• KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 376

Kazakhstan Exceeds Oil Production Quota Under OPEC+ Agreement

Last month Kazakhstan exceeded its oil production quota under its agreement with the Organization of Petroleum Exporting Countries (OPEC+). According to Times of Central Asia research into oil data, Kazakhstan exceeded its March 2024 limits by 131,000 barrels per day (bpd). However, Kazakhstan's Energy Ministry emphasized that this was a one-off occurrence, brought about by climatic factors in the country. "Despite this, Kazakhstan will continue efforts to comply with its obligations and compensate for overproduction in the first quarter [of 2024]," said the ministry's press service. In addition, based on the results of the 53rd meeting of OPEC's Joint Ministerial Monitoring Committee, Kazakhstan committed to submit a detailed compensation plan to the OPEC Secretariat by April 30. In early March, Kazakhstan agreed to extend its voluntary crude production cut of 82,000bpd until the end of June 2024, reaffirming its commitment to comply with international agreements and maintain stability in oil markets.

Kazakh-Owned Rompetrol, On Brink Of Collapse, Appeals To Tokayev

According to Romanian news portal gandul.ro, Rompetrol, which operates in oil refining, petrochemicals, and distribution in parts of Eastern Europe, is close to collapse. The stated reason is that Rompetrol top management -- which includes representatives of Kazakhstan's state energy company KazMunayGas (KMG), the majority owner of Rompetrol -- prioritize personal interests over the economic good of the company. The allegations are serious. KMG International, a group owned by Kazakhstan's national oil and gas company KazMunayGas, acquired the Rompetrol brand in 2007, strengthening its position as a key player in the Black Sea and Mediterranean region. It currently owns 55% of Rompetrol, with Romania's Ministry of Energy controlling just under 45%. The Kazakhstani company is accused of assisting Russia, which itself is trying to avoid sanctions imposed by the European Union (EU). Gandul.ro claims that it's possible to bring oil from Russia to be refined in Romania despite the embargo on Russian crude. Rompetrol CEO Ilyas Kuldzhanov has Russian citizenship, although he also registered Kazakh citizenship in Romania's National Trade Register to avoid possible EU sanctions. Gandul.ro published an open letter penned by some of the company's employees, which they sent to the Kazakh Government. The letter contains the following passages: "Dear Sirs, we are writing to you regarding current issues related to Rompetrol. At the beginning of this message, we apologize for using Google Translate to translate from Romanian to Russian and for remaining anonymous. We decided to remain anonymous because we fear reprisals from KMG management. We want to draw attention to the growing problems inside Rompetrol, because no one is interested in the future of the company. The company needs a radical change of management and new people with different perspectives at all levels, from the board of directors to the top management, with a vision in line with the goals. In terms of management, first of all we should mention Ilyas Kuldzhanov, an extremely incompetent person with no experience in managing large companies, Baurzhan Nurgaliyev (Operations Director), who until recently ran a company selling elevators in Astana, Saken Shoshanov, Baurzhan Nugumanov and other members of management. Appointments to management positions are made on the basis of the ethnic origin of the clan. Most of the new managers in Romania and Kazakhstan have been hired without any competition or selection, and have no experience or knowledge of how the corporation should operate. Note the price of oil and how diesel fuel was purchased in 2023 due to an emergency equipment shutdown at the Petromidia refinery. Why is this equipment not repairable? Why do accidents and explosions continue to occur? Because Rompetrol management is looking for contractors willing to pay commissions. We would like to inform you that similar messages will be sent to the Romanian authorities because the situation is critical." Rompetrol employees also create a disastrous picture of the company's behavior. In the letter they ask Tokayev to check how components and electricity are purchased for the plant -- questions that refer to expenditures of tens of millions...

Russia Reportedly Asks Kazakhstan for Extra Gasoline Amid Shortage From Drone Strikes

According to Reuters, Russia has asked Kazakhstan for 100,000 tons of gasoline, as Russian gasoline wholesalers hedge against possible fuel shortages due to Ukrainian drone attacks on Russian oil refineries. Reuters cited three people familiar with the matter. "Sources say Moscow has asked Kazakhstan to stockpile an emergency reserve of 100,000 tonnes of petrol for deliveries to Russia. Arrangements have already been made to provide Kazakh petrol to Russia. Belarus is also ready to help the neighbouring country with fuel," it reports. However, Kazakhstan's Ministry of Energy, through energy minister Shyngys Ilyasov, has not confirmed this information. Due to Ukrainian drone attacks on Russian refineries in early 2024, output of oil products in Russia fell by almost 14%. The drone strikes hit notable refineries such as Rosneft's Ryazan and Novokuibyshevsk complexes and Tatneft's Taneko refinery. The authorities claim that there is no fuel shortage on the Russian domestic market and that there is enough gasoline in stock. Nevertheless, Russia has introduced a temporary restriction on the export of fuel outside the country -- except to countries of the Eurasian Economic Union (EAEU). According to Reuters estimates, as of April 5, Russia's AI-92 gasoline reserves amount to 307,700 tons, AI-95 reserves were 58,000 tons, and diesel reserves were 435,300 tons. Meanwhile, since the beginning of this year, in Kazakhstan has stopped 171 cases of illegal export of oil products, as reported by the State Revenue Committee. Thousands of liters of Kazakhstan's subsidized gasoline were intended to be exported outside the country. Most of the shadow-economy exports were found at the Kazakh-Russian border. Currently, Kazakhstan has a ban on the export of certain types of petroleum products.

