KMG has hard time attracting investments
Azerbaijan, Baku, June 16 / Trend S.Suleymanov /
KazMunaiGas (KMG) is facing difficulties attracting investments to upgrade three refineries, KMG Managing Director Daniyar Tiesov said.
"Our major goal is to upgrade three refineries in Kazakhstan," he said. "The major difficulty is attracting investments for these projects." He added that their problems are connected with "the low level of profitability" on the domestic and foreign oil markets.
"Banks are not interested in giving money to modernize plants," Tiesov said, stressing that today Kazakh oil refineries are "hardly earning anything."
"One reason is government regulation on petroleum product prices," he said. "We understand the social significance of this step, but it makes it difficult to attract investments."
Kazakhstan has three refineries - Atyrau, Shymkent and Pavlodar.