. Kazakhstan, Astana / Тrend corr K. Konyrova / Kazakhstan's national KazMunayGaz company and the companies it includes have great potential for entering the oil markets of other countries, the head of Global Union Ventures Ltd, Jeffrey M. Waterous, told Trend's correspondent, answering the question what are the Kazakhstan oil company's opportunities in foreign markets.
"KazMunayGaz and its subsidiaries are engines, for they have a very serious and huge hydrocarbon resource base, and many foreign companies strive to take a part of this resource base. KazMunayGaz and other local companies can use this resource base as a lever to get additional opportunities beyond Kazakhstan," Waterous said.
The head of the Global Union believes KazMunayGaz can enter oil markets of other countries either through establishing JVs with other national companies occupying definite positions in their countries or through projects with other independent companies which also have opportunities in their countries and can offer them to KazMunayGaz.
"As for role models, the most acceptable role model both for KazMunayGaz and other Kazakhstan companies is establishing a JV beyond Kazakhstan for the interest of the country and its people," Waterous said.
According to him, such forms of JVs for national companies are called internationalization.
Jeffrey Waterous delivered a report about 'World Trends of Development of National Oil Companies in Global Energy Systems' in Astana.
According to him, some 77 % of world oil reserves are controlled by national oil companies. In his opinion, their activities will have a profound effect on world oil and gas markets.
At present, there are five national leading companies which are intensively becoming internationalized beyond their countries. Malaysian Petrogas, which operates in thirty-five countries (mainly in Africa), takes the first place. Chinese CNPC, which operates in thirty countries, takes the second place. South-Korean KNOC operating in fourteen countries takes the third place. It is followed by Japan INPEX and Turkish TPAO, which is in the initial stage of internationalization.