ASTANA, July 22. /TASS/. The government of Kazakhstan has approved the long-term Concept of oil refining industry development for 2025-2040 to increase competitiveness of the sector in the environment of the global energy transition, the press service of the Ministry of Energy said.
"Key priorities of the strategy comprise: full provision of high quality petroleum products for the domestic market with the forecast of consumption growth by 1.5-2% per year because of urbanization and industrial development, strengthening of exports focusing on markets of China, India and Central Asian nations, with the target of increasing the share of exports in total production output to 30% by 2040," the press service said.
The task is also set to develop "petroleum and gas chemical sector through creation of new chains, including production of polymers and fertilizers, with raising investments to the amount up to $5 bln, according to preliminary estimates." The strategy also includes the increase of the oil refining sector’s contribution to GDP through deeper conversion, creation of jobs, improvement of regulatory base and human resources potential, including the partnership with international companies for the exchange of technologies.
The strategy developed should help to attract foreign investments from partners, the press service said. The new concept will show the country as a regional leader in the transition from the resource exports to high-technology processing, potentially increasing resilience of the economy to oil price fluctuations, the energy ministry said.