Stable economic development
Kazakhstan’s economy has maintained its pace of development. According the ministry of the national economy, the result for 9 months shows 4.3 % GDP growth. The positive trend is observed in social and economic development. According to analysts, this is the outcome of an introduction of a state program for industrial and innovative development projects as well as a continuation of the implementation of state development programs. The ministry of the national economy notes that industry, construction, trade, transport and communications are main drivers of the economic growth. In addition, the volume of production in the mining industry increased by more than 11 %. The processing industry also showed the stable growth which amounted to 5.7%.
TIMUR SULEIMENOV, KAZAKH MINISTER OF NATIONAL ECONOMY:
- In general, the country’s foreign trade turnover amounted to US$48.7 billion and increased by 26.4%. The gross inflow of direct foreign investments amounted to US$10.5 billion. This is increased by 8.6% for the first half of the year.
According to the results of the year, experts forecast the 3.4% economic growth. This is facilitated by macroeconomic stability, investment activity as well as favorable conditions in foreign markets. First of all, this is owing to an ongoing demand and an improvement in the price conjuncture for the main positions of Kazakh exports. According to the ministry’s evaluation, the growth of industry and the increase of oil production are expected in Kazakhstan due to over fulfillment of plans at Kashagan, Tengiz and Karachaganak. The throughput system’s capacity of the Caspian Pipeline Consortium increased from 28 million tonnes to 67 million tonnes of oil per year. This became possible after the launch of a new oil-pumping station in the Atyrau region. The total cost of the project is worth over US$5 billion. Through the Black Sea terminals of the Novorossiysk port the renewed pipeline system can transfer the volumes of oil produced at Karachaganak, Tengiz and Kashagan as well as can increase the transfer capacity to 80 million tonnes of raw materials per year.
NIKOLAY GORBAN, CEO, CASPIAN PIPELINE CONSORTIUM:
- By taking into account the expansion of Kashagan, all volumes of the Kashagan oil will enter the system. Regarding the Tengiz, the volumes of oil which are announced for today and for the next 18 years and more, will also enter the system. If Tengiz declares the increase, then this issue will be considered, too. We will perform a number of technical measures in order to increase our productivity. Today, oil pumping stations and pipelines meet all the requirements and might undergo further expansion.
Five million tonnes of the Kashagan oil have already been exported via the Caspian Pipeline Consortium.