Kazakhstan and Russia to resume oil supply agreement
Deputies of the Qurultay have passed, in two readings, a bill ratifying a protocol that resumes the agreement between Kazakhstan and Russia on the supply of oil and petroleum products, Qazinform News Agency reports.
Minister of Energy Erlan Akkenzhenov presented the document.
«The protocol was signed on November 27, 2024, in Astana. Its primary objective is to renew the Agreement, which expired on January 1, 2024, and to update specific provisions regarding bilateral cooperation,» the minister said.
The protocol provides for:
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The resumption of the Agreement, with its provisions applied retroactively to legal relations arising from January 1, 2024;
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The continued annual approval of indicative balances for oil and petroleum product supplies;
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The continuation of information exchange between the relevant authorities of the two countries;
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Monitoring the use of petroleum products supplied under the Agreement;
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The extension of the Agreement until January 1, 2028, with automatic five-year renewals thereafter unless either party objects.
According to Minister Akkenzhenov, the Agreement is of great importance for Kazakhstan in ensuring energy security and stable functioning of the domestic petroleum products market.
«It establishes an international legal framework for coordinating the actions of the two states' relevant authorities, enables the timely preparation of petroleum product balances, and facilitates the adoption of necessary measures in the event of risks of shortages of specific petroleum products,» Akkenzhenov noted.
Following the discussion, the deputies voted to adopt the law in two readings.
Earlier, Kazakhstan and six other OPEC+ countries reaffirmed their commitment to maintaining stability in the global oil market at a virtual meeting on October 4.
