Kazakhstan: Transit Through Russia Simplified For Oil Exporters

Kazakhstan Overtakes Iraq as OPEC Pact's Biggest Over-Producer

Changes in transit through Russia concern Kazakhstan’s crude oil produced in Karachaganak, Kazinform reports.

The decision was made on July 11 at a meeting of the Board of the Eurasian Economic Commission (EEC).

“The decision of the Board of the EEC has amended the decision of the Customs Union Commission from 14 October 2010 No. 413. They exclude the need to place crude oil, extracted at Karachaganak field in Kazakhstan and is exported outside the customs territory of the EAEU through the Russian Federation, under the customs procedure for transit. This decision will allow producers to reduce administrative costs and not carry out a number of formal procedures for processing oil transported across Russia as transit goods,” the press service of the Eurasian Economic Commission said.

Thus, Kazakhstan now has a simplified export of Karachaganak oil to third countries through the territory of Russia.

As it was reported earlier that Kazakhstan is in favor of a smooth exit from the OPEC agreement, increasing the production within one to two months, however, a final decision on this issue will be made in November.