Raimbek Batalov Discussed the Potential for Joint Production with CITIC Leadership in Beijing

On November 26, a meeting took place in Beijing between Raimbek Batalov, Head of the National Chamber of Entrepreneurs of Kazakhstan "Atameken", Murat Karimsakov, Chairman of the Board of the Chamber of International Commerce of Kazakhstan, and Xi Guohua, Chairman of the Board of Directors of CITIC Group. The parties discussed current and prospective areas of cooperation during the negotiations.

Raimbek Batalov expressed gratitude to CITIC representatives for their contribution to developing economic cooperation between Kazakhstan and China.

“Your projects in our country, such as ‘Karazhanbasmunay’ and CASPI BITUM, are examples of successful partnerships that significantly impact the development of the oil and gas and infrastructure industries,” Batalov emphasized.

Special attention was given to the modernization of CASPI BITUM’s production, increasing its capacity to 750,000 tons of bitumen per year, and completing the desalination project at the Karazhanbasmunay field.

Currently, a project is underway to increase the facility’s production capacity to 750,000 tons of bitumen annually by modernizing existing oil refining equipment (raising oil processing to 1.5 million tons annually through upgrades to the ELOU-AVT unit). In April 2024, a contract was signed with CITIC for equipment manufacturing and delivery, as well as construction and installation work. The project cost is 31 billion KZT.

According to Raimbek Batalov, the National Chamber is ready to provide professional support in resolving issues for implementing this investment project.

He also emphasized the potential for developing cooperation in new areas, including projects in sustainable energy, logistics, digitalization, and agriculture, particularly in producing organic products using smart technologies.

“Kazakhstan is at the heart of Eurasia, and we see enormous prospects for creating joint supply chains that will make our region more resilient and prosperous,” he added.

For their part, CITIC leadership expressed interest in expanding their presence in the Kazakh market and collaborating on new initiatives. At the end of the meeting, the parties agreed to continue dialogue and work on specific projects.

CITIC Group (China International Trust and Investment Company), founded in 1979, is a major state-owned conglomerate involved in finance and banking, insurance, industrial and construction sector investments, energy, mineral resource development, engineering, transportation, telecommunications, and real estate.

“For the National Chamber of Entrepreneurs ‘Atameken’ and the Chamber of International Commerce of Kazakhstan, CITIC is a strategic partner in implementing investment and industrial projects. This opens up significant opportunities for Kazakh businesses, enabling them to adopt advanced technologies, attract international investments, and enhance the country’s export potential,” said Murat Karimsakov, Chairman of the Chamber of International Commerce of Kazakhstan.

As of July 2023, CITIC Group’s operating income was $100.7 billion, with a net profit of $3.9 billion. The corporation ranks 100th in the Fortune Global 500 international company ratings.

During their business visit to Beijing, Raimbek Batalov and Murat Karimssakov also attended the 2nd China International Supply Chain Expo (CISCE), which showcased achievements in key industries ranging from manufacturing to agriculture.

This year, CISCE presented over 70 areas dedicated to new products, technologies, processes, and materials in various supply chains. Approximately 700 exhibitors from 69 countries and international organizations participated, with visitors from over 100 countries, including 80 prominent foreign buyers, significantly exceeding previous session figures. The share of foreign participants rose to 32%, with 50% from Europe and America, and over 60% representing major global companies from the Fortune Global 500 list. The number of participants from Fortune Global 500 companies, China’s top 500 enterprises, and China’s top 500 private companies increased by 42%, 46%, and 70%, respectively.