Kazakhstan raises crude oil export duties to $80 per ton

ASTANA. KAZINFORM - Ministry of Economy and Budget Planning has raised its forecast for budget revenues for 2014 due to increasing export duties on crude oil to 80 U.S. dollars, Yerbolat Dossayev has said today at a meeting of the Government, Kazinform refers to the website of the Prime Minister.

"The increase in revenues is expected at 505.5 billion tenge due to the following factors," he noted.

It is expected to increase export duties on crude oil from 60 to 80 U.S. dollars per ton from 1 April 2014.

In addition, the budget revenues will increase due to changes in macroeconomic indicators by 191.5 billion tenge and growth in other income in the amount of 10.7 billion tenge.

Given the strengthening of the U.S. dollar, the average annual oil price is set at the level of 95 dollars. Earlier, the oil price was set at the level of 90 dollars per barrel.

The volume of oil production in Kazakhstan in 2014 remains at the projected level of 83 million tons.