Kazakhstan will change the name of the export brand of oil
15 June 2022
The company CNPC-Aktobemunaigas, which transits oil through Russian ports, reported that since June 2022, the following grade name has been used for export Kazakh oil - KEBCO (Kazakhstan Export Blend Crude Oil). The official change will take effect on June 6.
Kazakhstan uses Russian seaports as a transit route for 20% of its oil export flow, having exported about 13.3 million tons in 2021.
The three most traded products are North American West Texas Intermediate (WTI), North Sea Brent and UAE Dubai, and their prices are used as a benchmark for the entire oil industry, although there are 46 others in total. major oil exporting countries. The price of Brent oil tends to be higher than the spot price of WTI, which is typically $5-$10 higher than the value of the OPEC basket.
Although crude oil analyzes evaluate various chemical properties of oil, the two most important properties that determine the value of oil are its density (measured as API gravity) and sulfur content (in % by weight).
Crude oil is considered "heavy" if it has long hydrocarbon chains, or "light" if it has short hydrocarbon chains, is considered "sweet" if it has a low sulfur content (<0.5%/wt), or "sour". " if it is high (>1.0% / weight). Generally, the higher the specific gravity of the API (the "lighter" it is), the more valuable the crude oil.
Recall that in 2003 the national mark of Turkmenistan for crude oil and oil products Turkmen Blend was included in the quotations of the Platt's International Agency. The registration of the national brand in the lists of the world's largest agency opened wide access to the world markets for Turkmen energy carriers.
The Turkmen brand of crude oil Turkmen Blend in Platt's quotations is valued based on a mixture of Cheleken and Ekarem oil grades. The API gravity of Turkmen Blend crude oil is 33.00 (density in degrees), which is the average of the presence of a hydrocarbon chain.
11 August 2022
XXVII International Conference «Oil and Gas of Turkmenistan -2022» will be held on October 26-27