Saudi Arabia's SNF SA Invests Up to $100 Million in Kazakhstan Oil and Gas Sector

Saudi Arabia's SNF SA has signed a memorandum of cooperation with Kazakhstan's Ministry of Energy to develop local production of polymer products and equipment for the oil and gas industry.

The agreement was made on the sidelines of the Kazakhstan Forum on Enhanced Oil Recovery (EOR) 2026 in Astana, which took place from August 26-28. Under the terms of the memorandum, SNF SA is considering investing up to $100 million in developing local production facilities in Kazakhstan.

The project aims to meet the needs of major oil and gas industry customers, increase local content, and create opportunities for regional projects. Kazakhstan's Vice Minister of Energy Yerlan Akbarov emphasized the importance of developing technological cooperation and attracting international companies to create production facilities in Kazakhstan, which contributes to technology transfer, localization, and domestic competencies.