Kazmunaygas, CITIC Group Mull Over Joint Initiatives In Oil Production, Refining Field

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, April 19. Kazakhstan'sKazMunayGas (KMG, the national oil and gas
company) and China'sCITIC Resources Holdings Limited (CITIC Group) have discussed theimplementation of joint initiatives in the field of oil productionand refining, Trend reports.

Discussions took place during a meeting between the Chairman ofthe Board of KMG, Magzum Mirzagaliev, and the Vice President of theChinese company, Wang Xinli.

In particular, the parties reviewed the current status of theproject to expand the capacity of the Aktau bitumen plant
(CASPIBITUM LLP) from 500,000 to 750,000 tons per year.

At the same time, aspects of the activities of Karazhanbasmunai(KBM) were discussed (participation shares: KMG - 50 percent, CITIC- 50 percent).

In addition, the subject of the conversation was the prospectsfor the construction of a gas
piston, wind, and solar power plant
to ensure energy
stability at KBM.

Notably, a cooperation agreement on the CASPI BITUM expansionproject between KMG and CITIC Group was signed in October last yearduring the official visit of President of Kazakhstan Kassym-JomartTokayev to China. In January of this year, following negotiationsbetween the management of the two companies in Beijing, a projectimplementation plan was agreed upon. Currently, the parties arecompleting preparatory corporate procedures for signing thecontract, the final cost of which will be determined based on theresults of the state examination.

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Trend News Agency

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