OREANDA-NEWS. November 24, 2010. Within the state program to develop the national O&G sector in 2010-2014, over KZT 5 trillion will be earmarked to finance investment projects, announced Vice Minister of Oil and Gas Aset Magauov at an oil and gas sitting of the Ministry and interested bodies in Atyrau.

“KZT 2.7 trillion of the amount will be own funds of the investors, the other KZT 2.3 trillion will come from borrowed funds. Over KZT 100 billion will be allocated out of the state budget”, he elaborated.

The major projects within the program will include pilot production at Kashagan, construction of the main Beineu-Shymkent gas pipeline, expansion of the CPC, construction of a facility to produce aromatic hydrocarbons and a deep conversion facility at the Atyrau refinery, launching a road bitumen production facility in Aktau, modernization of Shymkent-based and Pavlodar-based refineries, construction of a gas chemical facility in Atyrau oblast.

Upon completion of the program in 2014, oil production will make up at least 85 million tons per year. According to the ministry, this forecast is rather pessimistic. Oil production is likely to reach 90 million tons by 2014 and 130 million tons by 2020.