Tag Archives: revenue

Azerbaijani electricity may rise

JUNE 10 2015 (The Conway Bulletin) – Officials in Azerbaijan are considering increasing the electricity tariff to a more equitable market rate, media reported. Electricity across the former Soviet Union is generally subsidised although governments are reducing this, much to the irritation of ordinary people.

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(News report from Issue No. 235, published on June 11 2015)

Falling gas prices to hit Turkmenistan

JAN. 19 2015 (The Conway Bulletin) — The drop in the price of gas and oil will hit Turkmenistan’s economy, although it will still grow by nearly 10% in 2015, the European Bank for Reconstruction and Development (EBRD) said in its updated growth forecasts. Turkmenistan’s economy is protected somewhat by contracts with China.
ENDS

(News report from Issue No. 215, published on Jan. 21 2015)

Azerbaijan may struggle with oil price drop

JAN. 4 2015, (The Conway Bulletin) — Azerbaijan may have serious problems making its national budget work with oil prices dropping below $50/barrel, media reported (Jan. 4). The government’s budget estimates are calculated at oil costing $90/barrel. Oil revenues directly contribute over half the government’s revenue.

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(News report from Issue No. 213, published on Jan. 7 2015)

Kazakhstan increases oil export duty

MARCH 11 2014 (The Conway Bulletin) — Kazakhstan will increase export duty on oil by 33% to $80 per tonne from April 1 to boost budget revenues, economy minister Yerbolat Dossayev said. Kazakhstan may be using cash raised through the oil export tariff to bolster its economy after devaluing its currency by 20% in February.

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(News report from Issue No. 175, published on March 12 2014)

Oil export tax increased in Kazakhstan

APRIL 3 2013 (The Conway Bulletin) — Underlining Kazakhstan’s reliance on its energy sector, Kazakh PM Serik Akhmetov, signed into law a 50% increase in oil export duties.

From April 13, exporters will pay a $60 tax to the government for every tonne of oil they export, up from $40. Reuters quoted deputy economy minister Marat Kusainov as saying that the extra revenue will be spent on social projects.

Wherever the extra revenue is spent, energy companies will no doubt be tired of being used as a cash cow whenever the Kazakh government wants to raise cash.

The government has flip-flopped on the oil export duty, introducing it in 2008, scrapping it altogether in 2009, when the global economy tumbled and energy prices fell, before reintroducing it again.

In 2010, the export tax stood was $20 per tonne. This increased to $40 per tonne in 2011.
The oil export duty also re-enforces the feeling that the Kazakh government is often too focused on taxing energy exporters rather than developing other parts of the economy.

After all, in 2011 Kazakh government ministers promised there would be no oil export tax rise until at least 2014.

Clearly the plan, if not the mind-set, changed.

(News report from Issue No. 130, published on April 5 2013)

Kazakhstan to double oil export duty