President Tokayev: Kazakhstan ready to boost oil exports to Germany

Kazakh President Kassym-Jomart Tokayev has announced that Kazakhstan is positioning itself as a reliable and major energy supplier to Germany, with the potential to increase its exports to the German market.

President Tokayev made these remarks at the "Central Asia – Germany" summit in Astana, Caliber.Az reports, citing Kazakh media. 

He highlighted Kazakhstan's readiness to boost its oil exports to Germany and expressed hope for continued support from German partners to ensure long-term and stable hydrocarbon supplies.

President Tokayev also emphasised the importance of enhancing collaborative efforts to transition to alternative energy sources. 

"We are prepared for mutually beneficial cooperation in the development of hydrogen energy," he added.

Bilateral trade between Kazakhstan and Germany increased by 41 per cent in 2023, reaching $3.9 billion. Direct German investments also saw a substantial rise of 64 per cent, hitting a record high of $770 million.