Kazakh government signs contract to develop 15 oil and gas fields

Jan 12, 1998 01:00 AM

The government of Kazakhstan has signed a $ 4.1 bn deal with Mangistaumunaigaz, a part Indonesian-owned gas company, to develop 15 oil and gas fields in western Kazakhstan.
"This is probably the largest contract in Kazakhstan in terms of attracting investments," said Rashid Sarsenov, chairman of Central Asia Petroleum.
Central Asia Petroleum, a subsidiary of Indonesia's Medco, acquired 60 % of Mangistaumunaigaz in 1997. The Kazak-Indonesian joint venture is the second largest oil producer in Kazakhstan, after the Chevron-led Tengizchevroil.
Under the new deal, Central Asia Petroleum is to provide $ 4.1 bn in investment over the first 20 years of the 31-year contract, Sarsenov said. The first $ 2 bn of that is due in the next 5 years, he said.
Mangistaumunaigaz now sells 70 % of its oil domestically, at well below world market prices, according to Sarsenov, who said the company plans to increase the percentage of its exports.

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