Kazakhstan is actively negotiating with China to significantly expand its gas exports in order to solidify its standing in the growing Chinese market. The national company QazaqGaz is exploring the possibility of building a new pipeline branch to increase supply volumes, positioning the country as one of China's key gas suppliers alongside Russia and Turkmenistan. Currently, Kazakhstan exports around 4 billion cubic meters of gas to China but plans to boost this volume to offset losses from domestic sales, where gas prices are regulated by the state.
A crucial aspect of these plans is the development of gas production at major fields like Tengiz, Karachaganak, and Kashagan, as well as cooperation with investors from Qatar to raise production by an additional 3.5 billion cubic meters by 2029. The new pipeline could become a key component of Kazakhstan's strategy, as the existing pipeline is currently operating at only 70% capacity. A final decision on the construction is expected by the end of 2024, with investments projected to range between $3 billion and $6 billion.
Despite the economic slowdown, the rising demand for gas in China makes this market particularly attractive for Kazakhstan, which seeks to strengthen its economic position and increase revenues from gas exports. However, Kazakhstan faces competition from Russia and Turkmenistan, both of which are also expanding their gas supplies to China.
Additional funding for these projects may be secured through the issuance of Eurobonds in 2025, with a total value of up to $1 billion
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