Kazakhstan Outlines Oil Industry Development Priorities at CERAWeek

As part of the international energy conference CERAWeek, a delegation from Kazakhstan took part in the session “Global Oil Market Outlook: Fundamental Factors and Geopolitical Turbulence.”

During his remarks, the Minister of Energy of the Kazakhstan Yerlan Akkenzhenov  presented the current state of Kazakhstan’s oil industry, emphasizing that the country continues to uphold its position as a reliable supplier of energy resources to the global market.

The Minister outlined the key challenges facing the sector, including energy security issues, in particular the need to ensure the stable operation of the Caspian Pipeline Consortium (CPC), which handles the majority of Kazakhstan’s oil exports. He stressed the importance of maintaining uninterrupted operations along this route, given its critical role in the national economy.

Particular attention was also given to improving the investment climate in the oil and gas sector. The Minister highlighted the implementation of the Enhanced Model Contract, which provides tax incentives and is designed to attract new investments into geological exploration and hydrocarbon production.

Strategic plans for the development of the petrochemical industry were also presented. Kazakhstan intends to double its oil refining capacity, which will not only meet domestic demand but also strengthen the country’s position as a supplier of petroleum products in the Central Asian region.

In addition, on the sidelines of CERAWeek, Minister Akkenzhenov held meetings with U.S. Secretary of Energy Chris Wright and senior executives of major American oil and gas companies.