Kazakhstan and Bulgaria expand trade and investment ties as bilateral trade surges, with KazMunayGas eyeing a Bulgarian refinery acquisition.
Kazakhstan and Bulgaria are taking steps to enhance their trade and economic cooperation, with both countries expressing a shared commitment to strengthening bilateral relations. Ambassador of Kazakhstan to Bulgaria Viktor Temirbayev met with newly appointed Minister of Economy and Industry of the Republic of Bulgaria Peter Dilov.
During the meeting the interlocutors reviewed the current state and prospects for further development of bilateral trade, investment relations.
According to the Kazakh diplomat, such areas as transport and logistics, agriculture, digitalization, tourism, and critical raw materials open up new opportunities for Bulgarian businesses to expand cooperation with Kazakhstan.
In turn, Minister Dilov noted the important role of Kazakhstan in Central Asia and its transit potential in trade between Europe and Asia, and also confirmed his readiness to increase practical cooperation in trade, economic and investment spheres.
The meeting comes at a time when trade between Kazakhstan and Bulgaria is experiencing significant growth. According to the Bureau of National Statistics of Kazakhstan, trade turnover between the two countries reached $349.8 million in the first 11 months of 2024 — an impressive 3.9-fold increase compared to the previous year. Kazakhstan’s exports to Bulgaria totaled $284.8 million, while imports from Bulgaria amounted to $65 million.
In terms of investments, Bulgaria has also been actively engaging with Kazakhstan, with $6.2 million in direct Bulgarian investments recorded in Kazakhstan during the first nine months of 2024.
Earlier, Bloomberg reported that KazMunayGas (KMG) the national oil and gas company of Kazakhstan is looking to acquire an oil refinery in Bulgaria that is currently owned by Russian Lukoil. According to Bloomberg, KMG is seeking approval from the Bulgarian government for the sale. The company asserts that the refinery was designed to process Russian oil, which has similar quality to Kazakh oil. If KMG’s application is approved, the company promises to supply the refinery with Kazakh oil on more favorable terms, emphasizing that no other companies would be able to provide such stable and consistent supplies.
In 2024, Bulgaria halted oil imports from Russia as part of the European Union's embargo in response to Moscow’s invasion of Ukraine. This move has led to a significant increase in the processing of Kazakh oil in the country. According to Kazakh customs statistics, exports of Kazakh crude oil and gas condensate to Bulgaria from January to November 2024 totaled 417.9 thousand tons, valued at $244.2 million. This marks a dramatic increase compared to just 9 thousand tons worth $5.2 million during the same period in 2023—representing a 45.3-fold increase in volume and a 46.2-fold increase in value.
The latest round of clashes between Thailand and Cambodia has left 15 Thai soldiers dead and 270 others injured, Thailand’s Ministry of Defence spok...
Iranian authorities have seized a foreign tanker carrying more than 6 million litres of smuggled fuel in the Sea of Oman....
A United Airlines flight heading to Tokyo was forced to return to Washington Dulles International Airport shortly after takeoff on Saturday after an e...
Ukraine’s navy says Russia deliberately attacked a Turkish civilian vessel carrying sunflower oil to Egypt with a drone in the Black Sea, escalating...
Kazakhstan has begun redirecting part of its crude exports, sending oil from Kashagan to China as the Caspian Pipeline Consortium (CPC) operates at reduced capacity.
Iran's President Massoud Pezeshkian has begun a two day visit to Kazakhstan, with officials from both sides describing the trip as an opportunity to advance cooperation in trade, transport, industry, mining and cultural exchanges.
Iranian President Masoud Pezeshkian arrived in Astana on Wednesday, 10 December, for a two-day visit aimed at expanding trade, transit, and economic ties, with more than ten agreements expected to be signed.
The Organisation of Turkic States (OTS) is rapidly transforming into a strategic regional hub, offering member states an independent geopolitical path, analysts say.
The Oligarch’s Design is an investigative documentary exploring how financial power, political influence and carefully constructed narratives can shape conflict and public perception.
Japan has lifted a tsunami advisory issued after an earthquake with a magnitude of 6.9 hit the country's northeastern region on Friday (12 December), the Japan Meteorological Agency (JMA) said. The JMA had earlier put the earthquake's preliminary magnitude at 6.7.
Turkish President Recep Tayyip Erdoğan reiterated his offer to host Ukraine-Russia peace talks in Ankara, at his meeting with Russian President Vladimir Putin. The talks took place on the sidelines of the international Forum for Peace and Trust in Ashgabat, Turkmenistan, on Friday (12 December).
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
The resignation of Bulgaria's government on Thursday (11 December) puts an end to an increasingly unpopular coalition but is likely to usher in a period of prolonged political instability on the eve of the Black Sea nation's entry into the euro zone.
The Israeli military said Raed Saed, described as one of the architects of the October 7, 2023 attacks on Israel, was killed on Saturday when a vehicle was hit in Gaza City.
A flash of light followed by the sound of an explosion was observed over Gaza early on Saturday, according to witnesses, as severe winter storms worsened an already dire humanitarian crisis in the territory.
Hundreds of people gathered for a second consecutive week at Tel Aviv’s Hostages Square, on Friday (12 December), to support the family of Master Sgt. Ran Gvili, the last remaining Israeli hostage whose body is believed to be held in Gaza.
Turkish President Recep Tayyip Erdoğan and Russian President Vladimir Putin met for a closed-door discussion on the sidelines of the International Forum for Peace and Trust in Ashgabat, Turkmenistan, on Friday.
Kazakhstan has begun redirecting part of its crude exports, sending oil from Kashagan to China as the Caspian Pipeline Consortium (CPC) operates at reduced capacity.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment