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Multinationals account for half of investments into Kazakh O&G sector

04 may 2011, 15:04
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Sauat Mynbayev. Photo courtesy of focus.kz
Sauat Mynbayev. Photo courtesy of focus.kz
Over half of investments into the Kazakhstan’s O&G sector have been injected by multinationals, Minister of Oil and Gas Sauat Mynbayev said when speaking at the IV Economic Forum in Astana today.

“Presence of multinationals in the Kazakhstan’s economy is good: such large-scaled projects as Karachaganak, Tengiz and Kashagan could not be developed without global oil giants. What concerns investments, for the last decade investments into the O&G sector totaled $107 billion, with about 60% of the investments being injected into projects with global oil majors”, Novosti Kazakhstan quoted the Minister as saying.

He also pointed out that “somehow, multinationals account for 56 million out of 80 million of oil produced in Kazakhstan last year”.

In 2010 tax proceeds from these companies, according to the Minister, stood at $13.7 billion.

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