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 also confirmed the renaming of their barrels and added that the change to KEBCO will come into effect from Monday.
Published in The Express Tribune, June 4th, 2022.
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