BAKU, Azerbaijan, August 26. The Trans-Caspian
International Transport Route (Middle Corridor) through Azerbaijan
and Georgia is the main alternative route for Kazatomprom to export
uranium from Kazakhstan.
This was stated in a press release by international rating
agency Fitch Ratings.
The agency noted that Kazatomprom remains exposed to
geopolitical risks, as its primary export route to western
customers, accounting for more than half of its uranium shipments,
runs through the Russian port of St. Petersburg.
"There are no current restrictions on exporting uranium from
Russia, but we believe potential sanctions, if introduced, might
disrupt shipments. The main alternative is the Trans-Caspian
International Transport Route through Azerbaijan and Georgia, where
Kazatomprom shipped 48% of its deliveries to western customers in
2025. The company also has the option of swaps for foreign
inventories," Fitch said.
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Kazatomprom at "BBB", with a Stable Outlook.
The Middle Corridor is a transport and trade route connecting
Asia with Europe through several countries in the region. It serves
as an alternative to the traditional Northern and Southern
corridors.
The route starts in China and runs through Central Asian
countries before crossing the Caspian Sea and continuing through
Azerbaijan, Georgia, and Türkiye to Europe. The Middle Corridor is
a multimodal land-based route that provides a link between eastern
parts of Asia, including China, and Europe, avoiding longer
maritime routes.
