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Caspian Sunrise upbeat on increase in Kazakh domestic oil price
16th Apr 2021 11:06
(Sharecast News) - Caspian Sunrise said on Friday that it had been informed that the price for oil sold to the domestic market from its flagship BNG Contract Area in Kazakhstan had been increased to about $12.40 per barrel.
The AIM-traded firm said while that still lagged behind the international price, it was about double the price received for most of the past 12 months.
As such, it would be a "significant boost" for the company's finances.
"This news is very welcome and we hope it marks the beginning of the closing of the gap between international and domestic prices to levels seen before Covid-19," said executive chairman Clive Carver.
At 1028 BST, shares in Caspian Sunrise were up 1.47% at 2.41p.
The AIM-traded firm said while that still lagged behind the international price, it was about double the price received for most of the past 12 months.
As such, it would be a "significant boost" for the company's finances.
"This news is very welcome and we hope it marks the beginning of the closing of the gap between international and domestic prices to levels seen before Covid-19," said executive chairman Clive Carver.
At 1028 BST, shares in Caspian Sunrise were up 1.47% at 2.41p.