Kazakhstan reduces oil and petroleum products' export duty

Oil&Gas Materials 19 March 2015 10:49 (UTC +04:00)

Baku, Azerbaijan, Mar.18

By Elena Kosolapova - Trend:

Kazakh government reduced the oil export duty from $80 per metric ton to $60, said the governmental decree published on March 19.

Meanwhile, the petroleum products export duties were decreased.

Export duty for heavy distillates, gasoil, liquid fuel, black oil, lubricants, bitumen, residues of petroleum oils or oils obtained from bituminous minerals were reduced from $112,59 per metric ton to $60 per metric ton.

The decree comes into force from the date of its first official publication - since March 19.

The rates of export duties were developed based on the average oil price at $540 per one metric ton or more.

Moreover the governmental decree says that if oil prices decrease to $138.6 per metric ton, oil export will become unprofitable.

Oil export duties were reduced following oil prices fall in the world market. The average cost of the oil production amounts to $50 per barrel in Kazakhstan.

Edited by S.I.

Follow the author on Twitter: @E_Kosolapova