Minister of Energy Bolat Akchulakov held a conference on the priority and alternative routes for the export of Kazakh oil abroad, QazMonitor reports.
During the press conference at the Central Communications Service on the domestic fuel market, the Minister of Energy Bolat Akchulakov drew special attention to the situation at the Caspian Pipeline Consortium (CPC). The minister stated that this route is the most cost-effective for the country’s oil exports, noting that the uninterrupted operation of the CPC is critical for the overall growth of Kazakhstan's economy.
When we discuss alternatives, we must ask ourselves the following question: How are we going to increase the production in the next two years by expanding our large oil fields, while searching for new and also commissioning additional small ones?
According to Akchulakov, the Ministry of Energy forecasts an increase in production from the projected 85.7 million tons this year to a scope of 103-107 million tons. He notes that the ministry seeks alternative routes because of this excess.
The existing route to China is one of several routes considered for the export of excess oil. Among the considerations is the possibility of oil transit through the Caspian Sea in partnership with Azerbaijan and Iran, with the latter being evaluated regardless of economic sanctions.
In the case of Azerbaijan, the first steps have been taken within the framework of President Tokayev’s official visit to Baku, where several documents were signed. The Ministry of Industry and Infrastructure Development of Kazakhstan and the Ministry of Digital Development and Transport of Azerbaijan signed a memorandum of understanding on cooperation in the field of transit cargo transportation
Additionally, today began negotiations between National Company KazMunayGas and SOCAR State Oil Company of Azerbaijan on the transit of Kazakh oil via the Baku-Tbilisi-Ceyhan pipeline. It is estimated that, in the span of a year, the route will supply 1.5 million tons of Kazakh oil to the world market.
