Kazakhstan, Astana, September 18/ Trend D.Mukhtarov /
Kazakhstan is considering setting up a strategic oil reserve, Kazakhstan's Oil and Gas Minister Uzakbay Karabalin said at a press conference at the Central Communication Service on Wednesday.
"Kazakhstan still is still discussing the issue of creating a strategic oil reserve aimed at reliable provision to the national economy of hydrocarbons. This is envisaged by the concept which was presented by me in government," Karabalin said.
According to the minister, there are enough counties today which do not have hydrocarbon reserves, but create strategic oil reserves. In addition, the world oil price also increases due to a high demand for energy resources.
Therefore we discuss the issue of creating a strategic oil reserve in order to reduce dependence on such price drops. But the volume and placement of this strategic reserve hasn't yet been decided," Karabalin said.
Meanwhile, according to him there is no special necessity for such a move as yet.
"As is known, the volume of production in the republic hits 80 million tons of oil per year and only 14 million tons of it is processed in the country that is in Kazakh refineries," the minister said.
In the case of a force majeure, in other words, in the case of urgent need, the republic can withdraw some volume from refining companies, but under condition that it will return them," Karabalin said