Russia, Kazakhstan renew oil, petroleum product supply deal by a year
MOSCOW. Dec 24 (Interfax) - Russia and Kazakhstan have renewed their agreement on trade and economic cooperation in supplies of crude oil and petroleum products by a year, Russian Energy Minister Alexander Novak told reporters.
"Here we've made changes: firstly, we've extended the validity of the agreement by a year, during which procedures related to oil supplies in return for petroleum products delivered in 2012 and 2013," Novak said after the relevant protocol was signed.
Novak said he was referring to procedures that have not been wrapped up.
In addition, he said, petroleum products will be supplied to Kazakhstan for internal consumption from January 1, 2014. "The [volume] will be roughly the same as this year - 1.2 million-1.5 million tonnes of light petroleum products," Novak said, adding that Kazakhstan undertook to ban light product exports from January 1 in order to rule out the possibility of re-export.
"Moreover [Kazakhstan] undertakes from next year to raise duties on light products to the same level as Russian duties," Novak said.
Also, a ban will be imposed on imports of dark petroleum products, mostly fuel oil, from Russia to Kazakhstan on January 1 "so we don't lose out on duties," Novak said.