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CAMCE inks $1.2b oil-gas deal with Kazakhstan


A contract signing ceremony for Kazakhstan Sozak Natural Gas Comprehensive Development Project is held via video link. [Photo/CAMCE]

China CAMC Engineering Co Ltd (CAMCE), a subsidiary of Sinomach, recently signed a deal through a video conference on a comprehensive development project for natural gas in Kazakhstan, and is expected to gain $11.96 billion for the bidding. The project marks a significant leap of the company in the field of oil and gas engineering.

CAMCE will construct a facility with an annual capacity of six billion cubic meters of natural gas for Kazakhstan’s Sozak Oil and Gas JSC in the two regions of Turkistan and Kyzylorda.

The project should be ready in three years after construction starts following an advance payment. The engineering, procurement, and construction deal involves well drilling, exploration, and pipeline work.

The project, once operational, will add a new supply channel to China’s natural gas market and contribute to national energy security and the nation’s efforts to peak carbon emissions and attain carbon neutrality.

It will also open up new prospects for more China-Kazakhstan energy cooperation under the Belt and Road Initiative, which is of great significance for promoting Kazakhstan’s industrial upgrading, improving the country’s comprehensive strength and boosting local use of clean energy.

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