The government of Kazakhstan is looking into buying shares of the Haifa Oil Refineries in an effort to diversify their economic involvement around the world and to strengthen their economy.
Deputy Prime Minister of the large Asian republic Karim Masimov said that the step could have very positive economic benefits mainly due
to their intention to connect to the Baku-Tbilisi-Ceyhan pipeline. The pipeline, known as the CTB pipeline crosses the Caucuses from Azerbaijan on the coast of the Caspian Sea through Georgia to the Turkish coast and supplies oil to Israel, indirectly using Kazakh oil from the pipeline.
Masimov revealed his country's intentions during a press briefing on the eve of a conference marking the opening of the Center for Advanced Energy Studies, the first academic center for energy studies in Israel at the University of Haifa. The conference will be attended by Masimov and Georgian President Mikheil Saakashvili
Massimov said that the intention to connect to the pipeline and transporting oil to the region could have additional positive benefits if they will have refining capabilities at the other end of the pipeline. Massimov therefore revealed their intentions to invest in the Israeli refining facility.
Massimov also indicated their intentions to invest in other fields, and not only rely on the oil industry. "One of the decisions of the Kazakh government is to diversify its economy and not rely only on oil. This is why it is very important for us to develop our high-tech industry," Masimov said.
"After a few meeting I had with Israeli high-tech companies, I am sure they can help our economy very much. We invite companies from Israel to enter the high-tech market in our country," Masimov said.