Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

ORDER OF THE MINISTER OF NATIONAL ECONOMY OF THE REPUBLIC OF KAZAKHSTAN

of March 9, 2022 No. 21

About approval of Rules of determination of stop-out price

According to Item 2-1 of Article 24 of the Budget code of the Republic of Kazakhstan PRIKAZYVAYU:

1. Approve the enclosed Rules of determination of stop-out price.

2. To provide to department of the budget policy in the procedure established by the legislation of the Republic of Kazakhstan:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this order on Internet resource of the Ministry of national economy of the Republic of Kazakhstan;

3) within ten calendar days after state registration of this order in the Ministry of Justice of the Republic of Kazakhstan submission to Legal department of the Ministry of national economy of the Republic of Kazakhstan of data on execution of actions, preusmotrenny subitems 1) and 2) this Item.

3. To impose control of execution of this order on the supervising vice-minister of national economy of the Republic of Kazakhstan.

4. This order becomes effective after ten calendar days after day of its first official publication.

Minister of national economy of the Republic of Kazakhstan

A. Kuantyrov

It is approved

National Bank of the Republic of Kazakhstan

 

Approved by the Order of the Minister of national economy of the Republic of Kazakhstan of March 9, 2022 No. 21

Rules of determination of stop-out price

Chapter 1. General provisions

1. These rules of determination of stop-out price (further - Rules) are developed according to Item 2-1 of Article 24 of the Budget code of the Republic of Kazakhstan (further - the Budget code) and establish procedure for determination of stop-out price for planning of the guaranteed transfer from National fund of the Republic of Kazakhstan in the amount of, not exceeding amount of the predicted receipts in National fund of the Republic of Kazakhstan from the organizations of oil sector.

Chapter 2. Procedure for determination of stop-out price

2. Calculation of stop-out price is made by the central authorized body on state planning (further - authorized body) annually for three-year forecast period (the first year - the basic forecast, two subsequent - indicative) in case of project development of the law of the Republic of Kazakhstan approving the size of the guaranteed transfer from National fund of the Republic of Kazakhstan according to Items 5 and 6 of these rules.

At the same time, stop-out price is understood as the settlement indicator of world oil price used by authorized body for calculation of the greatest possible amount of the guaranteed transfer from National fund of the Republic of Kazakhstan proceeding from the predicted amount of receipt of funds in National fund of the Republic of Kazakhstan from the organizations of oil sector. Stop-out price is established by the law of the Republic of Kazakhstan approving the size of the guaranteed transfer from National fund of the Republic of Kazakhstan for the corresponding planning period according to Article 24 of the Budget code.

The world oil price is understood as monthly oil price of the Brent brand according to statistical data of the World Bank on the goods markets published on its official Internet resource.

3. The greatest possible size of the guaranteed transfer from National fund of the Republic of Kazakhstan for forecast period is calculated authorized body as tax revenues in National fund of the Republic of Kazakhstan from the organizations of oil sector according to the Technique of forecasting of receipts of the budget approved by the order of the acting minister of national economy of the Republic of Kazakhstan of January 21, 2015 No. 34 (it is registered in the Register of state registration of regulatory legal acts for No. 10322), in case of oil price to equal stop-out price.

4. Calculation of stop-out price and calculation of the greatest possible size of the guaranteed transfer from National fund of the Republic of Kazakhstan, for the corresponding planning period, are approved by authorized body with National Bank of the Republic of Kazakhstan within development of the Forecast of social and economic development of the Republic of Kazakhstan.

5. In 2023 stop-out price without adjustment on oil extraction is calculated by the following formula:

Формула 1 к Приказу от 09.03.2022 №21

Pr - stop-out price without adjustment on production;

P9 - the quaterly average oil price corresponding to the ninth value in size in the increasing procedure for selection of quaterly average oil prices for the last 15 (fifteen) years (60 (sixty) quarters);

P10 - the quaterly average oil price corresponding to the tenth value in size in the increasing procedure for selection of quaterly average oil prices for the last 15 (fifteen) years (60 (sixty) quarters).

Since 2024 stop-out price without adjustment on oil extraction is calculated by the following formula:

Формула 2 к Приказу от 09.03.2022 №21

Pr - stop-out price without adjustment on production;

P6 - the quaterly average oil price corresponding to the 6th value in size in the increasing procedure for selection of quaterly average oil prices for the last 15 (fifteen) years (60 (sixty) quarters);

P7 - the quaterly average oil price of brand corresponding to the 7th value in size in the increasing procedure for selection of quaterly average oil prices for the last 15 (fifteen) years (60 (sixty) quarters).

6. The cutting off price adjustment on oil extraction is made on the following formula:

Формула 3 к Приказу от 09.03.2022 №21

Prc - stop-out price;

Pr - stop-out price without adjustment on production;

W - the forecast of oil extraction for planning period in millions of tons, according to the forecast of the Department of Energy of the Republic of Kazakhstan;

90,5 - corresponds to level of production of oil of 2019 in millions of tons which is the maximum level of production for prior 15 (fifteen) years.

 

 

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