Light oil export duties to be increased by year end

"As you know, in recent years the volume of oil produced by Kazakhstan refineries hasn't fully satisfied domestic demand. For this reason, every year we import oil products from Russian Federation including gasoline - more than 1 million 300 thousand tons, jet fuel - more than 100 thousand tons, diesel fuel - from 400 thousand tons to 700 thousand tons", said the Minister of Oil and Gas Uzakbai Karabalin presenting the bill. According to the minister, the main objective of the Protocol is to complete the fulfillment of obligations of Kazakhstan for 2012-2013 on counter-delivery of oil to Russian, loading Pavlodar refinery with the Russian oil, and uninterrupted supply of high-octane gasoline and jet fuel, produced in Russia, to domestic market. Under the Protocol, Kazakhstan to increase export duties on light oil products until December 31, 2014, and since January 1, 2014 Kazakhstan to ban exports of light oil produced in Russia outside the territory of the Customs Union. Russian Federation, since January 1, 2014, to establish customs declaration of oil products supplied from Russia to Kazakhstan, and to prohibit export of dark petroleum products from the Russian Federation to the Republic of Kazakhstan. In addition, the Protocol extends the period of the Agreement until January 1, 2015.