Budget of Kashagan must be re-considered toward reduction: head of KazEnergy

Oil&Gas Materials 11 June 2009 17:11 (UTC +04:00)

Kazakhstan, Astana, June 11 / Trend , K.Konirova/

The budget of the North-Caspian project (Kashagan) needs to be revised toward reduction, chairman of the KazEnergy Association Timur Kulibayev said while responding to the question of Trend .

"The current budget of Kashagan is functioning, but oil prices dropped compared to of oil compared to 2008. If it is reconsidered, of course, it will be reduced," Kulibayev said at the lobby of the next 8th meeting of the Council of Kazakhstan Oil and Gas Association and KazEnergy.

However, the head of the Association did not give specific figures. As previously reported, last week the national company KazMunayGas started negotiations with the consortium members to revise the budget of North-Caspian project.

Association of Legal Entities of the Kazakhstan Association of oil and gas and energy complex KazEnergy was established in November 2005 to promote dialogue of the oil and gas and energy sector with the public authorities and the public, improve the effectiveness of social initiatives, and to serve as a catalyst to a new level of efficiency of fuel- energy sector of Kazakhstan.

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