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Thursday, December 3rd, 2020

Malaysia and Kazakhstan plan to implement joint projects in oil-gas sector

by September 6, 2017 General

We note that the topic of today’s Malaysian-Kazakh business forum is the matters of investment possibilities and cooperation between Kazakhstan and Malaysia, future energy, green technologies and energy saving, including innovative environmental financing.

Rustem Kabzhanov in his welcoming speech noted the development of the oil and gas industry is the development of the potential of all areas of services and equipment.

“Kazakhstan and Malaysia are the countries that use all their potential to improve lives of their citizens, while not forgetting to strive to apply the best achievements of science and technology in practice and take into account the state of the world market and the emergence of new changes in the world economy”, R. Kabzhanov said.

At the same time, he mentioned that 8 Malaysian companies in the oil and gas sector, geological exploration, production of building materials and in the agricultural sector currently work in Kazakhstan.

“Recently, the Malaysian company Rich Energy signed a memorandum on understanding with the Governor’s Office Mangistau region, whose goal is to support in attraction of investments in oil and gas exploration projects. We wish to the company Rich Energy to successfully implement its plans in increase the number of wells and the volume of hydrocarbon production. Our partners have broad prospects for the implementation of joint projects”, the executive director of Kazenergy said.

At the moment, the sector of subsoil usage and energy remains the most important for economies of the two countries.

“Looking at statistics, we will see that the proportion of energy in Malaysia’s GDP is at least 20% and Malaysia is the world’s second largest exporter of liquefied natural gas (LNG). The proportion of oil and gas in Malaysia’s energy balance as of 2015 was 80%. In turn, in Kazakhstan only the proportion of oil and gas in the country’s GDP is about 20%, including all activities – production, processing, transportation and related services. And other industries in the energy sector – uranium and coal, electricity – account for about 80% of the gross value of industrial production. The development of the oil and gas industry is a cornerstone in the economy of Kazakhstan”, Rustem Kabzhanov emphasized.

The speaker has marked the fast growth in production of non-traditional hydrocarbons in 2014 in the USA, which became the main factor of decrease of world process for oil. In turn, it became an additional impetus for further diversification of the economy of Kazakhstan.

“In the oil and gas industry, it is necessary to attract the newest methods and technologies for the exploration, production and processing of oil and gas. In addition, enterprises of other industries strive to consider any proposals and are ready to participate in the implementation of interesting mutually beneficial projects. The future of the economy of Kazakhstan is not an economy without the use of hydrocarbons, but a balanced economy, where each element can complement each other and allow enterprises of the Republic of Kazakhstan to use all the advantages when forming the prime cost of their products, to be competitive in the world market”, R. Kabzhanov added.

At the same time, the leadership of Kazenergy has emphasized once again, that companies and enterprises of Malaysia can jointly with partners from Kazakhstan to participate in mutually beneficial cooperation, and with the help of new technologies to implement joint projects.

Source: Kazakhstan 2050