7 Jun 2022 13:14

Kazakhstan changes its export oil name to KEBCO amid sanctions against Russia

ALMATY. June 7 (Interfax) - KazMunayGas (KMG) and other Kazakh oil companies will export oil under the name of Kazakhstan Export Blend Crude Oil or KEBCO to emphasize that oil originated from Kazakhstan, KMG CEO Dauren Karabayev said.

"Starting from June, KMG and other Kazakh companies have agreed to indicate export oil name as KEBCO in the certificates of origin to emphasize that this oil is produced in Kazakhstan so that there are no issues with buyers," he said at a briefing on Tuesday.

Earlier, Reuters said that Kazakhstan was planning to change the name of the oil it exports via Russian seaports to Kazakhstan Export Blend Crude Oil "to disassociate it from oil originating in Russia in order to avoid sanction risks and issues with financing."