Tatneft Expands Interests in Kazakhstan Beyond Oil to Tungsten and Molybdenum

Russian oil giant Tatneft is broadening its investment in Kazakhstan, venturing into the exploration and production of tungsten and molybdenum, alongside its oil operations. This move was highlighted during Kazakhstan President Kassym-Jomart Tokayev's visit to Kazan, where several key agreements were inked between Samruk-Kazyna fund and Tatneft.

A notable development is the formation of a joint venture between KazMunaiGas (KMG) and Tatneft, focusing on the Karaton Podsolovoye oil project under a special legal regime adopting British law principles. This collaboration aims for the drilling of an exploration well in 2024, promising significant advancements in hydrocarbon exploration in Kazakhstan's Atyrau and Mangistau regions.

Additionally, the agreements signed include the establishment of a butadiene production venture and a mutual intent to explore and produce tungsten-molybdenum ores at the North Katpar deposit in the Karaganda region. This strategic partnership signals Tatneft's diversified interest in Kazakhstan's rich mineral resources, with the North Katpar deposit previously estimated to hold substantial reserves of tungsten and molybdenum.