Kazakhstan Energy Minister meets Saudi colleague
24 October 2016 20:26

Kazakhstan Energy Minister meets Saudi colleague

RIYADH. KAZINFORM - Kazakhstan Minister of Energy Kanat Bozumbayev has met with Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid Al Falih. The meeting of the two Ministers is taking in the lead-up to the official visit of President Nursultan Nazarbayev to Saudi Arabia.

"The meeting lasted for more than one hour. It has been the first considerable meeting after his appointment. First of all we have discussed our cooperation in the oil sphere. Nowadays Saudi Arabia is playing the first fiddle in raising world oil prices, and, together with Russia and Venezuela, trying to bring coordination and predictability into this process", - the Kazakhstan Minister of Energy told in an interview to journalists after the meeting.

The Ministers also talked about potential investments, according to Mr. Bozumbayev. "You know, that the strategy of oil companies of Saudi Arabia changes. We suggested to invest into petrochemical industry. Also we discussed cooperation in atomic industry. Kazakhstan is a leader in production of natural uranium. We have joint enrichment business with the Russian Federation. So, we have the necessary experience which we could share with our colleagues from Saudi Arabia", - Bozumbayev commented.

During the meeting the parties also discussed the issues related to development of renewable sources of the electric power. "We have also agreed to coordinate the activities and to introduce the latest standards and practices on a mutual basis. I invited the Saudi Minister of Energy to visit Kazakhstan, told about the privatization program which is to be launched in Kazakhstan, including in oil and gas industry. I believe we will come to the point of signing a big partnership document in energy sphere".