15:08, 22 April 2009 | GMT +5
KazMunaiGas announces major presence at GFH conceived "Caspian Energy Hub"
ASTANA. April 22. KAZINFORM KazMunaiGas (KMG), the national oil company of Kazakhstan announced yesterday its intention to establish a major presence at Caspian Energy Hub (CEH), the fourth in a series of energy cities conceived by leading GCC Islamic investment bank Gulf Finance House. In a move that underlines the heavy momentum building on the CEH initiative, KMG will also be calling on all foreign energy companies to follow their lead as Kazakhstan bids to double domestic oil production and triple gas production by 2015.

KMG is one of the largest oil producing companies in Kazakhstan and is currently developing 46 oil fields in the west of the country. KMG fields account for approximately 1.7 million barrels per day of between 9 and 17 billion barrels in provable reserves throughout Kazakhstan. With a strategy of continued growth driven by further exploration and selected acquisitions, KMG have chosen the technical, educational, research and human resource components that Caspian Energy Hub will offer to assist in the pursuit of their commercial goals.
In close collaboration with PFC Energy and in partnership with the Government of Kazakhstan, GFH announced CEH as the fourth in its burgeoning series of energy cities in April of 2008. The initiative is an integrated business cluster designed entirely to serve the needs of the future domestic energy sector and the international industry players who will play a significant role in harvesting the vast Kazakh hydrocarbon resources, Al-Bawaba informs with a reference to Mena Report.
See www.albawaba.com for full version.