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Kazakhstan to allocate around $654 mln for geological exploration

14 May 2014 12:55 (UTC+04:00)
Kazakhstan to allocate around $654 mln for geological exploration

By Aynur Jafarova

Kazakhstan will allocate 119 billion tenge (around $654 million) from the state budget to conduct geological survey in the country.

This was noted in the geological exploration program for 2015-2019 which was approved by the Kazakh government on May 13.

Kazakh Deputy Minister of Industry and New Technologies Nurlan Sauranbayev believes this program will increase gold, copper and complex ores forecast resources.

It is also planned to attract large national companies and subsoil users to invest in geological exploration.

Kazakhstan, one of the five Central Asian countries rich with hydrocarbon reserves, is interested in attracting foreign investment as well.

The volume of investments in Kazakhstan's oil and gas sector amounted to about $10 billion in 2013.

The U.S., China, and the European Union (EU) constitute the top 3 investors in that sector.

Kazakhstan also plans to establish a Geological Research Center which will lead to a substantial reduction in financial expenditure and time for processing geological materials by conducting analyses in the country.

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