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24 November 2017
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Kazakhstan can sign the additional agreement with OPEC07.09.2017
Economy  18:37
Astana. 7 September. Kazakhstan Today - Extension of the agreement of OPEC on reduction of oil production will depend on the current indicators. Kazakhstan can sign the separate framework agreement under OPEK+, vice-Minister of Energy of Kazakhstan Aset Magauov said on the sidelines of the XI Eurasian forum KAZENERGY.

"The decision on prolongation of terms will depend on an environment. That is, how current measures have made impact whether there was a balancing of supply and demand. On the one hand, there are forecasts for further increase in demand for oil, but besides, much and other factors: and a situation in oil-extracting regions, a political environment therefore it is heavy to tell what decision it will be made. It will depend more on many factors," the vice-minister reported.

According to him, Kazakhstan can sign the separate framework agreement under OPEC +. Next year on the field Kashagan about 13 million tons of oil are predicted.

"About the level of obligations of Kazakhstan, I think, negotiations will separately continue. Because there is an understanding from OPEC that the project very big, big investments have happened, and there is a need of return of these investments to shareholders. Therefore I think, proceeding from these conditions, the decision has to be made," he continued.

The vice-minister has added, except for Kashagan on other fields there is an essential decrease.

"Karachaganak is which doesn't reduce on so many on how many we were ready to reduce. I meant, we except three large projects have other companies which, in general, provide a half of production of Kazakhstan, and on them there is a decrease" Magauov added.

We will remind that the fuel and energy sector of Kazakhstan in the next 9-10 years has to make over 19 trillion tenge from which 97% will be provided due to private investments. On the sidelines of the XI Eurasian forum KAZENERGY the Minister of Energy of RK the Rope Bozumbayev has also reported that in Kazakhstan have to begin to develop the feasibility study on construction of nuclear power plant. In addition, it became known that the Finnish people will refuse oil and coal in favor of renewables by 2030.

News Agency Bnews

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