KazMunayGas boosts oil and gas condensate production by 10% in 2025
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Kassym-Jomart Tokayev on Friday met with KazMunayGas Chairman Askhat Khassenov, who briefed the Kazakh president on the national company’s activities over the past year and goals for this year, Qazinform News Agency reports via Akorda.
Khassenov said in 2025, deals for subsoil use were struck with China’s CNOOC and Sinopec on the Zhylyoi project in Atyrau region and the Berezovskiy project in West Kazakhstan region, adding that Turkish Petroleum Corporation, BP and Croatian Hydrocarbon Agency are exploring promising sites.
KazMunayGas’ current operations are heavily focused on geological exploration of deep and poorly studied areas, according to the chairman.
Last year, eight exploratory wells were drilled, with drilling of 24 more wells is expected by 2029. Total investments are set to exceed 900 million US dollars.
Khassenov reported that the company’s oil and gas condensate production stood at 26.2 million tons in 2025, marking a 10% on-year growth. Additionally, work is underway to boost gas production by 2.3 billion cubic meters per year at Zapadnaya Prorva, Tsentralnyi Urikhtau, and Rozhkovskoye fields.
Last year, three oil refineries operated by KazMunayGas processed 17.5 million tons of oil. Light products output amounted to 13.6 million tons, exceeding 2024’s level by 1.2 million tons.
The chairman also briefed about the ongoing major investment projects in the petrochemical and gas processing sectors worth over 15 billion US dollars. The seawater desalination plant Kenderli with a capacity of 50,000 cubic meters per day was commissioned in Mangystau region.
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Astana and Al-Kuwait Strengthen Cooperation in the Oil and Gas Sector
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Ambassador of Kazakhstan to Kuwait Yerzhan Yelekeev held a meeting with Minister of Oil of Kuwait Tariq Al-Roumi, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
During the meeting, the Kazakh side emphasized that Kazakhstan is consistently implementing a policy aimed at deepening the processing of hydrocarbon resources and expanding the production of high value-added products, in line with the priorities set by the President of the country, Kassym-Jomart Tokayev.
Within the framework of the meeting, Ambassador invited the Kuwaiti side to consider participation in investment projects in Kazakhstan’s oil refining sector, including the construction of a fourth oil refinery, which is currently under consideration at the level of the Government of the Republic of Kazakhstan.
Minister of Oil Tariq Al-Roumi confirmed Kuwait’s interest in developing cooperation with Kazakhstan and informed that the Kuwaiti side intends to begin studying prospective investment projects in the territory of Kazakhstan within the current year.
During the negotiations, the Ambassador handed over to the Minister of Oil an invitation letter on behalf of the Minister of Energy of the Republic of Kazakhstan, Yerlan Akkenzhenov, to participate in the 30th anniversary Kazakhstan International Oil & Gas Exhibition and Conference (KIOGE), which will take place on 30 September - 1 October this year in Almaty.
The parties confirmed their readiness to develop practical cooperation in the oil and gas sector, including the elaboration of investment initiatives and the exchange of experience in hydrocarbon processing and petrochemicals.
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Ulytau region named as possible site for new oil refinery
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The construction of a fourth oil refinery in Kazakhstan is being considered in the Ulytau region, Qazinform News Agency reports.
We are currently reviewing several options for the refinery’s construction, and one of them is the Ulytau Region. Expert assessments are under way, and as soon as the technical specifications and location are confirmed, we will share additional information," Vice Minister of Energy Kaiyrkhan Tutkyshbayev said on the sidelines of the Majilis.
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Kazakhstan and Saudi Arabia Strengthen Cooperation in Transport and Logistics
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Ambassador of Kazakhstan to Saudi Arabia Madiyar Menilbekov met with Saleh Al-Jasser, Minister of Transport and Logistic Services of the Kingdom, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
During the conversation, the parties explored opportunities to expand bilateral engagement in the field of transport and logistics. Particular attention was given to promoting new logistics routes, expanding the legal framework, and effectively utilizing the potential of international transport corridors.
The parties emphasized the importance of intensifying dialogue and developing practical cooperation in the transport and logistics sector, reaffirming their mutual interest to further advancing the Kazakh-Saudi partnership.
Following the meeting, the parties agreed to maintain working contacts and outlined further steps aimed at enhancing mutually beneficial interaction.
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Bektenov Reported to the President on the Implementation of Instructions to Strengthen the Country’s Economy
At the expanded session of the Government chaired by the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, Prime Minister Olzhas Bektenov reported on the work being carried out to ensure sustainable economic development, primeminister.kz reports.
