BAKU, Azerbaijan, November 27. Crude exporting countries within the Middle Corridor are expected to see rise in their oil products exports by 2.4 million, Trend reports.
According to the World Bank's assessments, the Middle Corridor emerges as a key player in this ambitious plan, primarily serving the Western markets with a strategic objective: to substitute sanctioned Russian oil in European exports.
As such, to ensure the success of this projection, Kazakhstan, in particular, needs to improve its Beineu station and the Beineu-Mangistau section, as well as boost its railway capacities. Additional locomotives are earmarked for the Beineu-Mangistau section, aimed at fortifying the rail infrastructure to accommodate the anticipated surge in oil product exports.
In general, focus should be placed on optimizing vessels and operations in the Caspian Sea, which will play a pivotal role in facilitating efficient transportation.
The research added that Kazakhstan aims to increase and further complicate its oil refining processes, adding value to its products and ensuring competitiveness in the global market.
WB analysts also note that revenues generated from oil and oil products exports will be strategically linked to the development of other industries, promoting economic diversification and resilience.
Meanwhile, according to the WB's forecast, transportation volume through the Trans-Caspian International Transport Route (TITR) via the Caspian Sea is expected to grow threefold by 2030.