the country’s government, Kazakhstan bets on timely realization of investment projects in its real economic sector, as the country set a GDP growth target for 2025 of at least 7%, an increase from its real GDP growth of 4.8% in 2024.
During the meeting, Deputy Energy Minister Yerlan Akkenzhenov said, 'Kazakhstan’s oil refining stood at 1.53 million tons in January or equivalent to 104% of the same month of last year, exceeding the plan by 0.6%'.
In general, oil refining accounts for under 1% of Kazakhstan’s GDP (0.6% in 9 months of 2024).
The country seeks to increase its oil refining capacity to 18.5 million tons, as CaspiBitum is set to complete its expansion project by the end of May this year, rising its capacity from 1 million to 1.5 million tons.
During the meeting, the need was highlighted to look at Mangistau region’s underperforming agriculture and fishery industries (87.5% against 101% planned) and trade (102% against 105.4% planned), as the country targets a 7% GDP growth in 2025.
The next meeting of the economic growth staff is set to focus on trade as well as transport and storage.
As earlier reported, Kazakhstan plans to produce 96.2 million tons of crude oil, primarily driven by the Tengiz oilfield expansion project, in 2025.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
relevant news
Foreign leaders congratulate President Tokayev on the beginning of holy month of Ramadan
Images | akorda.kz
Foreign leaders and heads of international organizations are sending letters of congratulations to Kassym-Jomart Tokayev on the occasion of beginning of the holy month of Ramadan, Kazinform News Agency learned from the Akorda press service.
Those sending the letters were President of Uzbekistan Shavkat Mirziyoyev, Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, President of the UAE Sheikh Mohamed bin Zayed Al Nahyan, UAE Vice President, Prime Minister, and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, King Abdullah II of Jordan, Emir of the State of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, Crown Prince of the State of Kuwait, Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, Sultan Haitham bin Tariq of Oman, President of Egypt Abdel Fattah El-Sisi, King Mohammed VI of Morocco, King Hamad Bin Isa Al Khalifa of Bahrain, President of Israel Isaac Herzog, Secretary General of the OIC Hissein Brahim Taha, Secretary General of OPEC Haitham Al Ghais and others.
Earlier, Kassym-Jomart Tokayev congratulated Kazakhstanis on the beginning of Ramadan.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan appoints new Minister of Industry and Construction
Images | ktze.kz
By a decree of the Head of State, Yersaiyn Nagaspayev has been appointed the Minister of Industry and Construction of Kazakhstan, Kazinform News Agency learned from the Akorda press service.
Yersaiyn Nagaspayev is a graduate of the Karaganda State University and holds a diploma in "International Economic Relations."
In different years, he worked at the Ministry of Foreign Affairs, Ministry of Transport and Communications, Aktau International Port. He was an advisor to the vice prime minister of Kazakhstan, deputy governor of Kazybek Bi district in Karaganda region, mayor of Shakhtinsk, deputy mayor of Astana. He also helmed the Astana Social-Entrepreneurial Corporation and was a Managing Director at the JSC NC Kazakhstan Temir Zholy.
Earlier, it was reported that Asset Irgaliyev was appointed the Chairman of the Agency for Strategic Planning and Reforms
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
3 million tonnes of steel capacity metallurgical plant to be built in Zhambyl region
Images | primeminister.kz
Prime Minister of the Republic of Kazakhstan Olzhas Bektenov met with the Chairman of the Board of one of the leading metallurgical companies in China Fujian Hengwang Investment Co., Ltd Zeng Zhaoqiang, primeminister.kz reports.
Discussed the implementation of agreements reached on the margins of the Kazakh-Chinese investment round table during the working visit of the head of the Government of the Republic of Kazakhstan to China in November 2024.
The main topic of the meeting is the implementation of the project for the construction of a metallurgical plant with a capacity of 3 million tonnes of steel on the territory of the special economic zone Jibek Joly in Zhambyl region. The total amount of investments of the Chinese investor is estimated at $1.2 billion. 2.5 thousand jobs will be created as part of the project. Construction is scheduled to start in April 2025.
According to the investor's plans, at the first stage in 2027 the production capacity will amount to 1 million tonnes of steel, and the volume of investments will reach 160.2 billion tenge. By 2029, output will increase to 3 million tonnes, with additional investment of 312.8 billion tenge. Kazakhstani raw materials will be used for production: natural gas and iron ore mined in the Karaganda, Kostanay and Ulytau regions, as well as lime. As a result, the company plans to produce a wide range of products, including wire rod, rebar, strip steel for pipe production, as well as angle and section steel. The second phase of the project will include the construction of a 350 MW gas turbine power plant to meet the needs of the metallurgical plant, for which the investor will allocate 201.3 billion tenge.
Chairman of the Board of Fujian Hengwang Investment Co., Ltd Zeng Zhaoqian, emphasised that the company will introduce a technology of direct reduction of iron (DRI), which will ensure its high content in products of more than 90% and increase the competitiveness of Kazakhstan's metallurgy.
Head of the Government Olzhas Bektenov noted that this project will be an important step for the development of domestic metallurgy, increasing production capacity and expanding the country's export potential.
