Kazakhstan, Astana, May 15 / Trend D. Mukhtarov /
Kazakhstan needs the strategic reserve of hydrocarbon raw materials not to depend on the fall in world oil prices, Kazakh political analyst, head of information-publishing project "Who's Who in Kazakhstan" Daniar Ashimbayev said on Tuesday.
"We know this from the U.S. and the EU, having the strategic reserve of hydrocarbon raw materials for a long time, to protect the domestic market from unforeseen situations and to intervene in the world markets to stabilize the prices on raw materials," he told Trend on Tuesday. "The idea of creating the strategic reserve of hydrocarbon raw materials in Kazakhstan has the same purpose."
Earlier, Oil and Gas Minister Sauat Mynbayev said that it is planned to create the strategic reserve of hydrocarbon materials in the country.
Daniar Ashimbayev reminded that Kazakhstan established a National Fund, which accumulates the funds from selling hydrocarbon raw materials to the world markets.
"The strategic reserve of hydrocarbon raw materials is being established with this purpose," he said. "Now all the oil extracted in the country is exported and processed at domestic refineries. There are almost no reserves. Kashagan will be commissioned soon. This will increase the oil production volume. But now oil prices are not as high as we would like. The state can buy some volumes and hold them by waiting for higher prices on the world market."
He added that it is sufficient to concentrate a 2-3-week oil production volume in the strategic reserve in the country.
"But the issue of constructing oil storage tanks, which we do not have, will appear as all extracted is exported and processed," he said. "The issue of allocating the funds will also appear. "There will be the issue of state control over the strategic reserve, as all profitable areas are greatly corrupted."
Oil and Gas Minister Sauat Mynbayev said that according to the strategic plan-2013, the oil production volume is set at 82 million tons, the production forecast of raw gas - 40.5 billion cubic meters in Kazakhstan.