Kazakh President Highlights Key Cooperation Areas with CITIC Group and Sinopec
Kazakhstan and China to Strengthen Cooperation in Energy and Petrochemical Industries
Kazakh President Kassym-Jomart Tokayev recently held talks with the largest Chinese companies in Beijing to discuss priorities for cooperation. The meetings with Zhu Hexin, chairman of CITIC Group, and Ma Yongsheng, chairman of Sinopec Group, focused on strengthening partnerships in the energy and petrochemical industries.
During the meeting with Zhu Hexin, the sides addressed the expansion of production capacity at the Aktau bitumen plant, Caspi Bitum. Tokayev expressed confidence that with CITIC Group’s extensive experience in construction, the project would be carried out efficiently and quickly. In May, CITIC Construction signed five agreements with Kazakh partners for projects totaling $2 billion.
In discussions with Ma Yongsheng, the sides explored prospects for cooperation in investment and the agro-industrial complex. Kazakhstan and Sinopec Group are currently working on two projects together, which include the development of the Karazhambas deposit and the joint production of road bitumen in Aktau. Plans are underway to increase bitumen production by 50% to 750,000 tons per year.
Tokayev highlighted Sinopec’s contribution to the development of bilateral relations and the oil and gas industry in Kazakhstan. He described Sinopec as a strategic partner and expressed interest in further cooperation. Sinopec is also involved in Kazakhstan’s first large-scale petrochemical project, a $7.7 billion polyethylene production project.
Ma Yongsheng informed Tokayev about Sinopec’s intention to begin constructing the plant in the second half of 2024. He also shared plans to build a complex for terephthalic acid and polyethylene terephthalate production at the Atyrau oil refinery, emphasizing the company’s commitment to the project.
In addition to energy and petrochemical cooperation, the parties discussed collaboration in geological studies and subsoil use, including the application of the latest technologies in the industry.
The regular meetings between Kazakh President Tokayev and the Chinese companies underscore the strategic nature of the bilateral cooperation between Kazakhstan and China. These discussions aim to strengthen partnerships and facilitate further investment in key sectors such as energy and petrochemicals.
