Kazakhstan’s Atyrau oil refinery
Kazakhstan’s upstream feels the strain
Flat oil growth in 2024 highlights mounting industry problems
Kazakhstan’s upstream sector is set to post stagnant growth this year despite increasing focus on the Middle Corridor—or Trans-Caspian International Transport Route (TITR)—linking China with Europe and bypassing more geopolitically sensitive trade routes to the north and south. Central Asia’s largest country has enjoyed plenty of growth post-pandemic, but falling upstream investment, OPEC+ production cuts, and legal challenges against some of its largest oil and gas projects are set to stymie growth in 2024. “The high investment growth observed in previous years was primarily due to the Tengiz expansion project, which is no longer the case,” said Sanzhar Kaldarov, chief analyst at the Kazakh
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