First Vice Energy Minister refutes anticipated substantial petrol prices hikes03 december 2014, 21:45
First Vice Energy Minister Uzakbai Karabalin has refuted assumptions voiced by Senator Lyazzat Kiinov that petrol prices for AI-95 and AI-96 in Kazakhstan are set to rise to $2 per liter from the current price below $1 per liter.
Earlier Senator Lyazzat Kiinov stated that the country’s Government should galvanize its efforts to explore new oilfields to prevent oil price hikes. He emphasized at that time that Western oil majors operating in Kazakhstan were willing to supply crude to be processed for domestic consumption at global prices. Should Kazakhstan buy crude to be processed for domestic consumption at global prices, petrol prices may reach $2 per liter, he believes.
“As of today a number of companies, including KazMunaiGas, OzenMunaiGas, MangistauMunaiGas, PetroKazakhstan are supplying all the necessary crude to local oil refineries (…) work is under way to explore and develop new oilfields and the share of newly developed oilfields will be growing”, First Vice Energy Minister Uzakbai Karabalin told a briefing at the President’s Service for Public Communications.
“However, if we want to buy more crude from major oilfields (as adding 25-30% of light oil coming, say, from Tengiz, boosts the yield of gasoline and light fractions) then there might be some price hikes. But I don’t think the price will reach $2 per liter”, he said.