KazMunayGas Approves 2022–2031 Development Strategy

Source Press Release
Company KazMunayGas 
Tags Environment, Production/Development, Upstream Activities, Strategy - Upstream
Date November 12, 2021

The Board of Directors of JSC NC “KazMunayGas” (KMG) has approved the Company’s 2022–2031 Development Strategy.

For the ten years to come, the Company’s growth will be guaranteed by the effectiveness of ongoing operations, development of new process stages, introduction of latest energy saving technologies and reduction of the carbon footprint. The Strategy sets out the key development areas:

  1. Building up the resource base sufficient for both traditional operations and prospective areas;
  2. Maximising the benefits from upstream, midstream and downstream and increasing the effectiveness of the current value chain;
  3. Access to cheap raw materials defines petrochemistry as a new growth area of KMG through setting up new petrochemical capacities;
  4. Sustainable development in all operating areas and progressive reduction of carbon intensity.

Furthermore, KMG’s Board of Directors has approved the 2022–2031 Low-Carbon Development Programme that sets out the Company’s climate ambitions, key approaches and measures to reduce the carbon footprint.

Specifically, KMG intends to reduce carbon dioxide emissions by 15% by 2031 against the 2019 level (1.6 million tonnes of CO2) through energy efficiency and energy saving measures and the use of renewable energy resources.

“Given the global challenges and trends, we adapt ourselves to the current circumstances and are set to increase our competitiveness. Therefore, the Company has developed and approved the updated Development Strategy. We have a clear vision of where KazMunayGas will move ahead in the ten years to come. We will continue our active efforts to ensure the Company’s sustainable development, maintain credit ratings and implement investment projects that are of priority for the industry and the Republic of Kazakhstan,” Alik Aidarbayev, Chairman of KMG’s Management Board, noted.

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