News 2023
09.03.2023KEBCO
The market discount between KEBCO and Brent is about $3 per barrel. This was announced by the head of KazMunayGas Magzum Mirzagaliyev at CERAWeek. According to the national company, Mirzagaliyev explained that the introduction of the Kazakhstan Export Blend Crude Oil brand since June 2022 made it possible to minimize the risks for Kazakhstani oil and gas companies, and today KEBCO oil quotes show a stable positive trend.
"Last year, we faced a situation where the spread (discount) between dated grades of Urals and Brent oil reached $30-40 per barrel. Historically, the spread was about $1.53-1.23 per barrel. That is, with seemingly high oil prices the real profitability of Kazakh subsoil users from the sale of oil was much lower," Mirzagaliyev said. He added that the market discount between dated grades of KEBCO and Brent crude is about $3 per barrel.
Also during his speech, the head of KMG spoke about the company's plans to implement green projects as part of Kazakhstan's transition to carbon neutrality by 2060. In particular, in 2022, a petrochemical complex for the production of polypropylene was launched in the Atyrau region. Projects of large green power plants are being worked out in the Mangistau and Zhambyl regions.
CERAWeek is the largest annual energy conference hosted by S&P Global in Houston, USA.