Negotiations to extend PSA on favorable terms for Kazakhstan must be stepped up - President Tokayev

ASTANA. Jan 28 (Interfax) - Kazakh President Kassym-Jomart Tokayev has ordered the government to step up negotiations to extend production sharing agreements (PSA) on terms and conditions favorable to Kazakhstan.

"Large investments require a long-term planning horizon. Therefore, the government must step up negotiations regarding extending PSA contracts on updated terms and conditions that are favorable for the country," Tokayev said at an extended government meeting on Tuesday.

"It is necessary to involve a number of technologically complex oilfields, as well as the existing significant reserves of shale oil, in economic circulation," he also said.

"The government must provide the appropriate measures of state support in order to improve the commercial attractiveness of these projects," Tokayev said.

He said that attracting private investment to the economy is a priority task for the government.

"I repeat that in the current geopolitical and economic realities, attracting private investment to the economy, be it industry or agriculture, is a priority task for the government. The strategy is in line with the country's long-term national interests," Tokayev said.

"Therefore, I would like to emphasize that manipulation via populist slogans is unacceptable. This is the only means for Kazakhstan to receive an additional influx of investment to the economy, increase the resource potential, and provide conditions to open new industrial production facilities. I am speaking about this specifically, so that society understands my position," he said.