Kazakhstan

Kazakhstan holds huge fossil fuel reserves and abundant supplies of other minerals and metals. The country holds the largest crude oil reserves in the Caspian Sea region. The petroleum industry accounts for approximately 30 percent of the country’s GDP and over half of its export revenues. Kazakhstan witnessed a growth rate of around 8% or more during 2002-09 owing mainly to its booming energy sector.

The government has created the National Oil Fund of Kazakhstan in order to reduce the country’s exposure to price fluctuations for energy and commodities exports.

Coal is the largest source of primary energy in the country accounting for about 51% of the total energy consumed. Gas is the second major source accounting for around 27.4%, oil accounts for about 19% while hydro has a share of 3% in the country’s energy break-up.

 

(from GlobalData)