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Kazakh Senate nod to Russia-China oil transit
June 26, 2014, 5:13 pm

Kazakhstan and Russia, both top oil producers, signed the agreement to transport the Russian oil through Kazakhstan in December 2013 [Xinhua]

Kazakhstan and Russia, both top oil producers, signed the agreement to transport the Russian oil through Kazakhstan in December 2013 [Xinhua]

Kazakhstan’s Senate ratified an agreement Thursday between the Central Asian nation and Russia on cooperation in transporting Russian oil to China.

Kazakhstan and Russia, both top oil producers, signed the agreement to transport the Russian oil through Kazakhstan in December 2013.

Under the agreement, Kazakhstan agreed to provide long-term access to pipelines linking the three countries for the transport of 7-10 million tons of oil per year.

It is free to replace Russian oil with Kazakh oil, provided it is of the same quantity and quality specified in the contract with China.

Both Kazakhstan and Russia are seeking alternative routes for their oil exports in the face of a tougher third round of sanctions against Moscow over the Ukraine crisis.

The presidents of Russia, Kazakhstan and Belarus signed a treaty last month forging the Eurasian Economic Union, a vast trading bloc.

If successful, the EaEU would unite up to 217 million people, says Lode Vanoost, a former deputy Belgian Parliament speaker.

“The EaEU is among many other things an answer to the EU, a perfectly legitimate one. The EU and the US may not like it, that is their right, but the days in which everything in the world was their ‘business’ are over,” writes Vanoost.

 

TBP and Agencies

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