...

KazMunayGas relieved of authoritative functions in oil and gas projects

Oil&Gas Materials 17 March 2010 15:58 (UTC +04:00)

Azerbaijan, Baku, March 17 / Trend S. Suleymanov /

KazMunayGas JSC's authoritative functions are passed to the new Ministry of Oil and Gas, Minister of Oil and Gas Sauat Mynbayev said.

"The new ministry will fulfill the functions of the authorized body, which KazMunaiGaz fulfills now. It deals with specific functions related to the representation of the state's interests in large projects, made on the basis of a Production Sharing Agreement," Mynbayev said.

According to him, previously established management committees for major projects such as Karachaganak, Kashagan, Tengiz, must be under the new ministry.

The minister also recalled that the Ministry of Oil and Gas issues licenses for subsoil use.

"The issuance of licenses is a state function. Of course, it remains the ministry's responsibility," he said.

Last week, the Kazakh president announced the establishment of a new department in the ministry.

According to him, the department is created in order to effectively implement a development policy in the oil and gas sector.

Mynbayev, who headed before the Energy and Mineral Resources Ministry, will now head the new department.

This measure will relieve KazMunaiGaz from any uncharacteristic functions. According to the Kazakh president, such functions create commercial and public conflict of interests. The president noted that the activity of KazMunaiGaz must be purely commercial.

Tags:
Latest

Latest