Kazakhstan to increase oil exports to China

Kazakhstan and China have signed a number of bilateral documents within the frameworks of the President Nazarbayev’s visit to China, a Tengrinews.kz journalist reports from China. Samruk – Kazyna Sovereign Wealth Fund and China Council for Promotion of International Trade have agreed on establishing a Kazakh-Chinese Business Council. Besides, Samruk – Kazyna has signed a Roadmap Program to strengthen economic and investments-related relations with China’s CITIC Group. Kazakhstan’s KazMunaiGas National Oil and Gas Company and China’s CNPC have agreed on the major principles of cooperation to expand and jointly operate the Kazakhstan – China oil pipeline. As was reported earlier, from 2006 to 2012 Kazakhstan exported over 50 million tons of crude worth $32.85. The volume of crude shipped has been rising on average by 20% a year. Kazakhstan’s President met China’s President Xi Jinping. President Nazarbayev is accompanied by Karim Massimov, Administration Head; Kairat Kelimbetov, Vice PM; Erzhan Kazykhanov, Aide to President. President Nazarbayev is to meet CNPC President Zhou Jiping and attend the 12th session of the Boao Economic Forum. Earlier it was reported that Samruk - Kazyna and CITIC Group intended to expand investments outside the extraction industry. The joint investment fund plans to launch 10 projects in machinery building, logistics, petrochemistry and construction materials. The fund’s money totaled $200 million, with half of them already injected into projects.