A Russian court on Monday lifted a 30-day unloading ban on oil shipments from Kazakhstan, which had fueled tensions between the two countries. The court in the city of Krasnodar replaced the interruption, which would have burdened the world market, with a fine of 200,000 rubles (the equivalent of about 3150 euros). This was announced by the Caspian Pipeline Consortium (CPC), which operates the line.
80 percent of the oil exported from Kazakhstan flows through the terminal in the southern Russian port of Novorossiysk – Kazakhstan itself has no access to the world’s seas. The processing capacity is 67 million tons of oil per year.
Kazakhstan President Kassym-Jomart Tokayev recently offered the EU to supply more oil and gas to Europe to ensure the continent’s energy security, despite the war in Ukraine and associated sanctions against Russia. Kazakhstan has not recognized the independence of Moscow-backed separatist republics in eastern Ukraine.
Interruption would have put a heavy burden on the global market
A disruption in the supply of oil from Kazakhstan’s vast Tengiz field by Russia to the Black Sea would have weighed heavily on the global oil market. About one percent of the world’s oil is transported via the CPC pipeline, and Western oil companies such as Chevron and Shell are also involved.
Austria is 40 percent dependent on Kazakhstan for oil, but is currently unable to process crude oil due to an accident at the OMV refinery in Schwechat.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
