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    Kazakhstan

    Kazakhstan set to garner over $1.7bn from transit of Russian oil to China

    Kazakhstan set to garner over $1.7bn from transit of Russian oil to China

    In a development poised to bolster Kazakhstan's economic prospects, the Mazhilis of the Parliament of the Republic of Kazakhstan has greenlit a law aimed at amplifying revenue streams, expected to reach $1.7bn, derived from the transit of Russian oil destined for China, the Ministry of Energy of Kazakhstan reported.

    Photo: Mazhilis greenlights law for $1.7bn revenue from Russian oil transit to China
    Source: Ministry of Energy of Kazakhstan

     

    During a plenary session on March 27, the Mazhilis adopted the law on the ratification of the protocol on amendments to the agreement between the Kazakhstan and Russian Federation on cooperation in the field of transportation of Russian oil through the territory of Kazakhstan to the People’s Republic of China, dated December 24, 2013.

    Energy Minister of Kazakhstan, Almassadam Satkaliyev, apprised deputies about the modifications to the 2013 agreement, emphasizing critical updates in transit volumes, tariffs, and payment structures for oil transit. The agreement has been extended for a decade until 2033, with provisions for the transit of 10 mn tons of Russian oil annually. The approved oil pumping tariff stands at $15 per ton.

    Furthermore, amendments to the agreement entail the inclusion of the TON-2 route (Tuymazy - Omsk - Novosibirsk-2) with a fixed tariff of $2.1 per ton, aimed at optimizing oil transit processes. The extension of the agreement is poised to facilitate oil loading operations at the Pavlodar Oil Chemistry Refinery, facilitated through the Omsk-Pavlodar oil pipeline.

    Energy Minister of Kazakhstan, Almassadam Satkaliyev
    Photo: Energy Minister of Kazakhstan, Almassadam Satkaliyev
    Source: Google Images

     

    Minister Satkaliyev projected substantial revenue gains from the transit of Russian oil through Kazakhstan to China, estimating an impressive $1.7bn for the period spanning from 2024 to 2033.

    It is noteworthy that the initial agreement was signed on December 24, 2013, and subsequently ratified in July 2014, with a validity period extending until January 1, 2024. Over the years, the agreement has witnessed progressive amendments, with parties previously agreeing to augment transit from 7 million tons per year to 10 mn tons per year in 2017.

    Given the mutual interest in prolonging the agreement, negotiations to amend the 2013 agreement were initiated, ultimately culminating in the latest developments aimed at fortifying economic ties between Kazakhstan and Russia.

    Providing context, data reveals that between 2014 and 2023, the cumulative transit of Russian oil through Kazakhstan to China amounted to 90.9 mn tons, yielding a total revenue of $1.3bn.

    The law is slated for consideration by the Senate of the Parliament of the Republic of Kazakhstan, marking a step towards solidifying Kazakhstan's position as a crucial transit hub for Russian oil en route to China.

     

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    29.03.2024, 08:53   Comments (0)   1994
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