GOVERNMENT: Kazakhstan plans to increase oil recovery efficiency, create thousands of new jobs in oil sector
June 05. KAZINFORM. ASTANA
Kazakhstan is set to implement technological policy which envisages increasing the oil recovery coefficient by almost 37%. The country is expected to fully meet its domestic demand for light oil products by late 2017. Kazakhstan’s beef exports are on the rise.
First Vice Prime Minister Bakytzhan Sagintayev said at the parliament hearings at Majilis, the lower chamber of the Kazakh Parliament, on Monday (June 1) that the Government of Kazakhstan will stimulate subsurface users in order to increase oil recovery efficiency. He said that President Nursultan Nazarbayev instructed the Government to implement technological policy which envisages increasing the oil recovery efficiency by at least 5-7% from the current level of 30%. According to Sagintayev, the average oil recovery factor worldwide is 50%.
The First Vice Prime Minister also informed that 20,000 new jobs will be created during the period of construction of new facilities at the Tengiz oilfield. “It is planned to increase oil production at the field by 1.4 times, from 27 million tons to 38 million tons per year,” Mr. Sagintayev added.
In his words, Kazakhstan also has plans to build its fourth oil refinery. “The feasibility study is expected to be drawn this year,” he said. “After modernization of all oil refineries in late 2017, Kazakhstan will fully meet its domestic light oil products demand.”
The same day Kazakhstan’s Minister of Agriculture Assylzhan Mamytbekov talked about country’s achievements in agricultural spheres at a press conference of the Central Communications Service (CCS).
“A six-fold increase in chilled beef exports was registered in Kazakhstan in 2014, compared to 2013. Moreover, Kazakhstan exported 615 tons of frozen beef last year. As for import, it fell by 42,3%, from 24,000 tons of beef in 2013 to 16,800 tons in 2014,” Minister Mamytbekov told the press conference, adding that that positive trend is still observed this year.
According to him, over 3 months of 2015, Kazakhstan’s meat and meat products exports have grown almost threefold compared to 2014. Nearly fivefold increase in cheese exports has been recorded as well.
On Thursday, June 4, Astana hosted the 28th session of the Foreign Investors Council with the participation of President of Kazakhstan Nursultan Nazarbayev. At the session, Minister of Investment and Development Asset Issekeshev talked about Kazakhstan’s plans to increase the share of local content in such big projects as Tengizchevroil, Karachaganak, EXPO 2017, the Abu Dhabi Plaza complex.