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Russia, Kazakhstan Extend Oil Supplies Deal Up to 2025

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Russia and Kazakhstan have extended the intergovernmental agreement on trade and economic cooperation on supplies of crude oil and refined products up to 2025, a Russian deputy energy minister told journalists Friday, reports.

“The agreement has been prolonged until 2025. It is synchronized with the current contracts up to 2019 plus five-year-long periods by which the contract is automatically extended, if within six months one of the sides does not inform the other on the decision to withdraw from the deal,” Anatoly Yanovsky said.

The document was signed in Astana on Thursday. Also on Thursday, Moscow signed new oil deals with Belarus and Kazakhstan as the three countries merged into the Eurasian Economic Union (EAU).

This year, Kazakhstan plans to import around 1 million tons of petroleum and some 600,000 or 650,000 tons of diesel oil from Russia. Local oil refinery plants plan to produce 2.9 million tons of petroleum with consumption estimated at 4.2 million tons in 2014.

Under the Russian-Kazakh intergovernmental agreement up to 2025, quotas will be established for duty-free supplies from Russia of oil and light oil products, while Kazakhstan’s supplies of light oil products to third countries as well as black oil products from Russia to Kazakhstan are banned.

May 30 2014, 18:28

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