About 800 excess business requirements to be reduced in Kazakhstan’s oil and gas sector
About 800 excess business requirements will be reduced in the oil and gas sector of Kazakhstan. The industry development was discussed at a meeting of the Council of Domestic Entrepreneurs chaired by Kazakh Prime Minister Alikhan Smailov. To date, all measures are being taken in the country to increase production efficiency and expand processing industries. Thus, the improved model contract was introduced into geological exploration. It envisages a package of regulatory and fiscal preferences for hydrocarbon production projects, including gas. In 2023, the first such contract with an investment volume of US$6 billion has already been signed. The signing of another one with the expected investments of about US$2 billion is underway. The petrochemical industry is also actively developing. In particular, a petrochemical plant for the production of polypropylene with a capacity of 500,000 tonnes was launched at the end of last year. Besides, four other large projects for the production of polyethylene, butadiene and its derivatives worth US$12 billion are currently being implemented. In addition, measures have been taken to facilitate electronic auctions in the industry. It bears noting that according to OPEC, at present, Kazakhstan is ranked among the TOP-10 oil exporters.