Baku, Azerbaijan, Feb. 8
By Ali Mustafayev – Trend:
Alternative energy sources are likely to occupy important position in Kazakhstan’s energy sector, since oil and gas have a limit of being the main energy sources in view of natural shortage and possible decrease in demand in the world market in the future, James M. Dorsey, a political analyst, senior fellow at Singapore’s Nanyang Technological University, told Trend.
Dorsey also said that alternative energy is more likely to increase its market share, rather than fossil fuels.
"Kazakhstan’s oil supplies are increasing while demand is primarily in China and India and its relatively new Kashagan oil field still has a potentially large oil source. It’s not a question of replacement but of market share and opportunity for growth”, said Dorsey.
Currently Kazakhstan expands its oil production volume, due to its three large oil fields (Kashagan, Karachaganak and Tengiz), which are expected to ensure the country’s oil reserves in the decades ahead.
At the same time Kazakhstan attracts huge amount of investments to its renewable energy sector, including construction of wind, hydro, solar power plants and etc., intending to increase the share of renewable energy to 50 percent in 2050.
“Renewable energy is a demand of future, and most developing countries, including Kazakhstan will undoubtedly expand its share in their energy balance. However, traditional energy sources (oil, gas and etc.) are yet to dominate in the world’s energy market,” said Dorsey.