Value of investments into oil fields exploration to exceed $5B in Kazakhstan
Baku, Azerbaijan, September 5
By Nargiz Sadikhova - Trend:
Total value of investments into exploration on projects of Isatay, Abay, Zhenis, Kalamkas-Sea and Khazar fields will exceed $5 billion before 2025, Minister of Energy of Kazakhstan Kanat Bozumbayev said, Trend reports with reference to Kazakh media.
Bozumbayev made the statement within the framework of celebration of 120 years of Kazakhstan’s oil in Atyrau city.
He further added that the volume of oil extraction in the country could exceed 105 million tons. In doing so, in the medium term projects worth $75 billion of investments will be implemented in oil and gas industry.
“Each $1 invested in petrochemical production provides economy with $2 or $3 of growth and provides for creation of up to seven new work places. Currently, we have eight investment projects in petrochemical production worth over $12 billion, which are considered the most prospective,” Bozumbayev added.
He further noted that two of them, projects on manufacturing of polypropylene and polyethylene, are the largest. These plans will be the largest polymer manufacturing plants among countries of the 'near abroad.
“The value of investments in these two projects is $9 billion. No less than 3,000 new work places will be created during construction and no less than 1,000 new work places will be created following the launch of manufacturing. The construction on the polypropylene project is going according to the plan and is to be finished by 2021. The polyethylene project is being implemented in cooperation with world’s largest polyethylene manufacturer Borealis. There are plans to sign an intergovernmental agreement and the agreement of state support of the project before the end of 2019. The input of these projects to the GDP growth is assessed to be 1.5 percent,” the minister said.
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