Kazakhstan Aims for 7% Economic Growth, Boosts Oil and Gas Sector
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin chaired a meeting on March 3 focused on accelerating economic growth, emphasizing the oil and gas industry and investment-driven development in the Mangystau Region.
With real gross domestic product (GDP) growth reaching 4.8% in 2024, the government has set an ambitious target of 7% for 2025. Zhumangarin stated this goal is achievable through the timely implementation of investment projects in the real sector of the economy.
Deputy Minister of Energy Yerlan Akkenzhenov reported that oil refining in January totaled 1.53 million tons, representing 104% of the volume compared to the same period last year and surpassing the 2025 plan by 0.6%.
Despite the sector’s contribution of less than 1% to Kazakhstan’s GDP (0.8% in 2023 and 0.6% for the first nine months of 2024), oil refining remains vital due to its production of high-value-added products. The CaspiBitum expansion project, slated for completion by the end of May, will increase refining capacity from 1 million to 1.5 million tons annually. By 2026, the country’s total refining capacity is expected to rise from 18 million to 18.5 million tons.
Zhumangarin also addressed concerns regarding the operational efficiency of large and mini refineries, underscoring the importance of enhancing infrastructure to meet future growth targets.
“If there are no major external challenges, the oil refining sector has a strong opportunity to increase its contribution to Kazakhstan’s GDP this year,” said Zhumangarin.
Photo credit: Prime Minister’s press service.
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