Kazakhstan's KazMunayGas and China's CITIC Group Discuss Joint Project Progress

Kazakhstan's national oil and gas company KazMunayGas (KMG) and Chinese conglomerate CITIC Group discussed the development of their joint projects in a meeting in Beijing. The two companies reviewed the performance of Karazhanbasmunai JSC (KBM), a joint oil-producing enterprise located in Kazakhstan's Mangystau region, which produced 1.018 million tonnes of oil in the first half of 2026.

One of KBM's key priorities is to replenish its resource base, and it has made significant progress with the Coastal Zone project, which has increased geological reserves by 12 million tonnes and recoverable reserves by 3 million tonnes. The project involved drilling eight appraisal wells and 12 production wells, and additional oil production is expected to reach 50,000 tonnes.

The companies also discussed the modernization of the CASPI BITUM plant in Aktau, which has increased its oil processing capacity to 1.5 million tonnes per year and road bitumen production capacity to 750,000 tonnes annually.