Oil&Gas Ministry: Kazakhstan to benefit from Russian oil transportation to China

16 July, 2014 16:11

Kazakhstan will profit on a long term basis from transportation of the Russian oil to the People’s Republic of China, according to the intergovernmental agreement on cooperation in transportation of oil from Russia to China through Kazakhstan which has ratified on July 2 this year, the Ministry of Oil and Gas informed.

The aim of this Agreement is aimed at creation of conditions for oil transportation from Russia to China through Kazakhstan.

Herewith, the passing of the law will contribute realization of the long-term oil transportation in accordance with the agreement signed by the sides’ authorized organizations. That in its turn will allow Kazakhstan to profit from the transportation process, and ensure domestic demand for the petroleum products.

Agreement enters into force on the date of the last written notification that the Parties of internal procedures necessary for its entry into force and applies to legal relations arising out of this Agreement, on January 1, 2014,

The Contracting Parties shall notify each other in writing through the diplomatic channel of the completion of their constitutional and legal procedures for the entry into force of this agreement.

This Agreement shall enter into force on the date of the last notification on January 1, 2014 and is valid until January 1, 2019, at the end of this period will be automatically extended for five years.

allnews