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Monday, 14 March 2005
LUKOIL, KAZAKHSTAN CREATE OIL JOINT VENTURE
By empty (3/14/2005 issue of the CACI Analyst)
Vagit Alekperov, president of Russia\'s LUKoil, and Timur Kulibaev, vice president of Kazakhstan\'s state oil and gas company KazMunayGaz, announced at a news conference in Moscow on 14 March that the two companies have set up a parity joint venture to develop Kazakhstan\'s Khvalynskoe oil field. Kazakh President Nursultan Nazarbaev and Russian President Vladimir Putin signed an agreement three years ago on the division of Khvalynskoe and two other oil fields in the northern Caspian.The project may require more than $1 billion in investment and should begin production in 2010, Alekperov said.
Vagit Alekperov, president of Russia\'s LUKoil, and Timur Kulibaev, vice president of Kazakhstan\'s state oil and gas company KazMunayGaz, announced at a news conference in Moscow on 14 March that the two companies have set up a parity joint venture to develop Kazakhstan\'s Khvalynskoe oil field. Kazakh President Nursultan Nazarbaev and Russian President Vladimir Putin signed an agreement three years ago on the division of Khvalynskoe and two other oil fields in the northern Caspian.The project may require more than $1 billion in investment and should begin production in 2010, Alekperov said. Alekperov also stressed that the project will involve strict adherence to environmental standards. (\"Kazakhstan Today\")