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Investing.com -- Kazakhstan is reportedly contemplating the construction of a natural gas refinery at the Karachaganak oil field on its own, according to a Bloomberg report on Thursday. This decision comes after the estimated cost of the development proposed by international oil companies, led by Eni SpA and Shell Plc, surged to approximately $6 billion.
The international oil companies have postponed the projected completion of the facility to 2030, two years later than the initial date set for 2028. The companies have also requested the Kazakh government’s assistance to fund around $1 billion of the project’s budget to ensure its commercial viability, the report added.
In response to this, the Kazakh government is considering the option for its state-run KazMunayGas National Co. to undertake the construction of the refinery completely on its own, excluding the Western partners, according to Bloomberg sources familiar with the matter.
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