Azernews.Az

The economic growth can hit 5 percent in Kazakhstan in 2013, but growth level will be depend on the realization of the planned major projects in the field of natural resources extraction, the director in the sovereign analytical group specializing on ratings of European countries with developing economies of international rating agency Fitch Ratings, Charles Seville says, Novosti-Kazakhstan reported.

"I expect GDP growth at about 5 percent this year. To some extent it depends on the implementation of projects in natural resources field, such as Kashagan. Otherwise, if these projects are not implemented - the forecast is less than 5 percent," Seville said on May 14 at the Fitch Ratings' conference in Almaty.

Seville also said that increase in duty on oil exports from $40 to $60 per ton in April, will add 0.4 percent to the country's GDP in 2013.

Kashagan is one of the largest fields discovered in the past 40 years. Kazakh geologists estimate geological oil reserves at 4.8 billion tons. According to the project operator, total oil reserves are 38 billion barrels (six billion tons), with a recoverable volume of about 10 billion barrels. Natural gas reserves are estimated at over one trillion cubic meters.

At present the Kashagan project participants are Eni, Royal Dutch Shell, Exxon Mobil, Total and KazMunaiGas, which owns equal shares (16.81 per cent), as well as ConocoPhillips - 8.4 per cent and Japan's Inpex - 7.55 per cent.

The commercial oil production launch at the field has been delayed for several times. Now the companies developing the field are planning to launch oil production later in 2013.