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.
Donald Trump said he is “in no hurry” to reach a deal with Iran, insisting the U.S. is slowly getting what it wants. He warned military action rem...
Malta’s Prime Minister Robert Abela has secured a fourth successive election victory for his Labour Party, extending its hold on power, though with ...
Nicaraguan indigenous leader and former lawmaker Brooklyn Rivera has died in state custody at the age of 73, according to local media reports citing h...
At least 46 people, including six children, have been killed in a powerful explosion at a building used to store mining explosives in northeastern Mya...
Thousands of residents blocked Austria’s Brenner motorway on Saturday (30 May), shutting down a major north-south transport route through the Alps i...
Kazakhstan has reiterated that no existing route can replace the Caspian Pipeline Consortium (CPC), which carries more than 80% of the country's crude oil exports through Russia to the Black Sea.
Russia and Kazakhstan signed 15 agreements during President Vladimir Putin’s state visit to Astana on Thursday (28 May), including deals on Kazakhstan’s first nuclear power plant and expanded oil cooperation with Russia.
Russian President Vladimir Putin arrived in Kazakhstan on Wednesday for a three-day state visit focused on energy, transport and economic cooperation with one of Moscow’s closest regional partners.
Japan and the United Nations Development Programme are launching a $3 million environmental project in Kazakhstan to support the Caspian Sea and improve water monitoring, amid growing concern over falling sea levels and risks to regional trade routes.
U.S. rapper Kanye West, now known as Ye, performed to a crowd of 118,000 people in Istanbul on Saturday night, marking his first concert in Europe in more than a decade, despite being barred from performing in several countries over past antisemitic remarks.
Iranian-made Yassin missiles were spotted mounted on Armenian Air Force fighter aircraft during Armenia's latest military parade on Thursday (28 May), drawing attention from defence observers and regional analysts.
The Philippines remains under a "severe threat" from China despite recent efforts by Washington and Beijing to ease tensions, Philippine Defence Secretary Gilberto Teodoro said on Saturday (30 May).
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
Russia has recalled its ambassador to Armenia for consultations, citing Yerevan's growing rapprochement with the European Union. The move is seen as the latest sign of deteriorating relations between the longtime allies ahead of Armenia's parliamentary election on 7 June.
Donald Trump said he is “in no hurry” to reach a deal with Iran, insisting the U.S. is slowly getting what it wants. He warned military action remains an option if talks fail. Meanwhile, U.S. forces said they fired a missile at a vessel trying to breach Washington’s blockade of Iran.
On 28 May, the EU's foreign policy chief called for Russian troops to leave Georgia and Moldova. By the end of the same day, both Tbilisi and Moscow had dismissed her. The symmetry tells a story of its own.
Iranian-made Yassin missiles were spotted mounted on Armenian Air Force fighter aircraft during Armenia's latest military parade on Thursday (28 May), drawing attention from defence observers and regional analysts.
Russia has recalled its ambassador to Armenia for consultations, citing Yerevan's growing rapprochement with the European Union. The move is seen as the latest sign of deteriorating relations between the longtime allies ahead of Armenia's parliamentary election on 7 June.
At least 22 people have been killed - including children - and 35 others injured after a truck carrying Afghan returnees overturned in eastern Afghanistan, local officials say.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment