Kazakh Energy Minister Proposes Cutting Oil Export Duty by 34%

Kazakhstan may cut the oil export duty by 34% as the government seeks to overcome the effects of the global financial turmoil and after the crude price dropped.

The Central Asian nation plans to cut the duty to $139 a metric ton from $210, Energy Minister Sauat Mynbayev told ministers in Astana today, according a statement on the government Web site. The fuel-oil export duty may also be reduced to $95 a ton from $130, he said.

Crude oil for December delivery was at $64.30 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, after reaching a July 11 high of $147.27.

To contact the reporter on this story: Nariman Gizitdinov in Almaty, through the Moscow newsroom at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Guy Collins at guycollins@bloomberg.net

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