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Kazakhstan on verge of exporting significant volume of oil to Belarus

Oil&Gas Materials 29 October 2019 17:35

BAKU, Azerbaijan, Oct. 29

By Nargiz Sadikhova - Trend:

Kazakhstan is planning on exporting from 1 to 3.5 million tons of oil and petroleum products a year to Belarus, Kazakh Minister of Energy Kanat Bozumbayev said, Trend reports with reference to Kazakh media.

According to Bozumbayev, last week parties have signed a preliminary agreement on export of Kazakhstan’s oil and petroleum products to Belarus and on overall cooperation in the area.

“Main aspects have been agreed upon. Following the official signing, the agreement will be submitted for ratification,” he said.

In May 2019 the President of Belarus Alexander Lukashenko has proposed to activate negotiations on export of Kazakh oil to Belarus during the meeting with Ex-Ambassador of Kazakhstan to Belarus Ermukhamet Ertysbayev.

According to the data of Eurasian Economic Commission, value of Kazakhstan export to Belarus amounted to $63.5 million during first eight months of 2019, which is 24.4 percent less compared to the same period of last year. In turn, value of Belarus export to Kazakhstan was $526 million during the reporting period, which also is 2.3 percent less compared to the same period of 2018.

More than two thirds of Kazakhstan’s oil exports go to the four importing countries: Italy, Holland, France and Switzerland. Kazakhstan also exports oil to most CIS countries. The largest and most promising deposits in Kazakhstan are Kashagan, Karachaganak and Tengiz in the Caspian Sea. The largest oil companies in the region are Tengizchevroil, KazMunayGas, and North Caspian Operating Company N.V.

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