Kazakh Prime Minister Olzhas
Bektenov held a meeting on the development of the oil and gas industry. He
emphasized the importance of launching major projects in Kazakhstan, including
a petrochemical plant in the Atyrau region with a capacity of 500,000 tonnes of
polypropylene per year and the start of construction of three gas processing
plants. Bektenov highlighted that the government is taking a number of measures
to support the sector and subsoil users. In particular, tax and investment
legislation are being improved, and amendments have been made to the entrepreneurial
code and the code on subsoil, reducing the burden on enterprises. An enhanced
model contract for complex projects has been introduced, which enshrines
preferences for subsoil users. The government also plans to implement further
reforms aimed at liberalizing the oil and oil products market. The business
community is expected to respond with substantial increases in local content
and support for domestic producers, Bektenov noted. The oil and gas industry
plays a crucial role in the country’s economy, generating a significant portion
of tax revenues and jobs. Last year, the country produced 90 million tonnes of
oil, with proven reserves estimated at 2.9 billion tonnes.
