Finalizing Agreement for Increased Russian Oil Transit to China via Kazakhstan
Boosting Russian oil transit to China via Kazakhstan being finalized — Novak
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An agreement to boost Russian oil supplies to China through Kazakhstan is being finalized, according to Russian Deputy Prime Minister Alexander Novak. The Russian government has approved a draft protocol to amend the existing intergovernmental agreement, allowing for increased transit volumes, potentially reaching 12.5 million tons by 2027-2028.
- 01Russian Deputy Prime Minister Alexander Novak confirmed that the agreement for increased oil transit was reached previously.
- 02The Russian government has approved a draft protocol to amend the intergovernmental agreement with China.
- 03Transneft CEO Nikolay Tokarev indicated that transit could increase to 12.5 million tons by 2027-2028.
- 04Current transit volumes are set at 10 million tons.
- 05The formalization process of the agreement is currently underway.
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Russian Deputy Prime Minister Alexander Novak announced that an agreement to increase oil supplies from Russia to China via Kazakhstan is in the finalization stage. The Russian government has approved a draft protocol to amend the existing intergovernmental agreement, allowing for increased transit volumes. Currently, the transit is set at 10 million tons, with plans to raise it to 12.5 million tons by 2027-2028. This development highlights the ongoing collaboration between Russia and China in energy supply, as both countries seek to enhance their economic ties amidst changing global energy dynamics.
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The agreement may enhance energy security and economic cooperation between Russia and China, impacting regional energy markets.
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