MOSCOW, May 2 (Reuters) – Kazakhstan’s oil export revenues rose by 50% in 2022 as crude prices surged, although volumes slipped, data from the Bureau of National Statistics of Kazakhstan’s (BNS) showed.

With no direct access to offshore oil hubs, Kazakhstan depends on transporting its oil through Russia which has been hit by Western sanctions over what Moscow calls a special military operation in Ukraine.

According to the BNS data, the value of Kazakhstan’s oil exports increased to $46.8 billion in 2022 generated by exports of 65.0 million tonnes, versus $31.0 billion and 65.5 million tonnes respectively in 2021.

The increase in 2022 revenues was driven by the rise in oil prices as Kazakhstan’s average annual oil export price jumped to $720 per tonne last year, from $473 per tonne in 2021.

It rose to $621 per tonne in January-February 2023 versus $607 per tonne during the same period last year, according to Reuters’ estimate based on the BNS data.

More than 90% of Kazakhstan’s oil reaches export markets via the Caspian Pipeline Consortium (CPC) and the network of Moscow-controlled oil pipeline operator Transneft. Kazakhstan’s oil is not under Western sanctions unlike Russian oil.

According to the State Revenue Committee of Kazakhstan, tax revenues received by the National Fund of Kazakhstan from the oil sector (income tax, mineral extraction tax, rent tax on exports, payments under production sharing agreements) more than doubled last year to $13.87 billion from $6.11 billion in 2021.

In January-February this year, tax revenues paid to the National Fund by the oil sector totalled $2.68 billion, up from $2.10 billion during the same period last year.