Exxonmobil, Kazakhstan Discuss Expansion Of Investment Cooperation

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, January 28. Kazakhstan's Foreign Minister, Yermek Kosherbayev, and ExxonMobil's Senior Vice President, Peter Larden, held discussions regarding the expansion of investment cooperation, Trend reports via the Kazakh Ministry of Foreign Affairs.

The sides discussed ExxonMobil's ongoing activities in Kazakhstan, including its involvement in key energy projects, and explored ways to further strengthen mutually beneficial economic ties.

Kosherbayev emphasized the important role of ExxonMobil as one of Kazakhstan's key partners in the oil and gas sector, highlighting the company's contributions to strategic projects, the stability of the energy market, and the activities of the Foreign Investors' Council under the President of Kazakhstan.

In turn, Larden commended Kazakhstan's efforts to improve the investment climate and create favorable conditions for foreign investors, expressing the company's commitment to continued long-term cooperation aimed at the sustainable development of the country's energy sector.

Key energy projects in Kazakhstan are focused on transitioning from coal to cleaner sources while aiming for carbon neutrality by 2060. Notable initiatives include the conversion of Almaty's CHP-2 and CHP-3 to gas, the 1 GW Mirny wind project by TotalEnergies, and plans for the first nuclear power plant near Lake Balkhash. The Mirny project will support one million people with its battery-based energy storage system.

Other ventures involve expanding regional renewable capacity through the Kostanay region's 1 GW wind farm, along with several solar projects. Modernization includes the unification of Western grids and new combined-cycle power plants in Kyzylorda and Turkestan. The nuclear power plant, planned with Rosatom, aims to address industrial demand. Overall, Kazakhstan targets an addition of 26 gigawatts of electricity capacity and an increased renewable energy share by 2035 to meet carbon neutrality goals.

ExxonMobil has been operating in Kazakhstan since 1993 and is one of the largest foreign investors in the country's oil and gas sector. The company is involved in strategically significant projects, including Tengiz, Kashagan, and the Caspian Pipeline Consortium, covering exploration, production, and transportation of hydrocarbons.

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