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M. Mirzagaliyev: Time to Develop a Petrochemical Industry Act

08.12.2023

On 8 December, KazMunayGas CEO Magzum Mirzagaliyev took part in a meeting of the Board of KAZENERGY Association of the Oil, Gas and Energy Sector Organizations of Kazakhstan held in Almaty.

At the meeting of KAZENERGY Board, M. Mirzagaliyev was elected as a CEO of the Association.

He thanked the Board and members of the Association for their back-up and highlighted their successful joint support of brownfields under organization activities.

“I believe that this work should continue, whatever it is, because further fields production will save jobs, meet the demand of domestic refineries for oil and, accordingly, the country’s demand for petroleum products,” noted the head of KMG.

He also mentioned that, at the initiative of Head of State Kassym-Jomart Tokayev, an Improved Model-Based Contract (IMBC) was introduced in Kazakhstan, which contributes to a further development of activity in the domestic oil and gas industry. The first contract on the IMBC terms for hydrocarbon production at the complex projects was signed in February 2023 and covered the Kalamkas-Sea, Khazar and Auezov block, located in the Kazakh sector of the Caspian Sea. KazMunayGas is developing this offshore project together with its strategic partner.

M. Mirzagaliyev also focused on further development of the petrochemical industry in Kazakhstan.

“It’s time to develop and adopt a Petrochemical Industry Act regulating the provision of raw materials, implementation of petrochemical projects, and development of further processing. The Association’s support in this matter is important for KMG,” he added.

The head of KMG also spoke about the plans of Kazakhstan to achieve the carbon neutrality by 2060, which will require further development of Kazakh Emissions Trading Scheme and its integration with the world market, as well as additional efforts towards carbon pricing, RES development, hydrogen and geothermal energy, use of carbon capture, use and storage technology (CCUS).

“The world needs oil as the basis of stability for the energy transition, and KazMunayGas is going to provide this along with green energy development. We invest in the low-carbon projects. We are working over a number of initiatives on construction of plants with renewable power generation,” concluded M. Mirzagaliyev.

JSC NC KazMunayGas

On 8 December, KazMunayGas CEO Magzum Mirzagaliyev took part in a meeting of the Board of KAZENERGY Association of the Oil, Gas and Energy Sector Organizations of Kazakhstan held in Almaty.

At the meeting of KAZENERGY Board, M. Mirzagaliyev was elected as a CEO of the Association.

He thanked the Board and members of the Association for their back-up and highlighted their successful joint support of brownfields under organization activities.

“I believe that this work should continue, whatever it is, because further fields production will save jobs, meet the demand of domestic refineries for oil and, accordingly, the country’s demand for petroleum products,” noted the head of KMG.

He also mentioned that, at the initiative of Head of State Kassym-Jomart Tokayev, an Improved Model-Based Contract (IMBC) was introduced in Kazakhstan, which contributes to a further development of activity in the domestic oil and gas industry. The first contract on the IMBC terms for hydrocarbon production at the complex projects was signed in February 2023 and covered the Kalamkas-Sea, Khazar and Auezov block, located in the Kazakh sector of the Caspian Sea. KazMunayGas is developing this offshore project together with its strategic partner.

M. Mirzagaliyev also focused on further development of the petrochemical industry in Kazakhstan.

“It’s time to develop and adopt a Petrochemical Industry Act regulating the provision of raw materials, implementation of petrochemical projects, and development of further processing. The Association’s support in this matter is important for KMG,” he added.

The head of KMG also spoke about the plans of Kazakhstan to achieve the carbon neutrality by 2060, which will require further development of Kazakh Emissions Trading Scheme and its integration with the world market, as well as additional efforts towards carbon pricing, RES development, hydrogen and geothermal energy, use of carbon capture, use and storage technology (CCUS).

“The world needs oil as the basis of stability for the energy transition, and KazMunayGas is going to provide this along with green energy development. We invest in the low-carbon projects. We are working over a number of initiatives on construction of plants with renewable power generation,” concluded M. Mirzagaliyev.
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