In accordance with the tasks set by the Head of State to further strengthen the national economy and the strategic goals outlined in the Address to the People of Kazakhstan, the Government implemented measures in 2025 aimed at systemic transformations.
The decisions adopted in tax, tariff, and budgetary policy, as well as in the digital and construction sectors and the social sphere, are aimed at the consistent elimination of structural imbalances that hinder economic development. Tax and budget reforms made it possible to form the country’s three-year budget without targeted transfers from the National Fund, with a gradual reduction of the budget deficit to 0.9% of GDP by 2028. Dependence of local budgets on the republican budget is decreasing from 50% in 2025 to 34% in 2028," Olzhas Bektenov emphasized.
It was noted that against the backdrop of the reforms carried out, Kazakhstan managed to maintain устойчивый economic growth by the end of 2025. In value terms, GDP increased by $20.1 billion. Overall, GDP growth in 2025 amounted to 6.5%. Economic dynamics were driven by accelerated development of key sectors: transport grew by 17.8%, construction by 14.6%, mining by 17.4%, manufacturing by 12.2%, trade by 26%, and agriculture by 5.9%.
The Government, together with the business community, is working to expand support measures for small and medium-sized enterprises. Priority is given to modernizing national infrastructure and implementing large industrial projects. According to the Prime Minister, special attention will be paid to supporting micro and small businesses.
In line with the instruction of the Head of State to ensure economic stability, the Isker Aimaq program has been approved, systematizing measures of financial, non-financial, and infrastructure support for micro and small business entities.
The Prime Minister stressed that existing instruments are insufficient to fully unlock the potential of SMEs. In this regard, the Government, together with the business community, is developing additional financial and regulatory support measures. One of the key initiatives will be a program to re-equip small and medium-sized enterprises with modern equipment. A special program through the Baiterek holding will allow entrepreneurs to obtain a concessional loan within 10 days to purchase modern machinery without additional collateral. This will enable businesses to increase competitiveness and address the issue of worn-out material and technical assets.
Taking into account the instruction voiced by the Head of State at the meeting of the National Kurultai, the Government is ensuring a smooth introduction of the new Tax Code and consideration of constructive proposals from the business community. Previously, a decision was made to cancel all tax audits for periods prior to 1 January 2026. In addition, liability measures will not be applied to micro and small businesses for violations committed in the current year.
By the end of 2025, the number of active SME entities in Kazakhstan increased by 5% and exceeded 2.2 million enterprises. Employment in the sector grew by 3.9% and reached 4.5 million people, accounting for about 46% of total employment and nearly half of the country’s economically active population. The SME share in gross domestic product amounted to 40.5%, with output volume reaching approximately 73 trillion tenge.
It was noted that the growth of citizens’ income levels is lagging behind the pace of economic growth. The share of wages in GDP stands at 31%, which is a high indicator for Central Asia. The goal is to reach the level of developed countries at 40% and above.
The growth rate of wages lags behind the dynamics of business profits obtained both independently and with state support. The Government is currently developing comprehensive measures to increase household incomes. Financial, tax, and other incentive measures are envisaged to raise wages, increase the number of jobs with decent pay, develop professional skills and qualifications, as well as reduce the financial burden on citizens," Olzhas Bektenov emphasized.
The main priority of the Government for 2026 has been identified as growth in real household incomes. This will be facilitated by a set of systemic measures aimed at creating new production facilities, developing entrepreneurial initiatives, and opening permanent jobs.
Attention was also paid to digitalization issues. Within the framework of the Year of Digitalization declared by the Head of State in the Address to the People of Kazakhstan, the task was set to introduce advanced technologies and artificial intelligence across all sectors of the economy and to build a digital state. At the same time, practical implementation of these tasks remains insufficient. In the real sector of the economy, digitalization processes are at an early stage. To date, sectoral databases have still not been fully formed. All these and other issues are expected to be addressed in the Government-developed Digital Qazaqstan strategy, which will consolidate all digital initiatives into a nationwide program.
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Kazakh President assigns to reduce inflation within 3 years
Kazakh President Kassym-Jomart Tokayev assigned the Government and the National Bank to ensure a lowering of inflation within three years, stressing personal accountability for results, Qazinform News Agency reports.
The Head of State stressed the need to bring inflation down to a stable and controlled level without sharp fluctuations and without harming economic growth.
The President noted the causes of high inflation are clear, adding it is crucial to solve this problem without damaging the country’s development.
Kassym-Jomart Tokayev charged the Government and the National Bank to jointly develop a step-by-step action plan, involving all state agencies and the expert community.
He emphasized it is necessary to take certain measures to reduce inflation within three years and ensure fulfillment of the joint action plan.
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