Russia and Kazakhstan sign oil deal

Jan 12, 2004 01:00 AM

A new Russian-Kazakh agreement to develop offshore oil fields in the Caspian Sea signed in Astana is "a remarkable event," said Russian energy minister Igor Yusufov.
"It's a big contract. We expect that there are large deposits in that area," Yusufov told.

He expressed hopes that other Russian oil companies in addition to LUKoil will be involved in the project. Natural gas is another area of growing Russian-Kazakh cooperation, he said.
Russian gas monopoly Gazprom and the Karachaganak Integrated Organization are holding talks on a proposal to have 7 bn cm of gas from the Karachaganak field in Kazakhstan refined annually at the Orenburg gas refinery in Russia.

Kazakhstan would also supply the refinery with up to 5 mm tons of unstable gas condensate from Karachaganak.
The two countries are planning a "gas alliance."

Source: Interfax Information Services
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