Azerbaijan, Baku, April / Trend /
"Rompetrol Group" - "Vector Energy" trading subsidiary, registered in Switzerland, completes the integration of all oil marketing operations within the Kazakh oil and gas company "KazMunaiGas" and will be renamed into "KazMunaiGas Trading AG", "KazMunaiGas" said on Tuesday. It is planned that the company will become the only national operator exporting Kazakh crude oil.
"KazMunaiGas Trading AG" will be responsible for selling crude oil and oil products and developing the logistics assets required to meet its own needs and develop the trading operations and entering the new markets," a statement said.
"Taking into account a number of factors (development of the Kashagan field, as well as the planned production volume in Kazakhstan until 2020 to the amount of 140 million tons of crude oil), we expect to increase exports of crude oil from Kazakhstan to 30 million tons a year for the next five years," Rompetrol group Director General Jannat Tusupbekov said. "The crude oil marketing operations will be more profitable and efficient due to the developed resource base of "Rompetrol group". It will promote Kazakhstan's national brand in the international market of crude oil."
As of 2012, the sales volume of crude oil by Rompetrol Group trading subsidiary increased by more than 65 percent to 10.4 million tons (in 2011 - 6.3 million tons). The total sales volume of oil products reached 4.69 million tons, of which 2.74 million tons were produced at the Petromidia refinery. Oil products were delivered to the markets of Bulgaria, Moldova, Georgia, Ukraine, France, Spain, Turkey, Serbia, Greece and Lebanon.
The development of transport-logistics infrastructure significantly reduced the costs of loading and uploading operations worth $ 31.6 million annually. Moreover, the new infrastructure will continue integrating KazMunaiGas's all assets in the Black Sea region.
Besides the operating activity on marketing and transportation of crude oil and oil products, "Rompetrol Group" controls the tank farms with a total capacity of 1.1 million cubic meters, located in Romania, France, Spain, Bulgaria, Georgia and Ukraine.
"Rompetrol Group" became the largest exporter of oil products in Romania with a total volume of export operations worth $ 1.7 billion in 2012 due to the efficient investment policy in the sphere of logistics.
KazMunaiGas is Kazakhstan's national operator for exploration, production, processing and transportation. All the shares of KazMunaiGas are owned by the State through the Sovereign Wealth Fund 'Samruk-Kazyna'.