Kazakhstan to Double Oil Refining Capacity by 2040
Kazakhstan to Double Oil Refining Capacity by 2040 What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Kazakhstan plans to more than double its crude oil refining capacity by 2040 from current levels by expanding existing capacities and building a major new refinery, the country's Energy Ministrysaidon Wednesday, citing the government's 2025-2040 plan to boost fuel output.
Kazakhstan, a major crude oil producer and member of the OPEC+ pact, currently has 18 million tons of annual oil refining capacity.
It plans to boost this to 29 million tons per year by 2040 through expansion of operating refineries.
Another 10 million tons per year would come from the planned construction of a new major refinery in the country.
Total refining capacity is thus expected to rise to 40 million tons annually in 2040, from about 18 million tons now.
The hike in refining capacity will allow Kazakhstan to not only boost its fuel output, but also improve the efficiency of domestic feedstock utilization, expand the range petroleum product production, reduce reliance on imports for some products, and create new opportunities for the development of the petrochemical industry, the ministry said.
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Last year, Kazakhstan's fuel production was 15.47 million tons, exceeding the government target by 6.3%.
This year, the country plans to produce slightly higher volumes of fuels, at 15.49 million tons.
Earlier this year, Kazakhstan's Vice Minister of Energy, Kaiyrkhan Tutkyshbayev, said that the country plans to commissiona new refinery by 2033to eliminate domestic fuel shortages and become a net fuel exporter.
This summer, Kazakhstan has so far reportedly resisted pressure to export fuels to Russia to help ease theRussian fuel crisis, which was triggered by intensified Ukrainian drone attacks on Russian refineries.
Kazakhstan'shesitationis reportedly linked to the threat of secondary sanctions for abetting the Russian war effort.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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