The government of Kazakhstan has approved a long-term oil refining strategy for sector growth that will last from 2025 to 2040. This strategy intends to make the industry more competitive in light of changes in the global energy market by depending on continued growth in local demand and more chances to export.
Clear objectives for production and export
Officials have said that the main goal is to fully supply the local market with high-quality petroleum products, which is estimated to increase by 1.5 to 2% every year. Urbanisation and industrial growth are what is causing this rise. The plan also intends to increase the percentage of exports in overall output. By 2040, overseas sales should make up 30% of refined volumes, with a focus on China, India, and Central Asian nations.
The growth of the petrochemical industry
The oil refining strategy also includes plans for the growth of the gas and petrochemical industries, especially by establishing new value chains for making fertilisers and polymers. According to early government estimates, total investments in this area might reach as much as $5 billion (around KZT2,379.4 billion). This part attempts to boost local value and job growth by speeding up the industrialisation of the industry.
Partnerships and being open to foreign investment
The plan is on making the rules better, building up local knowledge, and encouraging cooperation with foreign industries to share technology. The goal is to make Kazakhstan more appealing to international investors and to make the economy stronger so that it can handle changes in oil prices on global markets. The Ministry of Energy stresses how important this regional positioning is, especially in terms of moving from a paradigm focused on exporting resources to one based on high-tech manufacturing.
The ministry says that this oil refining strategy is meant to assist people in better predicting changes in the worldwide market and help the national manufacturing industry flourish.