Russia’s war on Ukraine is making it harder for Kazatomprom to keep supplying the West, company CEO Meirzhan Yussupov told the Financial Times in an interview, APA reports.
According to Yussupov, sanctions caused by the war in Ukraine have created obstacles to supplying Western utilities.
“It is much easier for us to sell most, if not all, of our production to our Asian partners — I wouldn’t call [out] the specific country . . . They can eat up almost all of our production or our partners to the north,” he told the FT.
“It’s much easier to sell to them, but we don’t want to put all our eggs in one basket.”
The world’s largest uranium producer wants to keep selling to US and European utilities, even though shipping material on the traditional, cheaper route via St Petersburg is no longer an option because of the risk of sanctions.
The Kazakh state miner has sought to establish a more expensive alternative route to ship material through the Caspian Sea, Azerbaijan, Georgia and the Black Sea.
In 2023, Kazatomprom sent 49% of its uranium production to Asia, 32% to Europe and 19% to America.
Recall that the company has been successfully utilizing the Middle Corridor since 2018. Last year, 64% of all uranium transportation from Kazakhstan to Western countries was successfully carried out via the Middle Corridor.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
