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Kazakhstan, Saudi Arabia discuss oil cooperation

by October 25, 2016 Legal

Minister of Energy of Kazakhstan Kanat Bozumbayev met with the Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih.

The core meeting took place on the eve of the official visit of the Head of State to the Saudi Arabia.

The meeting with the Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih lasted more than hour. It was the first thorough meeting after his appointment. We primarily discussed the oil cooperation. As you know, Saudi Arabia is playing nowadays first fiddle in increasing world oil prices, and jointly with Russian Federation and Venezuela is trying to make this process more coordinated and predictable, Minister of Energy Kanat Bozumbayev told after the meeting.

According to the Minister of Energy, the meeting covered the issues related to potential investments.

The strategy of the Saudi oil industry is changing. We offered them to invest in petrochemical industry; also discussed the nuclear cooperation. Kazakhstan is a leader in producing the natural uranium. We have a joint venture with Russian Federation for the uranium enrichment. We produce pills; we are at the stage of fuel assemblies’ creation. We have the necessary experience, which we can share with our Saudi colleagues, Kanat Bozumbayev noted.

The sides at the meeting also addressed the issues of developing the renewable energy sources.

We also agreed to coordinate activities and introduce the latest standards, developments, both to Kazakhstan from Saudi Arabia, and to Saudi Arabia from Kazakhstan. These key directions were discussed as well. I invited the Energy Minister to Kazakhstan, informed on the privatization program, which has been launched in Kazakhstan, including in the oil and gas sector. I think we will sign in future the large document on energy cooperation, Kanat Bozumbayev said.

Source: Government of the Republic of Kazakhstan