Kazakhstan and Russia to jointly develop Caspian oil field

Oct 08, 2004 02:00 AM

Kazakhstan and Russia will sign a deal to jointly develop an oil field in the Kazakh portion of the Caspian Sea before the end of the year, Kazakh Prime Minister Danial Akhmetov said. The Kurmangazy field -- with an estimated 1 bn tons of oil -- will be operated by Kazakhstan's KazMunaiGaz, which will hold a 50 % stake in the project, and two Russian companies, Rosneft and ZarubezhNeft, with 25 % each, Akhmetov said.
"We fully share views on the project... and are optimistic about our future cooperation in the oil and gas extraction sector," Akhmetov said after talks with Russian Prime Minister Mikhail Fradkov in the Kazakh capital Astana.

The two former Soviet republics have maintained close political and economic ties since independence. Almost all of energy-rich Kazakhstan's oil exports continue to transit through Russia.
Russia seeks to increase its share in oil projects in the Caspian, concerned by what it sees as the increasing influence of the US in Kazakhstan and the oil-rich Caspian Sea region as a whole.

Source: Dow Jones
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