Kazakhstan Lays Out Concept For Dev't Of Oil Refining Industry
Date
5/31/2024 9:17:13 AM
(MENAFN- Trend News Agency) ASTANA, Kazakhstan, May 31. Kazakhstan hasmapped out a strategy for the growth of its oil refining industryfrom 2024 through 2050, Trend reports, citing the Ministry of energy ofKazakhstan.
The above document was developed by the Ministry of Energytogether with interested government agencies and companies.
The concept analyzes the current situation, reviewsinternational experience, and envisions the sustainable developmentof Kazakhstan's oil refining industry from 2024 to 2050, takinginto account regional and global challenges in the following mainareas:
- 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 toensure the competitiveness of Kazakhstani refineries throughsustainable and advanced development, attracting investments andconcentrating resources in response to modern regional and globalchallenges.
To note, the volume of oil refining in Kazakhstan amounted to5.9 million tons from January through April 2024, or 5.4 percentmore than in the same period last year (5.6 million tons).Production of petroleum products amounted to 4.28 million tons, or94 percent, compared to the same period last year (4.55 milliontons).
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