Minister: Kazakh oil and gas industry provides a quarter of country's GDP
Kazakhstan, Astana, October 8 / Trend D.Mukhtarov /
Kazakhstan's oil and gas industry provides a quarter of the country's GDP, Kazakh Minister of Oil and Gas Uzakbai Karabalin said on Monday.
"Over the years of independence, the oil and gas sector in Kazakhstan has become one of the key elements of support for social and economic reforms. This industry provides about a quarter of the country's GDP and about two thirds of the state budget," Karabalin said during the seminar on 'Development of local content - international experience and best practices' held at the eighth KAZENERGY Eurasian Forum.
According to him, Kazakhstan's oil production has increased threefold and reached 80 million tons per year and gas production increased fivefold, up to 40 billion cubic meters per year.
The minister said the country is developing three fields of a world category of super giants, an extensive network of oil and gas pipelines are built, the service infrastructure is developing, refining capacity is modernising and new petrochemical assets are being formed.