Germany punishes Putin: instead of oil from Russia, it will increase purchases from Kazakhstan 6 times, using a company taken away from Rosneft

Oleksandr LytvynBusiness
Germany has found a replacement for oil from Russia
Germany has found a replacement for oil from Russia

Germany plans to use Rosneft Deutschland, which was taken away from Rosneft and placed under the management of the Federal Network Agency, to boost oil purchases from Kazakhstan by sixfold. According to "Charter97", the agreement has been signed by German President, Frank-Walter Steinmeier, and the state-owned KazMunayGas Corporation.

Steinmeier visited Astana to discuss cooperation in the energy sector, in addition to the increased purchase volume that will reach up to 100,000 tonnes of oil per month. The parties also discussed heightened collaboration in exploration and production.

After the oil embargo, Germany has been successfully replacing Russian oil in the EU. It remains the largest buyer, though purchases by Italy, France, and Romania have increased as well. Kazakhstan has also received EU energy sector investments totalling $6 billion.

At the same time, Russia has redirected supplies to India and China. They buy Russian oil at a big discount (which can be up to 40%). In addition, logistics have become more complicated. Russia has lost its largest market for energy resources as a result of a full-scale war against Ukraine.

At the same time, it is impossible to replace the buyer of gas in the required volumes in the short term. Gas is supplied through pipelines that take many years to build and require huge investments.

As OBOZREVATEL previously wrote, the EU may completely ban gas purchases from Russia. At the moment, although supplies have fallen sharply, Russia is still selling natural gas to the EU.

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