Kazakh fund to focus its efforts on implementing large projects in oil and gas sector

Kazakhstan, Astana, Aug. 12 / Trend S.Suleymanov /

The Kazakh National Welfare Fund Samruk-Kazyna will focus its efforts on implementing large, complex projects in the country's oil and gas sector, Fund Chairman Kairat Kelimbetov said.

"First of all, work to expand oil and gas infrastructure will continue," Kelimbetov said.

Kelimbetov said the project on construction of Beineu-Shymkent gas pipeline turns into an active phase construction with the signing of law "On ratification of the Protocol on introducing amendments and changes to the agreement signed between the governments of Kazakhstan and China on cooperation in the construction and operation of gas pipeline from Kazakhstan-China gas pipeline project" July 15, 2010.

"The construction works is expected to be launched in the fourth quarter of 2010. A financing scheme of the Kazakh part of the project management company is alaredy approved," Kelimbetov said.

According to him, the Fund also plans to expand the oil producing capacity of three largest oil refineries to 17 million tons.

KMG is already engaged in reconstruction of the Atyrau oil refinery. The Chinese largest oil company Sinopec is involved in the project. The first phase of reconstruction - to set the vacuum unit will be completed by late 2010, he added.

According to him, a site for construction of complex for the production of aromatic hydrocarbons is prepared t and Sinopec works on the design and construction phase.

Kelimbetov said CITIC and KazMunaiGas established a joint venture CaspiBitum for the construction and management of a bitumen plant.

"The operator and general contractor signed a contract on the project at the fourth International Investment Summit June 3, 2010. The construction work has already launched," Kelimbetov said.

Regarding the establishment of the petrochemical industry, he said a project of building an integrated gas chemical complex is under realization.

"The State Commission on modernizing the Kazakh economy established the scheme and funding of Kazakh stake in the project June 23, 2010. The signing of all documents for the start of construction financing is close to completion," Kelimbetov said.

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