erj Eurasian Research Journal 2519-2442 2519-2442 Khoja Akhmet Yassawi International Kazakh-Turkish University HISTORY OF THE ENERGY SECTOR DEVELOPMENT AND KAZAKHSTAN’S ENERGY POTENTIAL Kanapıyanova Zhuldyz ULUDAG UNIVERSITY 07 31 2019 1 2 25 38 04 11 2019 05 20 2019 Copyright © 2019, Eurasian Research Journal 2019 Eurasian Research Journal

Kazakhstan has the largest oil resources in Central Asia mainly concentrated in the Caspian Sea region. Revenues from oil exports is the primary source of income for the state budget of Kazakhstan and essentially important for the entire economy of Kazakhstan. Europe is the major market for Kazakhstan’s crude oil. However, the fact that pipelines connecting Kazakhstan and European consumers go through Russia and other countries poses certain political and economic risks on Kazakhstan. In this light, China appears to be an alternative for Kazakhstan’s oil exports. The aim of the study is to examine Kazakhstan’s major energy deposits, their capacities, oil and gas pipelines and projects, and to investigate the energy policy within the framework of neoliberal theory. The results show that Kazakhstan is pursuing an energy policy dependent on Russia and seeks to strengthen cooperating with China. However, there are certain pitfalls and obstacles that Kazakhstan needs to overcome.

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