Beautiful Virgin Islands

Tuesday, Apr 22, 2025

0:00
0:00

Creative: Kazakhstan renames its export oil to avoid Russia sanctions risk

Kazakhstan is changing the name of the oil it exports via Russian sea ports to Kazakhstan Export Blend Crude Oil (KEBCO) to dissociate it from oil originating in Russia in order to avoid sanction risks and issues with financing.
"Due to recent significant geopolitical changes ... and to avoid negative effect of the changes on Kazakh oil exports via Russian ports, from June 2022 the following name for the grade applies - KEBCO (Kazakhstan Export Blend Crude Oil)", Kazakh oil producer CNPC-Aktobemunaigaz that transits its oil via Russian ports said in a written answer to Reuters request.

Four sources in Kazakhstan's oil companies involved in transit via Russian sea ports also confirmed the renaming of their barrels and added that the change to KEBCO will come into effect from Monday for all official documents.

According to one source, the Kazakhstan Energy Ministry is going to ask for authorisation from the government for the official usage of the new grade.

The Energy Ministry declined to comment on the matter.

Russian export blend crude oil (REBCO) or Urals, Russia's flagship crude oil loading from the state's western ports, has recently become difficult to place, especially with European buyers, due to Western sanctions and self-sanctioning by European companies. Earlier this week the EU announced an embargo on Russian oil imports from end-2022.

Kazakhstan uses Russian sea ports as a transit route for 20% of its export oil flow, some 13.3 million tonnes in 2021, while oil originated from Kazakhstan is technically not subject to Western sanctions. Kazakh shipments have been repeatedly mistaken for Russian barrels, traders said.

"It's a necessary measure, so that our oil is not sanctioned, while its name clearly shows the country of origin in the documents. Otherwise we have problems opening letters of credit," a trader involved in Kazakhstan's oil transit via Russian ports told Reuters.

Kazakh oil producers hope they can achieve better prices for their oil and sell it easier if it's clearly stated in the documents it does not come from Russia, the sources said.

The Urals oil discount to dated Brent fell to all-time low of more than $30 per barrel from the end of March.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Nightlife in the streets of Manchester
In God We Profit
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
US Federal Reserve Chair Issues Warning on Tariff Impact
UK Prison Officers Demand Electric Stun Guns Amid Safety Concerns
China, China, China!
Australian National Charged as Mercenary for Fighting in Ukraine
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Prince Andrew Joins Royal Family Attends Easter Sunday Service at Windsor Castle
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
Trump is assembling a coalition of Western leaders aligned with the MAGA vision, strengthening a unified front for global change
IMF Predicts No Global Recession Amid Trade Tensions
Here’s a police officer with a brilliant gift for swift education
"Some complain that we put thousands in prison. In reality, we set millions free."
This is Vienna, Austria in 2025.
Boeing Jet Returns to US from China Amid Tariff War
Canadian Federal Election: Candidates' Positions on US-Canada Relations and Donald Trump
Resentencing Hearing for Menendez Brothers Who Killed Their Parents Delayed Amid Legal Disputes
Australian Woman Gives Birth To Stranger's Baby In IVF Mix-up
US Sets Deadline for Russia-Ukraine Peace Deal Brokerage
Italy Introduces 'Sex Rooms' in Prisons for Inmates
California Launches Legal Challenge Against Trump Administration's Tariffs
"Groundless": China Dismisses Zelensky's Claims It's Supplying Arms To Russia
UK Psytrance Festival Cancelled Amid Local Protests Over Noise Concerns
French Far-Right Writer Renaud Camus Denied Entry to UK
UK Police Force Updates Search Policy for Trans Individuals in Custody
Italian Prime Minister Giorgia Meloni Meets with Donald Trump to Discuss EU-US Trade Tensions
Canada's Federal Party Leaders Engage in Final Debate Ahead of General Election
Ukraine and US Sign Outline of Minerals Deal
Fast Food Chain Refuses to Apologize for Online Comment About Katy Perry's Space Voyage
New York Attorney General Letitia James Faces Criminal Referral for Alleged Mortgage Fraud
Mark Cuban admits support for Trump executive order: ‘Gotta be honest’
US Senator Meets with Deported Immigrant in El Salvador Amid Custody Dispute
U.S. State Department Raises El Salvador’s Safety Ranking, Making It Safer Than France and Other European Nations
UK Government Assumes Control of British Steel's Scunthorpe Plant Amid Shutdown Threat
UK MP Wera Hobhouse Denied Entry to Hong Kong During Family Visit
Bangladesh Issues Arrest Warrant for UK MP Tulip Siddiq
China Urges United States to Cancel Tariffs Amid Escalating Trade Tensions
The Empire’s USD Pyramid Scheme Is Working Brilliantly—So Why ‘Fix’ It?
China Raises Tariffs on U.S. Goods to 125% Amid Escalating Trade Dispute
Elon Musk Reports $150 Billion in Projected Government Savings Amid Fraud Investigations
U.S. and Panama Finalize Defense Agreements Amid Canal Access and Chinese Influence Concerns
China Stands Firm Amidst Trade Disputes with the US: A Factual Analysis
U.S. Tariff Escalation Sparks Global Trade Tensions
Helicopter crashes in NYC with four people on board.
Australia Dismisses China's Suggestion to Collaborate Against US Tariffs
EU Postpones Response to US Tariffs
×