25 Jun 2010 10:47

Kazakhstan ratifies agreement with China on customs control over hydrocarbons (repeat)

Shanghai. June 25. INTERFAX-CHINA - Kazakh President Nursultan Nazarbayev has signed the law "On Ratification of the Agreement Between the Government of the Republic of Kazakhstan and the Government of the People's Republic of China on Customs Control Over Hydrocarbons Pipeline Transportation through the Kazakh-Chinese Border," the president's press office announced on June 24.

The agreement hopes to establish a cooperation between the customs agencies of Kazakhstan and China, ensuring that all applicable customs clearance procedures are followed. Joint customs control at the Kazakh-Chinese border concerning the pipeline transportation of hydrocarbons will also be established, which will mean an exchange of information on hydrocarbon transportation volume and any violations of the national customs laws.

China owns up to 12% of the oil resources in Kazakhstan. It has extracted at least 70 million tons of oil a year throughout the past few years.