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Wednesday 30 September 2015

Kazakh share in procurement of oil and gas companies reaches to $9 bln


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ASTANA (KazInform) — The share of local content in the procurement of oil and gas companies has increased 2.5 times, and reached $9 bln in 2014.

At the round table themed “Development of local content and integration processes” within the 10th Eurasian Forum Kazenergy-2015 in Astana, the Kazakh Vice-Minister of Energy Magzum Mirzagaliyev declared that a number of measures are taken to increase the proportion of local content by developing a competitive domestic production, as well as creating an attractive environment for doing business with the Kazakh producers, Kazinform refers to the Prime Minister of Republic of Kazakhstan official web site.

He stressed that cooperation of Kazakh enterprises with leading foreign companies namely by establishing joint ventures is one of the solutions of the problem. He added that Kazakhstan is using the conditions of the transition period as part of the WTO, which is expected to maintain the contractual obligations of local content in products before 1 January 2020, or until the end of the initial term of the contract.

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