On September 26, 2023, in Hamburg, NC KazMunayGas JSC and German export credit agency Euler Hermes signed a Memorandum of Understanding.

The purpose of the Memorandum is to strengthen relationship between parties and intensify efforts to promote trade and investment between our countries.

Under the Memorandum, Euler Hermes’ role is to support German companies by providing insurance coverage for export transactions in Kazakhstan, as well as for import transactions of raw materials into Germany. These tools are targeted to develop mutually beneficial cooperation and to expand production and investment opportunities.

Both parties intend to promote support to high-quality low-carbon transition in energy and petrochemical industries and develop climate-friendly projects.

During negotiations between KazMunayGas and Euler Hermes it was noted that Memorandum of Understanding signed today will give a new impetus to the development of bilateral cooperation with German companies, and this partnership will bring new investments and technologies to Kazakhstan’s oil and gas and petrochemical industries.

Euler Hermes is a global leader in trade credit insurance and a recognized specialist in the fields of warranty, collection, structured trade credit and political risk. A subsidiary of Allianz SE, Euler Hermes is rated AA by Standard & Poor’s.