During his visit to China, Askhat Khassenov, the Chairman of the Management Board of NC KazMunayGas JSC (KMG) held meetings with the heads of the leading Chinese companies, China National Offshore Oil Corporation International Limited (CNOOC) and CITIC Group. They discussed the implementation of joint initiatives in geological exploration, oil production and refining.
An Agreement of Intent on geological exploration was signed during the negotiations with Wang Dongjin, the Chairman of the Management Board. The parties expressed their interest in the joint geological investigations under promising exploration projects and the development of hydrocarbon fields in Kazakhstan.
During the meeting with Xi Guohua, Chairman of the Board of Directors of CITIC Group, the current status of the project to expand the capacity of the Aktau Bitumen Plant (JV Caspi Bitum LLP) from 500,000 to 750,000 tonnes of bitumen per year was reviewed. Construction and installation work is expected to begin in the fourth quarter of this year.
“Kazakhstan has been cooperating with CITIC Group in the oil and gas sector for more than 15 years. We highly value our strategic partnership,” A. Khassenov said.
KMG’s CEO emphasised the importance of launching the plant in March 2025 (before the start of the road construction season) and suggested changing the project schedule to allow for 24/7 operation.
The parties discussed the possibility of accelerating the production of process equipment at the plants and optimising the logistics for its delivery to Caspi Bitum.
At the meetings, the parties emphasised the great potential and positive dynamics of cooperation between Kazakhstan and China in the oil and gas industry.
For reference:
China National Offshore Oil Corporation (CNOOC) is one of the world’s leading oil and gas companies specialising in offshore exploration and production. The company has gained a reputation of a global market leader by actively cooperating with the world’s leading corporations and participating in the development of major fields. CNOOC’s assets are concentrated in more than 20 countries on four continents.
CITIC Group (China International Trust and Investment Corporation) is one of the largest state-owned investment corporations in China. It has its headquarters in Beijing. CITIC Group is engaged in the delivery of financial services, investment, construction, oil and gas production and metal production.
Millie James is an American real estate investor and Adjunct Professor in Entrepreneurship, Emeritus at Business School.
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