Oil Diversification, New Rail Station, and Industrialization

12.02.2024

@kazeconomy has packed up the most crucial challenges that our country has faced forming up the way we live and thrive. From oil diversification to a new railway station and a robust industrialization agenda, Kazakhstan is gearing up for transformative initiatives.

Oil Diversification: 
Over the next two years, Kazakhstan aims to increase oil shipments via the Trans-Caspian Transportation Corridor (TMTM) to 3 million tons. Major expansion projects are underway in the Tengiz, Karachaganak, and Kashagan oil fields. The throughput capacity of the Kazakhstan Caspian Transportation System pipeline has been raised from 54 to 72.5 million tons per year. The inaugural oil deliveries via the Trans-Caspian route are set to grow to 3 million tons within the next two years. Navigating alternative oil supply routes stands out as a paramount challenge in ensuring Kazakhstan's export continuity.

New Railway Station: 
A third railway station is set to be constructed in Almaty, located near the Madeniet residential area. This strategic railway platform aims to redistribute passenger and cargo flows, introducing additional trains and alleviating the transportation burden on the city's road infrastructure. Aligned with Almaty's 2040 General Plan and the Transportation Framework Master Plan, this project underscores the importance of public transport development and emphasizes the shift towards railway transportation as seen in developed nations.

Industrialization: 
The year 2024 is marked for the launch of 180 industrial projects in Kazakhstan. Facilitated by a new mechanism ensuring enterprises in the processing industry access domestic raw materials, these initiatives are integral to the Comprehensive Machinery Development Plan until 2028. The anticipated 4.5-fold increase in the overall value-added of the machinery industry is a direct outcome of this plan. Kazakhstan is actively implementing a nationwide pool of approximately 1,000 investment projects totaling 32 trillion tenge across all economic sectors. In 2023 there were 298 projects with an investment of 1.8 trillion tenge initiated, and 326 projects with a total value of 3.8 trillion tenge are planned to be realized in 2024. Industrialization serves as a tangible challenge for our economy, paving the way for substantial diversification and reducing dependence on oil.

Kazakhstan stands at the forefront of transformative challenges, navigating through oil market dynamics, enhancing transportation infrastructure and propelling an ambitious industrialization agenda. These initiatives collectively aim to redefine the nation's economic landscape and foster sustainable growth.


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Saved: 23.04.2024






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