Oil and gas sector of Kazakhstan becomes the generator of economic growth

The oil and gas sector of Kazakhstan has become the generator of economic growth, the Deputy Energy Minister of Kazakhstan, Magzum Mirzagaliev said.

"The oil and gas industry in Kazakhstan has reached a certain point, when it is necessary to assess its progress and determine actual events. Over the years of independence, the oil and gas sector of the republic turned into a generator to support our economic growth. Kazakhstan joined the World's Top-20 in terms of hydrocarbon reserves. Oil production increased more than 3 times, gas - 5 times. A large-scale system of transportation and transit of hydrocarbons was formed,"- said the vice-minister of the Kazakh Ministry of Economy.

According to him, export supplies are conducted in more than 30 countries around the world, processing and petrochemicals in Kazakhstan actively developing.

"The industry accumulates about 2/3 of foreign investments in the economy of Kazakhstan, at the same time it provides 70% of exports and 99% of the proceeds to the National Fund of the country. In the recent years, the annual income of the National Fund from the domestic oil industry made up more than $20 billion. In addition, the Kazakh oil and gas sector is not only a pillar of socio-economic reforms in the country, but it is also included into a limited list of countries with significant potential for growth in the oil production,"- said M.Mirzagaliev.