Determinants of the economy of Kazakhstan

Abstract

The Republic of Kazakhstan belongs to the States with strategic reserves of hydrocarbons and influences the formation of the global energy market. The country has more than 200 hydrocarbon fields. Among countries of the Commonwealth of Independent States (CIS), Kazakhstan is the second largest oil producer – after the Russian Federation. Despite the fact that the republic has a high enough own oil and gas potential, geographical distance between the places of production, processing and consumption creates a big problem in the formation of energy independence. Oil and gas sector of Kazakhstan is the basis of economic potential. One of the major scientific and practical problems of obtaining political and economic independence is the effective use of its mineral resources. This article defines the status of the oil and gas industry in the economy of Kazakhstan and discusses current problems in the industry.