Kazakhstan's annual turnover of oil services in subsoil use announced
Baku, Azerbaijan, Oct. 11
By Rashid Shirinov – Trend:
The annual turnover of oil services in the field of subsoil use in Kazakhstan is $8 billion, Chairman of the Presidium of Association of Kazakhstan’s Oil Service Companies Rashid Zhaksylykov said on Wednesday according to Kazakh media.
He noted that the share of Kazakh oil service companies accounts for approximately half of the total volume of oil service in the country.
"In accordance with the new Code of Kazakhstan on subsoil and subsoil use, an increase in the share of local companies in oil projects is one of the mandatory conditions contained in the subsoil use contract," Zhaksylykov said.
He also noted that development of business is the basis of prosperity of the economy, and that the president of Kazakhstan particularly emphasized this in his address to the people of the country.
"In the light of this message, it should be noted that the oil service industry is an important and integral part of Kazakhstan's business. The development of local companies’ presence finds an even greater response in it in connection with the implementation of large capital projects with a total budget of at least $45 billion," Zhaksylykov pointed out.
He added that Association of Kazakhstan’s Oil Service Companies traditionally acts as an important dialogue platform to protect the interests of Kazakhstan's business.
"The level of local companies has increased significantly, and some of them can compete with foreign suppliers operating in Kazakhstan," Zhaksylykov noted.
Association of Kazakhstan’s Oil Service Companies was established in 2011 with the aim to unite and consolidate the efforts of all service companies working in the oil and gas and mining fields. The Association represents the interests of its participants in the regions of Kazakhstan where the service business is run.
Moreover, the Association co-operates with the state bodies to increase the efficiency of the work in the service industry in general and in individual service companies.