Caspian Energy (CE): Kazakhstan is targeting 90 million tons of oil production in 2026. What is the current status of the “Future Growth Projects” at Tengiz, Kashagan, and Karachaganak?
Yerlan Akkenzhenov, Minister of Energy of Kazakhstan: The past year’s fundamental milestone in Kazakhstan’s oil and gas sector was the full completion of the Future Growth Project at the Tengiz field. The commissioning of the third-generation plant will provide an annual production increase of 12 million tons, creating a powerful, long-term source of export revenue for the national economy.
We have approved specific production targets for the industry’s development through 2040, with plans to increase refining volumes from the current 18 million to 39 million tons of oil per year. To achieve this, the expansion of three existing refineries is planned.
Today, we are seeking strategic partners for the implementation of a large-scale project: the construction of a new refinery with a capacity of 10 million tons per year. This project will define the regional fuel market’s landscape for decades to come. Taking this opportunity, I would like to invite Azerbaijani investors to participate in this and other joint projects within the refining sector. Given Azerbaijan’s extensive expertise in the oil and gas sector, our synergy could provide a powerful impetus for the development of the entire industry.
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