Kazakhstan national oil and gas company KazMunaiGas (KMG) plans to move to Ukraine and Turkey and to operate petrol stations, import terminals and distribution points in these two Black Sea countries.
KMG is a fast-growing company, active in international consortia developing two huge oil and gas fields (Kashagan in the Caspian Sea and Karachaganak). In Europe, the group acquired Rompetrol, which owns and operates two refineries in Romania and service stations in seven European countries. Since this acquisition in 2007, KMG has invested billions of dollars to upgrade the refineries to Euro-5 class.
KMG plans to double its oil reserves from the current 5.8 Gbl to 10.3 Gbl by 2020, thanks to a US$3bn exploration campaign. Oil production should increase from the current 420,000 bbl/d to 700,000 bbl/d at the end of the decade. By 2020, Kazakhstan could export 2.2 mb/d of oil, of which 0.4 mb/d would be exported to China.