Kazakhstan, Astana, August 12/ Trend , K. Konirova /
To implement the program on modernization of three refineries, Kazakhstan is required to attract investments of around $4 billion, said the head of the oil refinery department of the Ministry of Industry and Mineral Resources of Kazakhstan Bakhit Makhanov.
Makhanov said that after completing the program of modernization of three refineries, the volume of refinery will increase up to 17 million tons per annum compared to current 14.7 million tons. This process envisages investment at $3.923 billion.
Currently the capacity of Pavlodar refinery, which operates on the Russian oil, is 5.2 million tons. After modernization, it will increase to six million tons per year. After modernization, the capacity of Shymkent refinery will increase to six million tons compared to the present 5.2 million tons per year, and the Atyrau refinery capacity will increase from the current 4.3 million tons to five million tons per year, said Makhanov.
Modernization program of the three oil refineries is envisaged to be implemented in 2009-2014. The modernization work has not started yet.
"We hope that after the modernization of all three oil refineries, the need will be fully satisfied," added Makhanov.
Makhanov said that the need to build a fourth refinery will depend on two factors, if the internal demand for products increases, and secondly, if oil production increases. However, yet there is not such necessity.
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