Kazakhstan expects to increase oil production to 92M tons in 2020
Oil production in Kazakhstan is projected at 92 million tons in 2020, the vice-minister of national economy of Kazakhstan Marat Kusainov said Sept.15, Novosti-Kazakhstan information agency reported.
"Oil production forecast of the ministry of energy in 2016 will amount to 77 million tons, followed by an increase to 92 million tons in 2020, which is lower than the previously forecasted data about 3.8 million tons and 12 million tons respectively," Kusainov said during presentation of the draft state budget for 2016-18 in the Majilis of Parliament.
The three-year budget project is based on the forecast of socio-economic development for 2016-2020 approved by the Cabinet of Ministers of the Republic of Kazakhstan in August 2015.
"It is expected that the volume of industry in 2016 will remain at the level of the current year, followed by growth from 1.7 percent in 2017 to 3.8 percent in 2020," said the vice-minister.
He went on to add that the average annual growth of gross agricultural output in 2016-2020 will amount to 2.8 percent in average per year, the growth rate of trade in services will amount to 4.5 percent in average, the volume of transport services, information and communications is expected to remain on the same level as in 2015.
During the formation of forecast of macroeconomic indexes and budget parameters, the estimated rate of tenge was taken at the level of 250 tenge to one dollar," Kusainov said.
Edited by CN