Kazakhstan set to increase number of oil market participants
Oil refineries in Kazakhstan need to acquire oil directly from subsoil users, introduce these raw materials to exchange trading, and also increase their volumes. These proposals to improve the situation on the oil market were made at a regular meeting of the Commission on Demonopolization of the Economy. Similar recommendations were offered for reforming the commercial gas market. This will provide procurement organizations with direct and competitive access to it. Kazakh Prime Minister Alikhan Smailov said that these approaches should be analyzed by interested state bodies, given the impact on the domestic economy. Overall, he supported proposals to increase the share of exchange trading with jet fuel from 10 to 20 percent, increase the duration of the Open Skies regime at airports from three to five years, as well as introduce standards for open banking software interfaces.