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.
Iran’s Revolutionary Guards (IRGC) said on Wednesday they attacked two U.S. vessels and eight oil tankers in the Persian Gulf, calling the st...
Four people were killed, including a child, in Ukrainian strikes on the Russian port city of Novorossiysk overn...
North Korea has built a new uranium enrichment facility at its Yongbyon nuclear complex in the northwest of the country and begun operating an expa...
Four people were killed, including a child, in Ukrainian strikes on the Russian port city of Novorossiysk overnight, according to the governor of the Krasnodar region. Ukraine's drone forces commander, Robert Brovdi, said Russian military ships were destroyed in the attacks.
A TV channel was struck during a live broadcast on Tuesday, Ukrainian President Volodymyr Zelenskyy said, as Russian strikes on Kyiv killed at least three people, the city's Mayor Vitali Klitschko said. Meanwhile, drones hit civilian infrastructure in Russia's southwestern Saratov region.
U.S. Central Command (CENTCOM) said its forces destroyed five Iranian crude oil carriers after the Islamic Revolutionary Guard Corps (IRGC) allegedly launched two ballistic missile attacks against a U.S. Navy warship over the past two days.
U.S. special envoys Jared Kushner and Steve Witkoff have held talks with Ukrainian President Volodymyr Zelenskyy in Kyiv on Sunday on efforts to end Russia’s war in Ukraine.
Indonesia has reopened Jakarta's main airport and four others after volcanic ash from Mount Anak Krakatau forced widespread flight cancellations, though fresh eruptions have kept authorities on alert.
The Houthi movement has fired missiles and drones towards Saudi Arabian cities and energy facilities, opening another potentially dangerous front in a wider regional conflict involving Iran and the United States.
Tehran’s standoff with the International Atomic Energy Agency (IAEA) has entered a new height after Iran’s mission in Vienna slammed a joint U.S.-E3 draft resolution.
U.S. Central Command (CENTCOM) said its forces destroyed five Iranian crude oil carriers after the Islamic Revolutionary Guard Corps (IRGC) allegedly launched two ballistic missile attacks against a U.S. Navy warship over the past two days.
Saudi Arabia’s Delta Energy International has signed a 25-year, $200 million oil and gas contract with Afghanistan’s Ministry of Mines and Petroleum, launching exploration and extraction work in the country’s western Kushk-Tirpul basin.
Asian countries are seeking to unlock investment and ease cross-border financing as digital technologies transform financial markets, a key focus of the first CICA Finance Summit in Astana, attended by representatives from 16 member states.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment