The worst scenario envisages measures in case the oil price hits the bottom of $40 per barrel. The Government in partnership with the National Bank have developed respective action plans, incentives to support the economy: Gregory Marchenko.
Oil prices hit two-month highs this week, driven by Federal Reserve stimulus hopes and Middle East unrest, while soyabeans soared to a record high as US supplies were hit by drought.
Seoul is considering an offer by Tehran to send crude on Iranian tankers to South Korea, officials said Friday, as a way to circumvent EU sanctions and resume imports of oil from Iran.
According to Belarus Ambassador to Kazakhstan, “the document is rather complicated: it has to be approved by the Russian side as oil will be shipped across Russia”.
Brent crude fell below $100 in Asia Tuesday, hours after a Norwegian crude supply disruption due to an oil workers' strike was ended by the government.
Nigeria on Monday signed a Memorandum of Understanding with an American energy firm to build six oil refineries, in a project worth 4.5 billion dollars.
As a result of the deal the ownership structure looks as follows: BG Group holds 29.25%, Eni 29.25%, Chevron 18%, LUKOIL 13.5%, with the Kazakhstan Government holding the other 10%.
Having created a direct link between the terminal and refinery we have optimized the oil supply process and significantly decreased technological losses and costs: KMG.
Late May Russia’s Transneft reduced oil supplies to the Pavlodar-based oil refinery twofold. Originally the oil refinery was designed to process only Russia’s oil.
Upon adopting respective amendments, Kazakhstan will be able to supply about 1.5 million tons of oil a year to China-based oil refineries for processing within oil tolling schemes.
