Decision on reduction of export Customs duty for oil to be considered by the Government on March 10th

​The decision on the reduction of the export Customs duty for oil in Kazakhstan will be considered by the Government on March 10th, head of the department of Oil Industry of the Ministry of Energy, K. Kulmurzin, said. “The regulation by the export Customs duty for oil has been agreed with the Government bodies… It will make up $60 for oil, vacuum gasoil and grease oil. Two regulations have already been submitted. The voting will be held on March 10th and we hope it will be a solid voting without any remarks. After that it will come into force from the moment of publishing”, Mr. Kulmurzin said.

Previously the Vice-Prime Minister of Energy, U. Karabalin, said that Kazakhstan considered an opportunity to connect the export Customs duty to the world price for oil. The reduction of the export Customs duty and optimization of other taxes are expected to reduce the economic burden on the production companies within the period of low prices for oil with a high prime cost of production that will give subsoil users an opportunity to execute their contract obligations.