Condensate Refinery Set to Process Russian Oil Under New Agreement

Kazakhstan's Condensate refinery is set to start processing Russian oil under agreed-upon terms. The facility, located near the Russian border in the West Kazakhstan region, will receive crude oil by rail due to its lack of pipeline connection.

The agreement allows for up to 30% of petroleum products produced at the refinery to remain on the domestic market, while the remaining 70% will be shipped to Russia. Energy Minister Yerlan Akkenzhenov stated that these terms are 'reasonable.'

Akkenzhenov also emphasized the importance of preserving jobs and investing in the country's economy. The refinery's owner has nearly repaid a $100 million debt owed to the Development Bank of Kazakhstan, which is seen as positive for the economy.