Kazakhstan's national company QazaqGaz believes that it would be a wrong decision to ignore Russian oil supplies given its considerate volume, Sanzhar Zharkeshov, chairman of QazaqGaz's Management Board.

"There are huge reserves [in Russia], huge production. I think, of course, it would be a sin not to use such a resource, and it will be valuable for the world market," Zharkeshov said.

Zharkeshov added that international oil prices will not be affected by Kazakhstan halting gas exports next winter because the volume of the oil is not big.

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“We do not think it will have an impact on world prices, because export volumes are small, especially since it is not a spot contract, but a long-term contract."

QazaqGaz made a proposal to create a new gas transit route to China through Eastern Kazakhstan; the proposal is currently being discussed at the government level.

However, Zharkeshov did not announce any specifics.

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