KazMunaiGas Trading AG to be the sole operator of the Kazakh oil export
Astana. April 24. Kazakhstan Today - "KazMunaiGas Trading AG" will be the sole operator of Kazakhstan's oil exports, reports Kazakhstan Today.
Rompetrol Group Trading unit - Vector Energy, registered in Switzerland, is completing the integration of all the oil marketing operations in the framework of JSC NC KazMunaiGasand will be renamed as KazMunaiGas Trading AG. The company will be the only national operator for the export of Kazakhstan crude oil," press service of KazMunaiGas informed.
As noted in the company, the move supports the strategy of KMG, the sole shareholder, which is the unification of all foreign assets as part of Rompetrol Group. KazMunaiGas Trading AG will be responsible for the sale of crude oil and petroleum products, and develop logistics assets as needed to meet their own needs and for the development of trading operations and enter new markets.
"Taking into account a number of factors (development of the Kashagan field, as well as the planned production volume in Kazakhstan until 2020 in the amount of 140 million tons of crude oil), in the next 5 years we expect to increase exports of crude oil from Kazakhstan to 30 million tons a year. Due tothe developed resource base of Rompetrol Group, crude oil marketing operations will be more profitable and efficient, which in turn will promote Kazakhstan's national brand in the international market of crude oil," said General Director of Rompetrol Group, Jannat Tusupbekov.
In 2012, the sales volume of crude oil trading department of Rompetrol Group has increased by over 65% to 10.4 million tons (in 2011 - 6.3 million tons), explained in the company's press service.
The company also informed that the total sales volume of oil products reached 4.69 million tons, of which 2.74 million tons produced at the Petromidia refinery. Petroleum products are delivered to the markets of Bulgaria, Moldova, Georgia, Ukraine, France, Spain, Turkey, Serbia, Greece and Lebanon.
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