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.
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