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Kazakhstan may lift ban on gasoline and diesel exports in January

Oil

Kazakhstan may lift a ban on the export of gasoline and diesel from January 2018 (a year earlier than planned) to help local refineries increase profits after spending heavily on equipment upgrades, reports Reuters. Kazakhstan banned exports of so-called white products (including gasoline and diesel) in 2014 until 1st January 2019 under an agreement with Russia. In exchange it receives duty-free fuel from Russia. The government now plans to initiate talks with Russia about lifting the ban from January 2018 as that would help refineries repay “loans taken out to finance costly upgrades”. Following the upgrades, Kazakhstan’s three main refineries could raise output of gasoline and diesel to a level exceeding domestic demand by 1.5-2Mt p.a for each product. Two of the upgrades are due to be completed in 2H17 and the third in 2018.