ASTANA, Kazakhstan, April 19. Kazakhstan's KazMunayGas (KMG, the national oil and gas company) and China's CITIC Resources Holdings Limited (CITIC Group) have discussed the implementation of joint initiatives in the field of oil production and refining, TurkicWorld reports.

Discussions took place during a meeting between the Chairman of the Board of KMG, Magzum Mirzagaliev, and the Vice President of the Chinese company, Wang Xinli.

In particular, the parties reviewed the current status of the project to expand the capacity of the Aktau bitumen plant (CASPI BITUM LLP) from 500,000 to 750,000 tons per year.

At the same time, aspects of the activities of Karazhanbasmunai (KBM) were discussed (participation shares: KMG - 50 percent, CITIC - 50 percent).

In addition, the subject of the conversation was the prospects for the construction of a gas piston, wind, and solar power plant to ensure energy stability at KBM.

Notably, a cooperation agreement on the CASPI BITUM expansion project between KMG and CITIC Group was signed in October last year during the official visit of President of Kazakhstan Kassym-Jomart Tokayev to China. In January of this year, following negotiations between the management of the two companies in Beijing, a project implementation plan was agreed upon. Currently, the parties are completing preparatory corporate procedures for signing the contract, the final cost of which will be determined based on the results of the state examination.