caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархоз10.52821/2789-4401-2025-3-179-191caer-1498Research ArticleИНВЕСТИЦИИ, ФИНАНСЫ И УЧЕТINVESTMENT, FINANCE AND ACCOUNTINGГосударственная политика в сфере иностранных инвестиций в нефтегазовом секторе Казахстана: эффективность и векторы развитияState policy in the field of foreign investment in Kazakhstan’s oil and gas sector: effectiveness and development vectorshttps://orcid.org/0000-0003-0593-1990ЫдырысС. С.YdyrysS. S.

Туркестан

Turkestan 

serikbay-s@mail.ruhttps://orcid.org/0009-0004-7525-327XЖумадиллаШ. А.ZhumadillaSh. A.

Туркестан

Turkestan 

sholpan.zhumadilla@gmail.comhttps://orcid.org/0000-0002-8175-5987МомбековаГ. Р.MombekovaG. R.

Туркестан

Turkestan 

gulmira.mombekova@ayu.edu.kzУниверситет международного туризма и гостеприимства, ТуркестанКазахстанInternational University of Tourism and HospitalityKazakhstanМеждународный казахско-турецкий университет имени Ходжа Ахмеда ЯсавиКазахстанKhoja Akhmet Yassawi International Kazakh-Turkish UniversityKazakhstan20251408202503179191Copyright © Ыдырыс С.С., Жумадилла Ш.А., Момбекова Г.Р., 20252025Ыдырыс С.С., Жумадилла Ш.А., Момбекова Г.Р.Ydyrys S.S., Zhumadilla S.A., Mombekova G.R.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://caer.narxoz.kz/jour/article/view/1498

Цель исследования – оценка инвестиционной политики в нефтегазовом секторе Республики Казахстан и анализ текущего состояния привлечения иностранных инвестиций. Основная задача исследования заключается в оценке государственной политики по привлечению иностранных инвестиций в нефтегазовую отрасль и выявлении ключевых факторов, влияющих на данный процесс.Методология – в ходе исследования был проведён экономический и институциональный анализ опыта привлечения иностранных инвестиций в нефтегазовый сектор Казахстана. В качестве эмпирической базы использовались официальные статистические данные Комитета по статистике Республики Казахстан и аналитические отчёты за 2010–2023 годы. В рамках сравнительного анализа были рассмотрены инвестиционные потоки между Казахстаном и странами, являющимися его основными инвесторами, включая Нидерланды, Россию, Швейцарию и другие государства. Также были проанализированы национальная законодательная база и механизмы государственного регулирования, оказывающие влияние на приток иностранных инвестиций. По итогам исследования разработаны конкретные предложения, направленные на эффективное управление иностранными инвестициями в нефтегазовой отрасли.Уникальность/ценность исследования – исследование основано на оценке текущего состояния иностранных инвестиций в нефтегазовую отрасль Казахстана, определении их динамики и анализе влияния иностранного капитала на стратегически важную отрасль национальной экономики. В статье рассматривается реальная динамика иностранных инвестиций за 2019–2023 годы, проводится оценка структуры и трансформации инвестиционной политики в нефтегазовом секторе. Особое внимание уделено экономическому влиянию ведущих инвесторов – США, Китая, Нидерландов, Южной Кореи и Бельгии – на развитие отрасли.Результаты исследования – выводы и рекомендации могут быть использованы при разработке мер по стабилизации и диверсификации притока иностранных инвестиций, совершенствованию институциональных реформ, а также формированию стимулов для вложений в нефтехимический и перерабатывающий секторы. Несмотря на относительную стабильность объёмов иностранных инвестиций в нефтегазовую отрасль Казахстана, в последние годы наблюдается тенденция к снижению. Это обусловлено изменениями на глобальном энергетическом рынке и усложнением инвестиционного климата. В статье предложены конкретные меры, направленные на преодоление указанных вызовов.

Purpose of the study – The main objective of this study is to assess the investment policy in the oil and gas sector of the Republic of Kazakhstan and to analyze the current state of foreign investment inflows. The study aims to evaluate the effectiveness of state policy in attracting foreign direct investment (FDI) into the oil and gas industry and to identify the key factors influencing this process.Methodology – The study employs economic and institutional analysis to examine the experience of attracting FDI into Kazakhstan’s oil and gas sector. Empirical data were drawn from official statistics of the Bureau of National Statistics of the Republic of Kazakhstan and research reports covering the period from 2010 to 2023. Within the framework of comparative analysis, investment flows from Kazakhstan’s major investing countries—such as the Netherlands, Russia, Switzerland, and others—were examined. In addition, the national legal framework and mechanisms of state regulation were analyzed in terms of their influence on FDI dynamics. Based on the findings, the study proposes practical recommendations for improving the management of foreign investments in the oil and gas sector.Originality / value of the study – The research is distinguished by its comprehensive assessment of the current state and trends of FDI in Kazakhstan’s oil and gas sector, as well as an evaluation of the impact of foreign capital on a strategically important segment of the national economy. The article examines the actual investment dynamics during 2019–2023 and analyzes the structure and transformation of Kazakhstan’s investment policy in the oil and gas sector. Particular attention is given to the economic influence of key investor countries such as the United States, China, the Netherlands, South Korea, and Belgium.Research Results – The findings may be applied to the development of measures aimed at stabilizing and diversifying foreign investment inflows, enhancing institutional reforms, and stimulating investment in the petrochemical and refining sectors. Although the volume of FDI in Kazakhstan’s oil and gas sector remains relatively stable, recent years have shown a downward trend due to global market fluctuations and a more complex investment climate. The article presents specific policy proposals to address these challenges.

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The authors declare that there are no conflicts of interest present.