Kazakhstan to earn $1.7 billion on Russian oil transit

Kazakhstan and Russia agreed on the volumes and payments for oil supplies for a decade.

The Ministry of Energy of Kazakhstan reported how much the Republic will earn on Russian oil transit in the coming years. The two countries signed a ten-year agreement to transport 10 million tons of oil per year to China, Sputnik reports.

Deputy Minister of Energy Erlan Akkenzhenov said this agreement will allow Kazakhstan to earn about $1.7 billion over the entire period, which is approximately $170 million per year.

Since Russia started transit supplies in 2014, Russian oil flows to China have risen by 3 million tons per year.

Furthermore, the countries agreed on Russian oil transit to Uzbekistan. However, under this agreement, oil supplies from Russia reach only 150,000 per year and bring Kazakhstan about $1 million per year. According to the Ministry, 10 million tons of Russian oil were transported to China in 2023.

07 03 2024, 07:28
Photo source: gov.kz

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