Kazakhstan to double oil refining capacity to 39 mln tonnes per year by 2040The Government of Kazakhstan has approved a long-term concept for the development of the oil refining industry for 2025-2040, which envisages more than doubling refining capacity to 39 million tonnes per year, the press service of the republic's Ministry of Energy reported."The central element of the concept is a plan to more than double refining capacity – from 18 to 39 million tonnes per year. This will be achieved by expanding existing refineries and building a new petrochemical complex. Such a transformation will fundamentally change the industry's structure, improving the ratio of extracted to processed oil and increasing the refining depth to 94%," the statement said.The document, developed by the Ministry of Energy, provides for investments in infrastructure modernization, export expansion, and the integration of sustainable practices, which will allow the country to strengthen its position in the markets of Central and South Asia."The strategy builds on recent achievements: after the modernization of three key refineries in Atyrau, Pavlodar, and Shymkent, total processing capacity reached 17 million tonnes of oil per year. Refining depth increased to 89%, and motor fuel production meets Euro-4 and higher standards. These improvements have already ensured 90-95% coverage of domestic demand and created a foundation for exporting high-value-added products,"* the ministry noted.The document also reflects the need to adapt to global challenges, including the growth in demand for petroleum products in Asia projected by the International Energy Agency (IEA) at 2-3% annually until 2030.The concept envisages: fully meeting the domestic market with high-quality petroleum products; boosting exports, focused on the markets of China, India, and Central Asian countries; developing petrochemicals by creating new production chains, including polymers and fertilizers, attracting an estimated $5 billion in investments.The document also provides for improving the regulatory framework and workforce potential, including partnerships with international companies for technology transfer.The concept's developers expect that the adopted strategy "will help attract foreign investment from partners, considering Kazakhstan's oil reserves of 30 billion barrels.""In the context of the global shift towards 'green' energy, this positions the country as a regional leader in transitioning from raw material exports to high-tech processing, potentially enhancing the economy's resilience to oil price fluctuations," the Ministry of Energy noted.Implementation of the document will begin in 2025 with pilot projects for refinery digitalization. (ICE ALMATY)

Fonte notizia: INTERFAX