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Kazakh oil export revenues have increased 53% in 2017

Kazakh oil export revenues have increased 53% in 2017

WASHINGTON: Almost 80 percent of all oil produced in the country is exported. The revenues of the Kazakh budget from the export of crude oil increased 53 percent this year. Oil export increased 46 percent, according to Energyprom. In the last six months, the prices for crude oil increased 27.2 percent in comparison with the same period last year. At that, physical volume of exports increased 3 percent. In total, the value of exports of crude oil and gas condensate increased 46 percent. The positive balance of the country’s trade balance increased 79 percent. Approximately 33.2 million tonnes of crude oil worth $12.8 billion was exported in the last six months, which is 51 percent of annual oil production in the state, according of the annual forecast of Ministry of Energy. Oil production increased 10 percent, reaching 42.6 million tonnes. About 78 percent of all extracted oil was exported this year and approximately 83 percent of oil was exported last year. The volume of crude oil used in the domestic market increased 38 percent, reaching 9.4 million tonnes. Price for oil in the domestic market is 2.5 times lower than its export price. Sale of this volume will make 466 billion tenge (US$1.5 billion).

Over the year, the share of oil exports in total exports increased from 59 percent to 62 percent. According to the Kazakhstan 2050 strategy, the country should move from simple supplies of raw materials to cooperation processing energy resources and the exchange of the latest technologies. The government plans to decrease the share of oil exports to 30 percent by 2050. About 73 percent of all exported oil is delivered to five European countries: Italy $4.3 billion (growth of 45 percent), the Netherlands $1.9 billion (growth of 58 percent ), France $1.5 billion (growth of 83 percent), Switzerland $1.2 billion (growth of 31 percent ) and Spain $0.6 billion (growth of 10 percent). The growth of oil exports positively affected the budget balance. The budget deficit for the six months decreased to 98.1 billion tenge (US$295 million). It was 457.5 billion tenge (US$1.4 billion) in the same period last year. The budget revenue from oil exports increased 53 percent in the first half of 2016, reaching 477.2 billion tenge (US$1.4 billion). Fees for export customs duty on crude oil increased 33 percent (379.2 billion tenge or US$1.1 billion). Rent tax on exports, going to the National Fund, increased almost 3.5 times (98.1 billion tenge or US$295 million). The share of the country’s revenues from oil exports increased from 11 percent to 15 percent this year.