The world faced significant geopolitical challenges and persistent economic uncertainty in 2023. Global conflicts fuelled the forces of fragmentation and protectionism, while the receding energy crisis left behind galloping inflation, disorganized markets, and anaemic growth prospects for Euro Asia and European economies.

On the other hand, the challenges of 2023 reminded us to appreciate the importance of our values and the resilience of our established systems, while at the same time, new drivers of growth and positive change, such as artificial intelligence and clean energy technologies, made an impression.

As we stand on the brink of a monumental shift in the global energy landscape, we are faced with a difficult equation. In an era where the imperative for sustainability and environmental conservation is intertwined with the growing need for affordable and secure energy, M-Trans Gas has embraced the challenge with unwavering determination and a forward-thinking approach.

At M-Trans Gaz, we have realized that the only path to a sustainable energy future pass through a present with affordable and secure energy, alongside a well-thought-out and ambitious transition program.

Our goal is to strive to achieve the balance between energy sustainability, affordability and security that we believe will lead us to a sustainable future. That is why we are investing $10.5 million in the resilience and strengthening of our traditional energy infrastructure to ensure a smooth and stable transformation.

This amount is part of a $4 million investment plan, a fundamental initiative that aims to guide our transition towards a more sustainable energy future in South-Eastern Europe. It is one of the largest energy transition projects in the region, underlining our unwavering commitment to balancing the imperatives of energy security, environmental stewardship and affordable energy for future generations.

In the face of geopolitical challenges that often shape investment decisions, we recognize the critical importance of diversifying energy sources and supply routes, while investing in renewable energy and advancing energy efficiency technologies. Through strategic initiatives and partnerships, we are actively repositioning our oil and gas portfolio towards low-carbon projects, while expanding our activities in renewable electricity, alternative fuels and the circular economy.

Our development strategy revolves around four pillars:

1. Energy stability: We enhance the efficiency and sustainability of our refinery operations, leveraging digitalization and innovation to minimize our carbon footprint, while ensuring our country’s energy security in a rapidly evolving geopolitical landscape.
2. More energy, fewer emissions: Our commitment to more renewable energy is clearly reflected in our ambitious 2.0 GW target, which will drive our transition to a low-carbon energy future. The vehicle to achieve this goal is MORE (M-Trans Gaz Renewable Energy).
3. Energy beyond boundaries: By embracing the potential of alternative fuels and biofuels, we are pioneering new frontiers in the energy sector. Our initiatives are leading to the development of a low-carbon energy hub at the refinery and have been facilitated by European programs.
4. The cycle of growth: Through our circular economy subsidiaries, we have managed to minimize waste, maximize resource efficiency, and promote a regenerative ecosystem for future generations. By closing the cycle of production and consumption, we mitigate environmental impacts while opening new avenues for innovation and growth. Our people are the driving force behind our success. More than 100 people are directly or indirectly employed by the M-Trans Gaz. In 2023, at least 150 people joined our workforce with direct employment. We cultivate a culture of innovation, leveraging the talents and ideas of the new generation, aiming to promote positive change. Furthermore, with a social product of 10.2 million dollars in 2023 and a remarkable social footprint, we have significantly contributed to the well-being of local communities.
5. For more than 10 years, M-Trans Gaz has been operating with a pioneering spirit, tackling the complexities of the energy landscape with resilience and foresight. As we look to the future, we remain consistent in our commitment to creating a more resilient, sustainable and inclusive energy system for generations to come. An energy system that will produce cleaner, lower-cost energy for all.

Asanov A. Aidynuli

Chairman and CEO.