Baku, Azerbaijan, Feb.5
By Leman Zeynalova – Trend:
Kazakhstan has increased exports of oil and gas condensate in 2018 by 42.2 percent compared to 2017, Trend reports with reference to the National Bank of Kazakhstan.
Exports of goods from Kazakhstan have increased by 25.2 percent and amounted to $ 61.9 billion thanks to the favorable world oil prices, reads a report from the National Bank.
“Imports of goods rose by 7.5 percent and stood at $ 34.5 billion. The largest increase of around 16.9 percent was recorded in the import of investment goods, which accounted for 37.3 percent of total imports. The growth in imports of consumer and intermediate goods was 4.7 percent and 4.1 percent, respectively,” said the regulator.
The National Bank of Kazakhstan further said that the floating exchange rate of tenge, the national currency, has allowed to react to the changing external factors.
“As a result, a slight weakening of the real exchange rate in 2018 supported the price competitiveness of Kazakh producers. In general, a positive current account assumes that the nominal tenge rate has the potential to strengthen,” reads the report.
Today Kazakhstan is among the top 15 countries in the world when it comes to essential oil reserves, having 3 percent of the world's total oil reserves. Around 62 percent of the country is occupied by oil and gas areas, and there are 172 oil fields, of which more than 80 are under development.
More than 90 percent of oil reserves are concentrated in the 15 largest oil fields - Tengiz, Kashagan, Karachaganak, Uzen, Zhetybai, Zhanazhol, Kalamkas, Kenkiyak, Karazhanbas, Kumkol, North Buzachi, Alibekmola, Central and Eastern Prorva, Kenbai, Korolevskoye.
Oil fields can be found in six of the fourteen provinces of Kazakhstan. They are the Aktobe, Atyrau, West Kazakhstan, Karaganda, Kyzylorda and Mangystau provinces. About 70 percent of the hydrocarbon reserves are concentrated in western Kazakhstan.
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