The audit was carried out by the Kazakh finance ministry’s state revenue committee (SRC) last month. Oil product imports are vital to Kazakhstan, meeting a third of its diesel and gasoline requirements. Kazakhstan imports most of its oil products from Russia.
The SRC used prices published in the daily Argus Russian Motor Fuels report for oil products from Russian refineries on the Russian-Kazakh border to determine its valuation of Kazakh fuel imports.
Argus Media chairman and chief executive Adrian Binks said: “Kazakhstan is an important energy producer, consumer and importer. We opened an office in Astana more than 10 years ago and we have worked with the government and local companies in oil, gas and other commodities to develop products suitable for their needs. We are delighted that the government has chosen Argus prices to use for its important evaluation of fuel imports.”
Kazakhstan also uses Argus prices in crude, LPG and natural gas markets.