Kazakhstan to Earn $1.7 Billion from Russian Oil Transit to China

The Mazhilis of the Parliament of Kazakhstan has ratified amendments to the agreement between the Governments of Kazakhstan and Russia on the transportation of Russian oil through Kazakhstan to China. The original agreement, signed on December 24, 2013, covers the period up until January 1, 2024 but both parties have now expressed their interest in its extension to 2033. According to Kazakhstan’s Energy Minister Almasadam Satkaliev, extending the agreement for a further ten years will enable the transit 10 million tons of Russian oil per year. Approval was granted for transit tariff set at $15 per ton and between 2024 and 2033, the forecast revenue from the transit of Russian oil through Kazakhstan to China is $1.710 billion. Statistics show that from 2014 to 2023, the total transit of Russian oil through Kazakhstan to China amounted to 90,899,271 tons, providing transit revenue of $1.327 billion.