Kazakhstan offers Germany six-fold increase in oil supplies to replace russian oil
In addition to Germany, Italy is actively buying Kazakh oil
Kazakhstan is preparing to increase oil supplies to Germany sixfold to replace russian oil, which is now under an EU embargo.
Since the beginning of 2023, Kazakhstan has shipped 90 thousand tons of oil to the Schwedt refinery in Germany, which belonged to Rosneft before the war, President Kassym-Jomart Tokayev said on Friday at the Central Asia-European Union summit.
Source. This was reported by moscowtimes.eu.
At the current rate, Kazakhstan's oil supplies to Germany may amount to only 200 thousand tons per year. But Kazakhstan, according to Tokayev, is ready to increase them at least 6 times.
"There is a potential to bring this figure up to 1.2 million tons per year with the possibility of increasing it in the future," he said.
According to the Bureau of National Statistics, in the first quarter, 71% of Kazakhstan's oil exports went to the European Union, compared to 65% in the same period in 2022.
In addition to Germany, Italy is actively purchasing Kazakh oil – previously, russia's Lukoil had a large refinery in Sicily and supplied oil to the country. Now, the share of purchases of Kazakh crude in the first quarter rose to 38% of the total volume from 28% a year earlier. France's share in exports increased from 5% to 7%, and Romania's from 4% to 7%.
"Kazakh barrels are successfully replacing russian Urals," an oil trader working in the Mediterranean told Reuters.
According to him, Kazakhstan's CPC Blend blended with oil from Kurdistan "almost perfectly" replaces oil from Russia in terms of characteristics.
Background. It was also reported that Kazakhstan invited hundreds of companies that had left the russian market. 67 companies had already responded positively, and 25 had moved.
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