On April 14, 2021 the 36th meeting of the Oil and Gas Industry Committee of the Presidium of the Atameken National Chamber of Entrepreneurs of Kazakhstan was held online.
The meeting participants listened to the report on implementation of the orders given at the previous meetings of the Committee. Zangar Nogaybay, Executive Director of the Kazenergy Association, spoke about the current status of the issues related to the Environmental Code, the work in progress to amend the Tax Code of Kazakhstan, and crisis management measures for the medium and long term in the oil and gas and energy industries.
During the meeting, members of the Committee discussed the first experience of organizing centralized trade in petroleum products. N. Begalin, Director of the Branch of ETS Commodity Exchange JSC, talked about the preparatory actions taken and the first results of system organization of centralized trade.
In general, the dynamics of increasing the wholesale price for petroleum products (gasoline) was observed as a result of the exchange trades.
According to Daniyar Abulgazin, Chairperson of the Committee, the exchange trade in petroleum products, namely the rise in gasoline prices, raises many questions from society and government agencies.
In this regard, the Chairperson stressed that the introduction of the exchange trade was expedient if there was a surplus of petroleum products in the domestic market, as evidenced by international experience. In view of the current situation at the refineries and decrease in supply of petroleum products, it would be advisable to temporarily suspend the exchange trade in POL in order to prevent further growth of prices.
The meeting also approved the Committee’s Action Plan for 2021, according to which great attention would be paid to the functioning of the POL market, tax and environmental legislation and local content in the procurement of subsurface users.
