ASTANA, Kazakhstan, March 25. Kazakhstan plans
to double its oil refining capacity, Minister of Energy Yerlan
Akkenzhenov said, Trend reports via the ministry.


He made the remarks during the session “Global Oil Market
Outlook: Fundamentals and Geopolitical Turbulence” at the CERAWeek
international energy conference in the U.S.


According to Akkenzhenov, expanding refining capacity will allow
Kazakhstan not only to fully meet domestic demand but also to
strengthen its position as a supplier of petroleum products across
Central Asia.


During the discussion, the minister outlined the current state
of Kazakhstan’s oil industry, noting that the country continues to
maintain its status as a reliable supplier of energy resources to
global markets.


He also highlighted key challenges facing the sector, including
energy security issues and the stable operation of the Caspian
Pipeline Consortium (CPC), which handles the bulk of Kazakhstan’s
oil exports.


"Ensuring uninterrupted functioning of this route remains
critically important for the national economy," Akkenzhenov
stressed.







At the same time, he noted that Kazakhstan is consistently
pursuing a policy of diversifying export routes, including
expanding directions toward China. However, the CPC remains the
most cost-effective and priority oil transportation corridor.


Special attention in the minister’s remarks was given to
improving the investment climate in the oil and gas sector. In this
regard, he pointed to the implementation of the Enhanced Model
Contract, which provides for tax incentives and is aimed at
attracting new investments into hydrocarbon exploration and
production


Within the frame of CERAWeek, Akkenzhenov held a meeting with
U.S. Secretary of Energy Christopher Wright, where the sides
discussed energy logistics and guarantees for uninterrupted supply
of hydrocarbons to global markets.


It was noted that the total U.S. investment in Kazakhstan’s
energy sector has exceeded $60 billion. American corporations
ExxonMobil and Chevron remain key partners in the country’s largest
energy projects—Tengiz, Karachaganak, and Kashagan—which together
account for around 70% of Kazakhstan’s total oil production and
contribute significantly to the global output of U.S. energy
majors.


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