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1.5 million tons of Kazakh crude to be sent to China within tolling contracts

21 марта 2013, 17:19
RIA Novosti©
RIA Novosti©
Kazakhstan is seeking to neutralize the domestic short supply of fuel through oil tolling contracts with China, according to the country’s Prime Minister’s website.

“We have decided to send around 1.5 million tons of crude to China to be processed at a refinery in XUAR within tolling contracts”, Kuandyk Kulmurzin, Head of the Oil Industry Development Department of the country’s Ministry of Oil and Gas in an interview for Primeminister.kz.

According to him, about 1 million tons of petroleum products will be respectively brought back to Kazakhstan before the end of the year.

Conversion rate at the China’s refinery reaches 90%, with light petroleum products accounting for 83% of the end products, whereas the current conversion rate at Kazakhstan-based oil refineries stands at 60-70%.

According to Kulmurzin, tolling operations enable to keep the prices for the end product relatively low as it is Kazakhstan’s oil that is being refined, whereas Kazakhstan can have no impact on the price of oil petroleum products imported from Russia.

He emphasized that tolling operations will enable Kazakhstan to reduce twofold imports of petroleum products from Russia from the current 40% to 20%.

A tolling agreement is a contract between one company that owns raw materials and a company that is engaged to process those materials, according to the specifications of the owner. In some cases, the owner of the raw materials may retain control of the products that are created as a result of the processing.

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