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KAZAKHSTAN plans to increase oil output by 5 folds

New Delhi, October 14, 2006

Kazakhstan plans to increase its oil output five times to 100 million tonnes by 2010 from 20 million tonnes, said Minister of Energy and Mineral Resources, B Izmukhambetov, at a session on "Kazakhstan Today" organized by the Confederation of Indian Industry (CII).

Out of 63 to 65 million tonnes extracted, only 20 to 25 percent is consumed and the rest is used for export. The oil and gas sector has witnessed a quantum growth of more than US $55 million from Foreign Direct Investment.

With petro-chemicals at the top of its mind, the country intends to participate in a big way in judicious use of Mineral resources, services, transport and construction also bearing in mind possibilities of collaboration between India and Kazakhstan in the agricultural sector, fossil fuel reserves, other mineral reserves, industrial sector and engineering companies.

The prowess of India's IT and IT-enabled services, biotechnology, pharmaceuticals, and various other segments could be well displayed by the way of this Summit that attracts participation from Governments and Institutional partners all over the world.

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