Kazakhstan increased oil exports by 22% y/y to 20.383mn tonnes in Q1, the State Stat Agency has informed. In monetary terms, exports expanded by 20.7% y/y to USD 16.7bn in the reported period. Significantly, we believe that the increase in exports is driven by transit of Russian oil via Atasu-Alashankou oil pipeline to China which was launched this year. Production of oil in Kazakhstan slightly decreased - from 20.6mn tonnes of oil in Q1/13 to 20.2mn tonnes in the first three months of this year.
Kazakhstan also exported 1.072mn tonnes of petroleum products which means a growth of 5.3% y/y. The value of exports increased by 4.5% y/y to USD 637.6mn. Oil products imports to the country decreased by 9.6% y/y to 541thsd tonnes worth USD 340.6mn (drop of 14.8% y/y).
Natural gas exports shrank by 1.4% y/y to 5.167bcm while in monetary terms it dropped by 13.7% y/y to USD 485.9mn. Similarly, natural gas imports decreased by 8.5% to 1.614bcm worth USD 121.7mn (drop of 28.9% y/y). Kazakhstan exports gas mainly to Russia where it is processed at gas complex in Orenburg and then re-imported to Kazakhstan. Small volumes of gas are also sent to Kyrgyzstan.
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