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Kazakhstan ready to boost export oil transit via Russia

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The energy-rich Central Asian republic of Kazakhstan is prepared to boost export oil transit via Russia, if its neighbor has necessary capacities, the Kazakh president said Sunday.
VLADIVOSTOK, March 25 (RIA Novosti) - The energy-rich Central Asian republic of Kazakhstan is prepared to boost export oil transit via Russia, if its neighbor has necessary capacities, the Kazakh president said Sunday.

"Out of 52 million tons (381.2 million barrels) of Kazakh export oil, more than 41 million tons (300.5 million barrels) are pumped via Russia. If Russia can pump more Kazakh oil in transit, we are prepared to increase the volume of crude mumping in this direction," Nursultan Nazarbayev said in a televised interview with the Vesti Nedeli program on Rossiya television channel.

At the same time, Kazakhstan will develop other oil and gas routes, in particular, by building a pipeline to energy-hungry China, Nazarbayev said.

"This will not mean we'll compete with Russia. This will mean a commercially reasonable policy of building relations with another neighbor," Nazarbayev said.

The Kazakh president said Kazakhstan is developing relations with Russia on the basis of good neighborly and business partner relations.

"Kazakhstan and Russia have overcome the period of crisis and embarked upon the road of stable growth. In the past seven years, Kazakhstan has been developing at a growth rate of 10% per year with low inflation, which is very paradoxical and pleasant for us. We intend to continue cooperation with Russia along the path of strengthening the economies of both countries," Nazarbayev said.

Many Russian companies are active in investing in Kazakhstan. In particular, LUKoil oil company has invested more than $4 billion in the Central Asian republic, Nazarbayev said.

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