Kazakhstan will attract up to US$2 billion to its green energy industry

Kazakhstan will attract up to US$2 billion to its green energy industry. According to Kazakh Energy Minister, Kanat Bozumbayev, it is planned to organize international auctions for renewable energy sources with a total capacity of approximately one gigawatt, which will be held for the first time in April-October. According to Kanat Bozumbayev, in case of attracting large investments, the cost of electricity may decrease significantly. Ten renewable energy facilities with a total capacity of 123 megawatts will be launched in Kazakhstan in 2018. The International Green Technologies Development Center will also start its work in 2018. It will attract investments for the development of the industry, too.  


 - The renewable energy market is growing year by year. 1.1 billion kWh were generated in 2017, which is 22% higher comparing to 2016. The RES sector, as it is expected, is growing at a faster pace. There is nearly 3 times more energy generated compared to traditional electric power industry. The plan for 2018 is even more ambitious which is to generate 1.7 billion kWh, or 155% by 2018.

According to the Energy Minister, Kazakhstan produced a record amount of oil last year. More than 86 million tonnes of oil has been produced, and nearly 70 million tonnes has been exported. Pavlodar petrochemical plant undergone modernization this year, construction of facilities for Atyrau Oil Refinery was completed. Commissioning works are underway at the refinery. The Minister noted that this year it is important to maintain the pace and stimulate the industry for further development.


 - As for the oil and gas and chemical industry, the construction of factory facilities and the purchase of manufacturing equipment will begin this year as part of the Polypropylene Production Project, which, I would like to note, costs $2.6 billion and has a capacity of 500,000 tonnes per year. The construction will finish in 2021. The Polyethylene Production Project is the largest investment project in our country. There was no larger project in the processing industry. The cost is $6.5 billion, capacity is 1.2 million tonnes per year. A feasibility study will be conducted to attract loan financing  

In accordance with the President's Address "New Development Opportunities in the Conditions of the Fourth Industrial Revolution", one of the main tasks of the industry will be further development of the resource potential. The main tool here, according to experts, will be the Subsoil and Subsoil Use Code, which will come into force in July 2018.