RT.com
26 May 2023, 17:43 GMT+10
Kazakhstan's energy exports are heavily dependent on transit through the sanctioned country, an envoy has said
The stability of oil supplies from Kazakhstan to the global market relies on transit through Russia, the country's ambassador to the US, Yerzhan Ashikbayev, has stated. He added that any disruption to flows caused by sanctions could trigger a dire scenario.
"We proceed from the mutual interest of all parties, the interest in the stability of the global market, in the stability of supplies. This is vital both for the functioning of our [Kazakh] economy and for the entire global economy," the envoy told RIA Novosti on Thursday on the sidelines of the Trans-Caspian Forum in Washington.
When asked whether he sees any risk that sanctions could make it difficult or impossible for Kazakhstan to transit oil, the diplomat described it as "some kind of apocalyptic scenario."
Kazakhstan supplies oil to the global market via one of the world's largest pipelines, the Caspian Pipeline Consortium (CPC).
A multinational project, the CPC involves Russia, Kazakhstan and a consortium of leading oil companies. The pipeline system mainly collects crude from the large oil fields of western Kazakhstan, but also from Russia. Its total capacity is over 1 million barrels of oil per day, which is 2.3% of global seaborne crude trade.
The CPC delivers around 1.2 million barrels of crude oil daily from Kazakhstan to Europe, and for subsequent shipment to the US. The pipeline's operations were interrupted last year by storm damage to equipment at a Black Sea terminal, with the disruption sparking concerns of a global supply crisis.
According to Ashikbayev, the CPC remains an important project for Kazakhstan, accounting for 80% of the country's crude oil exports.
Kazakhstan has strengthened its oil and gas ties with Russia despite the threat of secondary sanctions from the US and EU.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Irish Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Irish Sun.
More InformationTORONTO, Canada: An initial investigation into last month's dramatic Delta Air Lines crash-landing in Toronto has revealed that the...
NEW YORK CITY, New York: New York State's highest court has struck down a law this week that would have allowed over 800,000 legal...
The death toll in Gaza on the weekend has passed 50,000, local health authorities have reported. What started the carnage was the Hamas-led...
WASHINGTON, D.C.: The U.S. Department of Agriculture (USDA) has announced plans to invest up to US$100 million in research to develop...
WASHINGTON, D.C.: The U.S. Department of Health and Human Services (HHS) has removed a 2024 advisory from its website that called gun...
WASHINGTON, D.C.: Industry leaders are pushing the Trump administration to clear regulatory obstacles slowing the rollout of self-driving...
DUBLIN, Ireland: In 2024, thousands of jobseekers saw their welfare payments reduced for not fully engaging with employment support...
DUBLIN, Ireland: Ireland's Finance Minister Paschal Donohoe has warned that an escalating trade war between the European Union and...
DUBLIN, Ireland: Ireland has risen two places to become the 15th happiest country in the world, according to the World Happiness Report...
BRUSSELS, Belgium: The European Union is set to tighten steel import quotas starting in April, reducing inflows by 15 percent to prevent...
DUBLIN, Ireland: Ireland's property prices continued their upward trend, rising by 8.1 percent in the 12 months leading to January...
New Delhi [India], March 25 (ANI): The auto component industry in the country is facing export challenges due to the ongoing overhang...