BAKU, Azerbaijan, May 11. Kazakhstan intends to produce equipment and spare parts for the oil and gas industry, Kazakh President Kassym-Jomart Tokayev said at the Kazakh-Turkish business forum in Turkey’s Ankara, Trend reports with reference to the press service of the Kazakh President.
Tokayev noted that the implementation of projects in the manufacturing industry, agriculture, healthcare and tourism means great strategic importance for Kazakhstan.
Kazakh president also said that the Industrial Policy law was adopted last year in order to achieve the goals set.
He also emphasized the development of mechanical engineering, which has become one of the accelerators of Kazakhstan's economic growth.
“Imports of engineering products amount to $17 billion annually, while local production is only $4.3 billion,” Tokayev said.
He also said that large-scale, multi-billion dollar projects are being implemented in Kazakhstan to expand large oil and gas fields such as Tengiz, Kashagan and Karachaganak.
International Center for Development of Oil and Gas Engineering was established in Kazakhstan with support of the US’s Chevron and ExxonMobil companies, French Tota company, Tokayev said.
“Kazakh government analyzed over 35,000 commodity items and identify products with the greatest potential for localization together with oil and gas operators. Kazakhstan intends to produce equipment and spare parts for the oil and gas industry and the country created favorable conditions for this,” Tokayev noted.
“There is demand from investors in the oil and gas industry, and Kazakhstan has advanced technologies and accumulated experience," Tokayev added.