Kazakhstan and Georgia close joint venture deal

Jan 01, 2007 01:00 AM

Kazakhstan's state oil and gas company KazMunaiGaz said it had completed a deal to set up a joint venture with Georgia's Batumi Oil Terminal to ship Kazakh crude oil from the Caspian Sea to the Georgian port of Batumi.
KazMunaiGaz said it would be an equal partner in the company.

KazMunaiGaz said that "the primary purpose of the new company... is securing direct access to the Black Sea for Kazakh oil-producing companies."
By the end of 2006 Batumi Oil Terminal will have loaded 12 mm tons of crude oil. Kazakhstan has been under pressure to find new oil and gas export routes as it seeks to almost double oil production from the giant Tengiz oilfield in the west of the country.

Tengiz developer TengizChevrOil, a consortium led by Chevron, is expected to increase total crude oil production capacity to between 460,000 and 550,000 bpd by the third quarter of next year from 300,000 bpd.
Company Web site: http://www.kmg.kz

Source: Dow Jones Newswires
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