ASTANA, Kazakhstan, May 31. Kazakhstan has mapped out a strategy for the growth of its oil refining industry from 2024 through 2050, Trend reports, citing the Ministry of Energy of Kazakhstan.
The above document was developed by the Ministry of Energy together with interested government agencies and companies.
The concept analyzes the current situation, reviews international experience, and envisions the sustainable development of Kazakhstan's oil refining industry from 2024 to 2050, taking into account regional and global challenges in the following main areas:
- providing the economy with local petroleum products;
- exporting local petroleum products;
- reviewing environmental, social, and governance (ESG)
aspects;
- developing applied science and basic petrochemistry;
- increasing contribution to the country's GDP.
As the Ministry noted, the ultimate goal of the concept is to ensure the competitiveness of Kazakhstani refineries through sustainable and advanced development, attracting investments and concentrating resources in response to modern regional and global challenges.
To note, the volume of oil refining in Kazakhstan amounted to 5.9 million tons from January through April 2024, or 5.4 percent more than in the same period last year (5.6 million tons). Production of petroleum products amounted to 4.28 million tons, or 94 percent, compared to the same period last year (4.55 million tons).