Kazakh Oil Too Rich for Tax to Deter Chevron: Energy Markets
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Kazakhstan’s oil reserves may be too valuable for an export-tax increase to deter companies from drilling for crude in the former Soviet republic.
The country, the world’s fourth-fastest growing supplier, will tax oil leaving its territory at $20 a metric ton, or $2.73 a barrel, from next month, according to a resolution published in the government-run Kazakhstanskaya Pravda on July 16. The duty will for the first time levy exports from Chevron Corp.’s TengizChevroil venture, Kazakhstan’s biggest producer.