Texaco and KazakhOil to form joint upstream company

Nov 21, 1997 01:00 AM

Texaco and KazakhOil, the state oil and gas company of Kazakhstan, signed an agreement to pursue the establishment of a joint upstream development company in Kazakhstan.
Under the proposed agreement, the new company would hold selected upstream assets in Kazakhstan and provide KazakhOil the opportunity to partner with Texaco to participate in selected international exploration and production activities. "Our agreement to jointly consider the establishment of an alliance with KazakhOil represents a significant advancement in our strategy to build a strong operational presence in the Caspian Region," said Peter I. Bijur, Chairman and CEO of Texaco Inc. "Texaco would consider a substantial equity position in this proposed venture in addition to providing technology and management expertise. Together with the signing of the production sharing agreement for the Karachaganak project earlier this week, the Caspian Region will be an integral component of Texaco's plan to expand our leadership position in the global energy marketplace. This agreement demonstrates the strength of our co-operative relationship with Kazakhstan."
"KazakhOil is pleased to join Texaco in the pursuit of an alliance that will enable us to leverage our individual strengths," said Baltabek M. Kuandikov, President of KazakhOil. "This alliance would uniquely position our companies to seize significant upstream opportunities within Kazakhstan as well as other promising opportunities on a global scale."

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