Kazakhstan, one of fastest-growing oil producers in the world, plans to boost its fuel exports to China, India and Central Asia, pinning its hopes on growing demand in the regions, the energy ministry said on Tuesday.

It said the government approved long-term strategy of oil refining industry’s development for 2025 – 2040. The country currently has restrictions on exports of gasoline and diesel.

The country has three large oil producing plants, in Pavlodar in the north, Shymkent in the south and Atyrau in the west with combined annual production reaching 17 million metric tons (350,000 barrels per day) following modernisation.

The ministry said it expected domestic fuel demand to grow by up to 2% each year thanks to urbanisation and industrial development.

It said it sought to boost fuel exports, targeting markets in China, India and the countries in Central Asia with a view of raising the share of exports in total output to 30% by 2040.

It added that it may raise foreign investments to fund the implementation of the strategy given Kazakhstan’s crude oil reserves of 30 billion barrels.
Source: Reuters