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Kazakhstan reduces oil export duty

Kazakhstan reduces oil export duty

Report summary

On 19th March 2015, the Kazakh government published amendments to export duty rates, with immediate effect. The oil export duty rate has been reduced from US$80/tonne to US$60/tonne. We estimate  state revenue will fall by over US$700 million in 2015. We estimate NPV10 of seven companies – Chevron, KazMunaiGas, ExxonMobil, KazMunaiGas E&P, CNPC, PetroChina and LUKOIL – will increase by  a total of US$5.6 billion. Tengiz is the largest project affected by the export duty change.

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