Sanctions may divert Kazakh oil exports to China
Kazakhstan
ASTANA, October 22, 2014 – Kazakhstan’s Minister of National Economy Yerbolat Dossaev is considering switching exports of oil and gas from Europe to China or Iran because sanctions against Russia are threatening the route to Europe, Kazakh media reported last week.
A ministry statement said, “The current situation suggests that the anti-Russian sanctions will not involve blocking of oil and gas deliveries from Russia to the EU, including the Kazakh oil that is shipped through Russian pipelines. However, options to diversify the oil export routes are being considered, and China’s large market holds the most promise for Kazakhstan. Iran is another alternative.”
The significant dip in oil prices has forced the Economy Minister to cut GDP growth forecasts for the upcoming three years.
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