Lukoil to Invest $200 Million in Kazakhstani Oil & Gas Project

The Kalamkas Sea-Khazar project is expected to attract around $6.5 billion in total investment, and will be one of the first in Kazakhstan where oil production will be carried out from offshore platforms. In financial statements from Kazakh state energy company, KazMunayGas (KMG), it was stated that Russia's Lukoil has purchased a stake in the Kalamkas Sea oil & gas project in for $200 million. That amount was enough to buy a 50% stake in Kalamkas-Khazar Operating Co., which is engaged in hydrocarbon production at the subsoil areas of Kalamkas Sea, Khazar and Auezov. Furthermore, according to the terms of the agreement, Lukoil can pay another $100 million to increase its stake if it fulfills certain conditions. KMG made a solid profit on the deal, recognizing the additional cash from the sale as a financial asset, adding $29 million to their reserves. Lukoil has previously cooperated in similar projects in the Russian sector of the Caspian Sea, and has now become a strategic partners of KMG on the Kazakhstani side of the sea's border. KMG deputy chairman, Kuanysh Kudaibergenov explained that combining the Kalamkas Sea and Khazar projects into one subsoil use contract was a logical step. The fields were abandoned because they were not economically viable, but now they are back on the list for development thanks to a new approach and Russian investment.

Transport Diversification Allows Resumption of Kazakh Oil Product Exports to Europe

In March 2024, Kazakh state pipeline operator JSC KazTransOil again started loading of dark oil products produced at Kazakhstani refineries onto Aframax size tankers through the Republic of Georgia's Batumi Oil Terminal LLC. The shipments to European countries will total 60,000-80,000 tons. Aframax vessels are designed for the safe and efficient transportation of oil and oil products to various regions of the world, and can carry about 600,000 barrels of oil or petroleum products. The move is designed to diversify modes of transit, transportation routes and to improve economic efficiency. KazTransOil reports that it plans to load dark oil products of Kazakhstani origin regularly every month. This decision will allow customers of the Batumi Oil Terminal to reduce transportation costs, making the export route through Batumi more attractive, and should contribute to an increase in the volume of transported products. Over its more than twenty years of existence, KazTransOil has transported more than one billion tons of oil and has moved more than 825 billion ton-kilometers of cargo. To date, KazTransOil manages an extensive network of oil pipelines with a length of more than 5,400 kilometers, providing oil transportation both to domestic refineries and for export in different directions. The company remains in a leading position, providing transportation of about 40% of all oil produced in Kazakhstan and almost 90% of all crude supplies to domestic refineries.

South Korea Stops Importing Kazakh Oil Over Red Sea Ship Attacks

South Korea has suspended crude oil imports from Kazakhstan via the Caspian Pipeline Consortium (CPC), which yields the CPC Blend of crude oil made with Kazakh oil. No deliveries were made in February due to the Houthi attacks on ships in the Red Sea, according to a report by Standard & Poors (S&P). Against this backdrop, South Korea decided instead to increase purchases of West Texas Intermediate (WTI) crude from the U.S. "Local refiners consider the logistics of buying light, low-sulfur crude from Kazakhstan too costly and inefficient amid ongoing security concerns in the Red Sea," analysts from S&P wrote. A crude manager at one South Korea's two largest refineries commented: "Logistics to deliver CPC Blend have become very difficult because there are fewer ships in the Red Sea area, and delivery costs are still trending upward due to rising insurance premiums." South Korea is one of the main importers of Kazakhstan's CPC Blend crude as local refiners have favored light, low-sulfur crude with high middle-distillate yields and consumption averaging about 3-5 million barrels per month over the past decade. According to Korea's National Oil Corporation, zero oil shipments from Kazakhstan were recorded for the first time since October 2020. CPC Blend crude is first delivered from the refineries to the Russian Black Sea port of Novorossiysk via the Tengiz-Black Sea pipeline -- and then shipped via the Suez Canal to South Korean ports. However, according to refineries, since 2023 CPC Blend oil for South Korea has been delivered bypassing the Suez Canal, via a longer route around South Africa's Cape of Good Hope. According to analysts from the Korean Petroleum Association in Seoul, refineries in South Korea will significantly reduce their future purchases of Kazakh CPC Blend.

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