Future of Oil and Gas Trade of Kazakhstan in the European Union Context – Application of Time Series Analysis

Abstract

Energy is a fundamental factor in cooperation between Kazakhstan and the European Union; both sides strive for energy security but understand it differently. For Kazakhstan, the European Union is the primary export market for energy resources, a source of investment and technology. For the European Union, Kazakhstani oil and gas are the most valuable energy resources of the Central Asian region. The relevance of the chosen topic is that oil and gas are of crucial importance for the economy of Kazakhstan. In the future, Kazakhstan is going to increase production with the European Union. Kazakhstan’s oil and gas industry can be attributed to one of the leading sectors of the country’s economy. The purpose of the scientific paper is to analyse the oil and gas trade between Kazakhstan and the European Union using a time series model to examine Kazakhstan’s oil and gas trade flow, in order to describe its top 5 trade partners in the European Union, also providing objective information on the results and prospects of development of cooperation between Kazakhstan and the European Union in the field of oil and gas trade.