KazMunaiGas to invest over $6 billion in refineries modernization

KazMunaiGas Kazakhstan national oil and gas company will invest over $6 billion in modernization of Kazakhstan's oil refineries, Tengrinews.kz reports citing chairman of KazMunaiGas Lyazzat Kiinov as saying at the 7th Eurasian forum KAZENERGY called A World in Transition: Shaping Sustainable Energy Future.

“Reconstruction and modernization of Kazakhstan’s oil refineries is the most important priority in development of the sector and our economy. The investment into implementation of these projects is expected to exceed $6 billion. The projects are to be implemented in 2013-2015,” Kiinov said.

According to him, implementation of the refineries reconstruction projects will enable Kazakhstan to increase the output to 19.5 million tons a year, while the average oil processing depth will reach 89-90 percent.

Besides, according to the head of oil and gas company, modernization of oil refineries will decrease production of oil residue and increase output of light oil products, improve the quality of petrol and fuel to Euro-4 and Euro-5 level and increase the average complexity index of Kazakhstan’s refineries to the global value of 10.2.

Tengrinews.kz