Major projects in Kazakh oil and gas sector require up to $200 billion

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17 April 2013, 15:10 (GMT+05:00)

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Kazakhstan, Astana, 17 April / Trend D.Mukhtarov /

The implementation of major oil and gas projects in Kazakhstan will require investments of up to $200 billion in the next 13-15 years, chairman of the Industry Committee of the Ministry of Industry and New Technologies of Kazakhstan Erlan Muratov said.

"According to our ministry, the project for future expansion at the Tengiz field, implementation of the third phase of 

development of the Karachaganak field, the second phase of the Kashagan field development will require a $200 billion investment in the next 13-15 years," Muratov said, speaking at the first Forum of Mechanical Engineers of Kazakhstan.

According to him, Kazakh oil and gas sector is among the 10 largest in the world in terms of size and volume of attracted investments.

"However, tender procedures are still undertaken under special regulations and domestic oil and gas engineering companies are left overboard of multi-billion dollar projects," according to Muratov.

According to him, there currently are about 60 companies operating in the oil and gas sector of Kazakhstan.

"However, the policy is determined by the major oil companies of which nine form 75 per cent of the portfolio of orders for goods and services," Muratov concluded.