TRANSPARENCY SNAPSHOT

Kazakhstan has declared its commitment to improved transparency for extractive resource revenues, but authorities face two major challenges to growth and responsible revenue management: the impact of massive natural resource windfalls and the need for reform in the country's fragile banking sector. In 2007, efforts on both fronts were hampered by a lack of transparency in public spending and contract disputes with the international oil companies operating locally.

Oil revenues generated approximately 38% of total government revenues in 2006, and represented roughly 11% of GDP. With low domestic consumption rates for oil, and exports averaging one million barrels per day, Kazakhstan is a significant player in world oil markets.
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EXTRACTIVE INDUSTRIES

Kazakhstan's main natural resources are petroleum, natural gas, and coal. In 2006, oil production reached 1.3 mill bbl/d, accounting for almost two-thirds of the region's daily production (2 mill bbl/d). Oil revenues generated approximately 38% of total government revenues and represented roughly 11% of the country's GDP. Domestic oil consumption rates remain low, with exports averaging over 1 million bbl/d, making Kazakhstan a significant player in world oil markets. Kazakhstan is also a net exporter of natural gas, and holds the largest known reserve of recoverable coal in Central Asia.
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