The project is significant for us. It is an important direction that allows us to expand the export opportunities of our country. For accelerated implementation of investment projects, the Investment Headquarters functions under the Government of Kazakhstan. The Government fully supports your plans and will provide the necessary support for their implementation," Prime Minister emphasised.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
AI assistant to be integrated into National Digital Investment Platform
Images | Depositphotos
Deputy Chairman of the Investment Committee of the Republic of Kazakhstan Arman Aksubayev revealed that the process of digitizing investment agreement signing is planned in 2025 during a Feb. 27 roundtable of the Central Communications Service, Kazinform News Agency reports.
The National Digital Investment Platform, like other similar projects, continues to be adjusted and developed after its launch. In 2025, we will continue our active work to further improve and expand the platform," Arman Aksubayev noted.
Additionally, the following plans are in place for this year:
- Development of a CRM system for task assignment to ambassadors and foreign representatives of Kazakh Invest;
- Digitization of services in terms of making amendments and cancellations of investment contracts;
- Digitization of the process of signing investment agreements.
Currently, the process of approving and including projects in the Unified Industrialization Map is not automated. To improve cooperation between the Ministry of Foreign Affairs and the Ministry of Industry and Infrastructure Development in supporting and assisting investors, automation and further integration will be developed," the Deputy Chairman of the Investment Committee added.
As reported earlier, Kazakhstan is to develop educational programs and courses on AI.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
New Deputy Chairman of Kazakhstan Agency for Civil Service Affairs named
Images | Kazakhstan Agency for Civil Service Affairs
By a decree of the President, Alibek Akhmedyar has been appointed Deputy Chairman of the Agency for Civil Service Affairs of the Republic of Kazakhstan. Prior to this, he served as the Chief of Staff of the Agency, Kazinform News Agency reports.
He graduated from the L.N. Gumilyov Eurasian National University and completed a master’s degree in law at the University of Southern California under the Bolashak program. He is a member of the Presidential Youth Personnel Reserve of 2019.
He began his career at the Ministry of Industry and Trade, working as a legal department expert.
Akhmedyar held various positions in the Ministry of Education and Science, the Ministry of Industry and New Technologies, the Ministry of Investments and Development, the Office of the Prime Minister of the Republic of Kazakhstan, and served as the Director of the Legal Department at the Ministry of Foreign Affairs.
As reported earlier, Arman Kyrykbayev has been appointed as the Assistant to the Kazakh President for domestic policy and communications.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan to ban oil products export
Images | Depositphotos
The ministries of energy, finance, internal affairs and the National Security Committee drafted a joint order "On some issues of export of oil products from the territory of the Republic of Kazakhstan," Kazinform News Agency reports.
The document imposes a 6-month ban on oil products export from the territory of the Republic of Kazakhstan, including to the Eurasian Economic Union member states.
Currently, the Ministry of Energy observes an unusual increase in the domestic consumption of the popular AI-92 gasoline and diesel fuel.
According to the law-enforcement agencies, monthly volumes of grey export and cross-border fuel flows range from 10,000 to 45,000 tons. This is explained by the price discrepancies - in Kazakhstan, fuel prices are 17% to 166% lower than in neighbor countries. Moreover, under the Oil and Oil Products Supply Agreement, Kazakhstan has to import oil products on duty-free terms and take into account the Russian side’s requirements on prohibition of fuel re-export outside the EAEU territory. Thus, we need to enhance control over the export of oil products which are disguised as goods belonging to other export categories, including outside the territory of the EAEU," the Ministry of Energy says.
The document was published on legalacts.egov.kz and is available for discussion until March 14.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Olzhas Bektenov discussed with EDB head Nikolay Podguzov joint implementation of infrastructure projects
Images | primeminister.kz
Prime Minister of Kazakhstan Olzhas Bektenov held a meeting with the Chairman of the Eurasian Development Bank Nikolai Podguzov, primeminister.kz reports.
The issues of further cooperation in the implementation of joint projects were considered.
At the end of 2024, the Bank has allocated almost $1.4 billion for projects in the country, in general, over the past three years, the volume of investment of the bank in the country amounted to $3.6 billion. Thus, the share of projects in Kazakhstan continues to occupy an important place in the bank's portfolio.
Nikolay Podguzov noted that in 2025 the Bank intends to continue financing key strategic projects in the areas of energy, transport and industry, focusing on the introduction of digital technologies and innovative solutions.
This year, EDB plans to invest in such socially important projects as the expansion and modernisation of CHP in the Central and Eastern region of Kazakhstan, construction of a plant for the production of polyethylene, construction of a solar power plant with a capacity of 545 MW Altyn Dala.
The Prime Minister noted that Kazakhstan is interested in further expansion of co-operation, especially in the areas of energy, engineering and municipal infrastructure.
Eurasian Development Bank is an important partner of Kazakhstan. Last year, the volume of investment in our economy increased by almost 40%. The Bank's loan portfolio for Kazakhstan increased to 63.4 per cent of the total. We are interested in further expanding co-operation with the Bank on mutually beneficial terms. We also intend to unlock the potential of both traditional and new areas of cooperation," Olzhas Bektenov emphasised.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.