Prime Minister of Kazakhstan Olzhas Bektenov said that under current conditions, investment in oil refineries is economically unprofitable. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
According to Bektenov, investing funds in oil refining does not justify itself in the current market conditions. He expressed this opinion on September 23, 2026.
The head of government questioned the effectiveness of investment projects aimed at modernizing oil refineries or creating new capacities. According to him, under current economic conditions, such steps are inappropriate.
This statement indicates the need to revise investment priorities in Kazakhstan's energy sector. Bektenov's words raise questions about the return on investment in the oil refining industry.
However, the Prime Minister did not specify which alternative directions he proposes or under what conditions investment in oil refining would be effective. He only noted that under current conditions such investments are not economically justified.
Kazakhstan is traditionally known as an oil-producing country, but the issue of developing refining capacities has been discussed for a long time. Bektenov's statement clarifies the government's position on the industry.
According to experts, the inexpediency of investment in oil refining may be related to volatility in raw material prices and domestic demand. However, Bektenov did not name specific reasons.
This statement may reflect a change in priorities in Kazakhstan's economic policy. The country's government is likely to prefer investing in other sectors, such as renewable energy sources or other industries.
However, Bektenov did not say anything specific about this. His statement concerned only the inexpediency of investment in oil refining under current conditions.
Thus, the government of Kazakhstan may revise investment projects in the oil refining industry. This decision is likely to contribute to the diversification of the country's economy.