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Kazakhstan may remain dependent on Russian petroleum products through to 2019

25 august 2014, 16:00
© RIA Novosti
© RIA Novosti

Kazakhstan may remain dependent on Russian petroleum products through to 2019, Artem Ustimenko, a senior analyst with the Agency for Returns on Investments, said in an interview for Tengrinews.kz.

According to him, as of now Russia accounts for 1/3 (1.36 million tons) of all the petrol consumed in Kazakhstan and for about 14% (0.7 million tons) of diesel fuel.

“Dependence on Russian petroleum products may remain as long as all the three Kazakhstan-based oil refineries are being overhauled, that is to 2016; however, dependence may linger to 2018-2019”, Mr. Ustimenko said, adding that the recent retail petrol price hike had been anticipated. “The price hike had been anticipated amidst the growing deficit of some motor fuel types, notably high-octane petrol”, he said.

“Kazakhstan set the retail price ceiling back in November 2013; however, the neighboring Russia saw its prices for petrol rise by 14.1% in the H1 2014. Given the growth of the internal demand and a number of technology-related incidents at Ryazan-based oil refinery, Nizhnekamskneftehim and Acha oil refinery, Russia saw its motor fuel export capacities shrink”, according to the analyst.

Like many other experts, Ustimenko believes there might be another price hike in Kazakhstan. According to him, the recent price hike will make Russian exports to Kazakhstan more economically viable. “Should Russia raise prices for petroleum products further, Kazakhstan may have to revisit its retail prices within the following 2-4 months, letting the prices grow by another 5-7%”, he believes.

August 21 Kazakhstan set new prices for petrol, with diesel fuel standing at 115 tenge per liter ($0.63), AI-80 - 89 tenge per liter ($0.49), AI-92/93 - 128 tenge per liter ($0.70). The measure increased the prices for diesel fuel by 12.7%, for AI-80 and AI-92/92 by 11.3% in one step.

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