The Kazakh government will nearly double the export duty on crude oil to $203.8 per metric ton from $109.91 in October, a government decree published Thursday said.
More than 40 oil companies operating in Kazakhstan are subject to this duty, including KazMunaiGas Exploration Production (RDGZ.KZ), Zhaikmunai (ZKM.LN) and Karachaganak Petroleum Operating. Kazakhstan's largest oil producer Chevron Corp.-led (CVX) Tengizchevroil doesn't pay the duty due to a stability clause in its contract.
The new export duty, which is linked to an average price of oil on world markets, will come into effect in 30 days.
Elena Savchik, an oil and gas analyst at Renaissance Capital, said the increase was expected by the market as it was linked to higher oil prices this year and is based on a formula that the government had announced.
She said the doubling of the duty should already be priced in the stock prices of public oil and gas companies that are subject to the duty.