Major oil companies of Kazakhstan, Russia agree on co-op terms

Business Materials 20 September 2019 13:26 (UTC +04:00)

Baku, Azerbaijan, September 20

By Nargiz Sadikhova - Trend:

Russia’s LUKOIL PJSC and Kazakhstan’s National Company KazMunayGas have agreed on major terms of cooperation, Trend reports with reference to the press office of LUKOIL.

Thus, President of PJSC LUKOIL Vagit Alekperov and Chairman of the Management Board of KazMunayGas Alik Aidarbayev have signed today in Kazakhstan’s Almaty an Agreement on Joint Studies.

The two companies agreed on terms of cooperation and expressed willingness to begin studies on mineral resources in order to evaluate the hydrocarbon potential of certain areas in Kazakhstan.

The agreement continues the long-term successful cooperation between the two companies.

Earlier this year LUKOIL, the Ministry of Energy of Kazakhstan and KazMunayGas concluded a contract for hydrocarbon exploration and production on the Zhenis block.

Baseline agreement on the I-P-2 project was also signed earlier this year. Both projects are located in Kazakhstan Caspian shelf. In addition, LUKOIL and KazMunayGas are strategic partners in a number of large-scale projects: Karachaganak, Tengiz, Kumkol, Caspian Pipeline Consortium (crude oil transportation project) among them.


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