KazMunaiGas Warns Government Of Potential Fuel Shortages

News: On February 25, Kazakhstan's state-owned oil and gas company KazMunaiGas warned the government that the country is likely to face fuel shortages in light of the recent depreciation of the tenge. Head of KazMunaiGas Sauat Mynbayev said that the 'fuel deliveries from Russia to Kazakhstan will reduce this year. Devaluation made fuel imports from Russia more expensive,' reports Kazinform. On February 11, The National Bank of Kazakhstan announced that it would allow the tenge to drop by approximately 19%, citing external pressure on currencies of emerging economies as the driving factor behind the move.

This article is tagged to:
Sector: Country Risk, Oil & Gas
Geography: Kazakhstan

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