Kazakhstan is gearing up for a major expansion of its oil sector, announcing plans to raise refining capacity to 39 million tonnes annually by 2040.

According to the Ministry of Energy, the initiative will more than double the country’s current processing levels and will require investments estimated at $19 billion. Officials say the long-term strategy is designed to strengthen domestic energy security, enhance product exports, and ensure the nation keeps pace with global market demand.

The announcement comes amid broader developments in Kazakhstan’s energy industry. On Friday, the National Bank reported a slight dip in the business activity index to 50.9 points for September, while QazaqGaz projected a 25% increase in national gas output by 2030.

Kazakhstan also began gas production at the Tuzkol field earlier in the day, a move expected to further diversify the country’s energy portfolio.

President Kassym-Jomart Tokayev, who continues to emphasize infrastructure and international partnerships, will travel to Azerbaijan next week for the Organization of Turkic States summit.