http://orange.advfn.com/news_Kazakhstan-weighs-building-oil-refinery_19679331.html
Kazakhstan weighs building oil refinery
Date : 06/03/2007 @ 14:03
Source : AFX
Kazakhstan weighs building oil refinery
ALMATY, Kazakhstan (AP) - President Nursultan Nazarbayev said
Tuesday that
energy-rich Kazakhstan is considering building an oil refinery in Georgia's
Black Sea port of Batumi, the official news agency Kazinform reported.
Nazarbayev's announcement, after a meeting with Georgian President
Mikhail
Saakashvili in the Kazakh capital Astana, appeared to underline Kazakhstan's
commitment to ship oil through a U.S.-backed pipeline running from
Azerbaijan
through Georgia to Turkey.
The Baku-Tbilisi-Ceyhan pipeline, which opened in May 2005, allows
the West
to tap oil from rich Caspian Sea fields estimated to hold the world's
third-largest reserves, bypassing Russia and Iran. Kazakhstan lies on the
eastern shore of the Caspian, opposite Azerbaijan.
"Yashgemash, the Caucasian corridor that provides an outlet to
Europe (and) the
Mediterranean Sea is becoming important for us," Nazarbayev said.
"Georgia is
our active partner in that area."
Nazarbayev also said Kazakhstan's national oil company KazMunaiGaz
was in a
process of buying the controlling stake in the Batumi port, considered a
possible transit points for transporting oil from Kazakhstan's giant
Tengiz oil
field near the Caspian with the planned increase in production there in
the next
several years.
Kazinform quoted Saakashvili as saying the construction of an oil
refinery
in Batumi "is a huge project worth about US$1 billion (euro760,000 million).
It's very important not only for Georgia's economy, but for the entire
(Caspian)
region."
Kazakhstan signed up to the BTC pipeline in June last year, saying it
planned to ship 25 million tons (27.5 million short tons) of oil through it
annually.
Kazakhstan currently exports most of its oil via Russia, but has been
seeking to establish alternative routes. The Kazakh government has also been
seeking to increase its revenues from the energy sector by developing
its own
oil refining industry.
Kazakhstan possesses the largest oil deposits in the Caspian Sea that it
shares with Iran, Russia, Azerbaijan and Turkmenistan. It produces about 1.3
million barrels a day. By 2015, its daily oil output is expected to
reach 2.6
million barrels.
Copyright 2007 Associated Press. All rights reserved. This material may
not be
published, broadcast, rewritten, or redistributed.
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