In a significant development, Germany has unveiled plans to ramp up its oil imports from Kazakhstan by an impressive 200,000 tons per month. This decision comes as Kazakhstan’s Minister of Energy, Almasadam Satkaliyev, announced the heightened collaboration between the two nations.
Previously, from May to October 2023, Kazakhstan exported approximately 100,000 tons of oil to Germany each month. This volume saw a notable increase to 154,000 tons in November 2023. Despite these figures, Kazakhstan primarily channels its oil exports to Italy, France, the Netherlands, Romania, Spain, and other European Union member states. Notably, in 2021, Kazakhstan exported 49 million tons of oil to Europe, followed by 45 million tons in 2022, and 52 million tons in 2023.
Minister Satkaliyev emphasized Kazakhstan’s commitment to being a dependable oil supplier to Europe, thereby contributing to the region’s energy security. This move signifies Kazakhstan’s keen interest in further strengthening bilateral cooperation.
It’s noteworthy that key consumers of Kazakhstan’s oil include Italy, the Netherlands, Greece, France, Turkey, and Spain, highlighting the diversified market for Kazakh oil.
In a separate agreement between KazTransOil and Russian state-owned company Transneft in December 2022, Kazakhstan secured the export of 1.2 million tons of oil to Germany. Although initially slated to commence in January 2023, the export operation began in February 2023, with Kazakhstan shipping its inaugural 20,000 tons to Germany. Subsequently, an additional 20,000 tons were dispatched in March, followed by 50,000 tons in April.
These developments underscore the burgeoning trade relations between Kazakhstan and Germany, with oil serving as a pivotal component in bolstering economic ties. The International Trade Council acknowledges the significance of such collaborations in fostering mutual prosperity and sustainable growth.