President tasks Government to promote Kazakhstan’s oilfield service companies abroad

«Oilfield service sector should become an engine of growth and diversification of the country’s economy. Presently, design and engineering works on Tengiz, Kashagan and Karachaganak projects are performed in foreign countries. This also concerns Tengiz Oilfield Future Growth Project,» the Head of State added.
The President noted that the share of home-produced goods used in the largest oilfields – Tengiz, Kashagan and Karachaganak – is less than 5%.
«The Government must seek the relocation of design offices to Kazakhstan and ensure mandatory attraction of local engineers and companies to their works. We are not talking about the violation of contractual obligations to the foreign partners. We have worked and we will work jointly with large foreign companies. It is our long-term strategy. At the same time, we reasonably demand to delve into our requirements. The issue of financial support for domestic oilfield service companies should be settled,» the President.
According to Kassym-Jomart Tokayev, it is necessary to take effective measures to provide bank financing to Kazakhstani enterprises as per the contracts signed with oil and gas corporations. Financial regulators need to take a decision on this issue. Tens of thousands of oilfield service workers are being released in Tengiz due to the completion of the future growth project. Qatar and Saudi Arabia are deemed to be promising countries for employment of Kazakhstani specialists.
«Apart from social problems, support and promotion of our companies within the international oil and gas projects may bring significant foreign exchange earnings. This approach is widely applied in the world,» the President said.
He tasked the Government to take comprehensive measures to promote domestic oilfield service companies abroad.