Malaysians intend to invest in the production of oil and gas equipment in Kazakhstan
Malaysian investors plan to produce equipment for oil and gas enterprises in Kazakhstan. The memorandum of understanding was signed between Kaz Elektro Serve Ltd. (subsidiary of Elektro Serve (M) Sdn Bhd) and the IMBC Association (International Center for the Development of Oil and Gas Engineering). The project will be implemented with the support of KAZAKH INVEST.
The signing ceremony was attended by the Ambassador of Malaysia to the Republic of Kazakhstan Dato Syed Mohamad Bakri Syed Abd Rahman, Deputy Head of Mission of the Malaysian Embassy in Nur-Sultan Badli Hisham Haji Adam, General Director of Elektro Serve (M) Sdn Bhd Mohd Nasar Othman, representative of Carbotrade-Absorger (France) Martin Lesquelen, as well as representatives of KAZAKH INVEST and IMBC Association.
Kaz Elektro Serve Ltd. together with the above partners intends to localize the production of pumps, nitrogen generators and electric rotating machines (high-voltage electric motors and generators) in Kazakhstan. To date, the exact amount of investment is not known.
European companies, such as Carbotrade-Absoger and Indar, a member of the Ingeteam Group are planning to join the implementation of this project. The companies intend to provide assistance through technology transfer at an early stage.
“The project was initiated during the visit of KAZAKH INVEST representatives to Malaysia in 2019. The signing of the document is the result of long and hard negotiations. It is planned that the most modern technologies will be attracted to Kazakhstan, new production facilities and a number of services will be created for the needs of the oil and gas, mining and electric power industries of Kazakhstan. Investors intend not only to create permanent jobs, but also organize advanced training of local personnel,” KAZAKH INVEST noted.
It should be noted that the implementation of this project will also significantly reduce the volume of imports in this direction. The goods of this group are in the nature of annually demanded imported products. In 2020 alone, Kazakhstan imported pumping equipment for a total of $343 million. Over the past 5 years, this figure has amounted about $1.8 billion.
