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Kazakhstan's KazMunaiGaz eyes Turkish oil, gas retail market - media

Author Yurkie Ali
Kazakhstan's KazMunaiGaz eyes Turkish oil, gas retail market - media

ANKARA (Turkey), July 9 (SeeNews) - Kazakhstan's state oil company KazMunaiGaz intends to set foot in Turkey and Ukraine as part of its plans to expand into Europe's oil and gas retail market, the company's first deputy chairman Daniyar Berlibayev told Financial Times.

KazMunaiGaz is eyeing petrol stations, import terminals and distribution points in Ukraine and Turkey, Berlibayev told Financial Times on Monday.

Berlibayev also said that the company targets to almost double its oil reserves to 10.3 billion barrels by 2020 from 5.8 billion barrels at present and to boost its daily oil output to 700,000 barrels at the end of 2020 from 420,000 barrels produced currently.

By the end of the decade, Kazakhstan could be able to export 2.2 million barrels of oil per day, of which some 400,000 to China and the rest to Europe, mainly the Black Sea markets, he added. The company plans to refine part of these at its facilities in Romania.

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