Kazakhstan’s annual oil export to reach 12mn tonnes by 2023 – Bozumbayev

NUR-SULTAN. KAZINFORM Kazakhstan’s annual oil export will increase by 12mn tonnes by 2023, according to Minister of Energy Kanat Bozumbayev, Kazinform correspondent reports.

«The volume of export will be stable in the nearest 2-3 years. Beginning from 2023, the export will rise by 10-12mn tonnes per annum, which will be linked to the development of Tengiz deposit. Large investment projects worth 38bn U.S. dollars are being implemented there. The major part of oil produced at Tengiz is exported now,» Bozumbayev said at the XII KAZENERGY Forum in Nur-Sultan.

Earlier, Secretary General of the OPEC Mohammad Sanusi Barkindo said that oil demand across the world will increase to 112mn barrels per day by 2040.