MOSCOW, May 2 (Reuters) - Kazakhstan's oil export
revenues rose by 50% in 2022 as crude prices surged, although
volumes slipped, data from the Bureau of National Statistics of
Kazakhstan's (BNS) showed.
With no direct access to offshore oil hubs, Kazakhstan
depends on transporting its oil through Russia which has been
hit by Western sanctions over what Moscow calls a special
military operation in Ukraine.
According to the BNS data, the value of Kazakhstan's oil
exports increased to $46.8 billion in 2022 generated by exports
of 65.0 million tonnes, versus $31.0 billion and 65.5 million
tonnes respectively in 2021.
The increase in 2022 revenues was driven by the rise in oil
prices as Kazakhstan's average annual oil export price jumped to
$720 per tonne last year, from $473 per tonne in 2021.
It rose to $621 per tonne in January-February 2023 versus
$607 per tonne during the same period last year, according to
Reuters' estimate based on the BNS data.
More than 90% of Kazakhstan's oil reaches export markets via
the Caspian Pipeline Consortium (CPC) and the network of
Moscow-controlled oil pipeline operator Transneft. Kazakhstan's
oil is not under Western sanctions unlike Russian oil.
According to the State Revenue Committee of Kazakhstan, tax
revenues received by the National Fund of Kazakhstan from the
oil sector (income tax, mineral extraction tax, rent tax on
exports, payments under production sharing agreements) more than
doubled last year to $13.87 billion from $6.11 billion in 2021.
In January-February this year, tax revenues paid to the
National Fund by the oil sector totalled $2.68 billion, up from
$2.10 billion during the same period last year.
(Editing by Susan Fenton)
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