Kazakh Energy Minister Yerlan Akkenzhenov has dismissed media reports suggesting that Shell is suspending investments in Kazakhstan, confirming that the company plans to continue its projects in the country.

Akkenzhenov said that Shell representative Suzanne Coogan clarified that recent comments by CEO Wael Sawan had been misinterpreted by the media, The Caspian Post reports via Kazakh media.

“The company intends to continue development projects in Kazakhstan,” the minister said, noting that Shell is currently studying one of the country’s gas fields for future production and remains interested in further investment. The Ministry of Energy has formally requested clarification from the company and is awaiting an official response.

Kashagan Phase Two Faces Technical Hurdles

Akkenzhenov also addressed speculation surrounding the second phase of the Kashagan oil field development, emphasizing that delays are due to technical complexities rather than corporate decisions.

“Kashagan is a technologically complex field,” he explained, citing abnormally high reservoir pressure and elevated hydrogen sulfide content among the challenges.

Strategic Energy Role

The clarification comes amid broader discussions on Kazakhstan’s energy sector. Earlier reports noted that nearly 63 million tons of Kazakh oil had been transported through the CPC pipeline system, underscoring the country’s continued importance in global energy markets.

For now, officials say Shell remains committed to Kazakhstan, signaling stability in one of the country’s key foreign energy partnerships.