Renewable Energy Sector in Kazakhstan is estimated to be a wishing well for the investors

The country has been going through severe tension and crisis, in terms of energy use and climatic change. This scenario has worsened resulting in mass protest and riots, posing as a major challenge to its government agencies the major reason behind this scenario was the steep hike in the LPG prices, Kazakhstan has been the major exporter of LPG, which a by-product is obtained from crude oil. As per the data published by International Energy Agency, in 2018, Kazakhstan produced 91.9 million tonnes (Mt) of crude oil in 2018 (including gas condensate) with increased production at its Kashagan field. The country is the fifth-largest reserve in the world, is expected to play a major role in Kazakhstan’s future oil production, with projected production of 450 thousand barrels per day (kb/d) by 2025 and 955 kb/d by 2040.

Now describing about the LPG price hike, it has been observed that the price elevation began after the government transitioned to move towards electronic trading for LPG. This policy was adopted in 2019 to create a balance in the price, which will attract investment in the creation of new production capacity. Though this policy was established to create a balance within the supply and demand, however the sale to industrial consumers in the petrochemical sector and a few other cases were excluded.

This scenario has led to an increase in cost in the current condition where demand for fuel is high. In a matter of days, prices for LPG at gas stations doubled from 60 tenge ($0.14) to 120 tenge ($0.28) per liter. The government estimates that 70-90 percent of vehicles in the region run on LPG. That is a higher proportion than in many other parts of Kazakhstan. Increase crude oil and renewable energy price has put a load on the country’s Bitcoin (BTC) mining. Further, this condition has led the largest telecom provider to go into shut down phase.

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