RT.com
26 May 2023, 22:13 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 InformationJEFFERSONVILLE, Indiana: Randy Lankford, owner of Lankford Funeral Home and Family Center in Jeffersonville, Indiana, has pleaded guilty to more ...
DENVER, COLORADO: A federal judge has ruled that a rural Colorado school district can ban a high school student from ...
ZURICH, Switzerland: In one of the largest legal awards ever against Credit Suisse, the bank was ordered to pay $926 ...
DETROIT, Michigan: Amid broader global concerns over semiconductor chip supplies, sanctions and national security, Chinese commerce minister Wang Wentao said ...
WASHINGTON D.C.: The White House announced this week that President Joe Biden has chosen US Air Force chief General Charles ...
GUAM: After Typhoon Mawar brought strong winds and torrential rains, large areas of the US Western Pacific territory of Guam ...
WARSAW, Poland: Plans are underway in Poland to gradually raise the minimum wage twice in 2024. The wage plan has ...
BEIJING, China: China will put into commercial operation its first large passenger airliner, in a bid to challenge western plane ...
DUBLIN, Ireland: Ireland's homeowners and businesses expect to see still more reductions in the cost of natural gas as the ...
SAN FRANCISCO, California: Sam Altman, CEO of ChatGPT-maker OpenAI, has said the company could consider leaving Europe if it could ...
OSLO, Norway: Norwegian Defense Minister Bjoern Arild Gram has said that Norway would conduct training programs for Ukrainian pilots in ...
LONDON, England: As part of Prime Minister Rishi Sunak's measures to bring down annual net migration, which reached a record ...