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Kazakh PM: Country should defend interests in major oil and gas projects

Oil&Gas Materials 1 February 2011 13:06 (UTC +04:00)

Kazakhstan, Astana, Feb. 1 / Trend A.Maratov /

Kazakhstan should defend its interests in major oil and gas projects such as Kashagan, Tengiz and Karachaganak, Prime Minister Karim Masimov said at a recent meeting of the Oil and Gas Ministry. 

"The ministry, as a regulator, together with KazMunaiGaz, as a shareholder, should defend the interests of the state on all major projects," Massimov said.

He stressed that Kazakhstan is a supporter of contract stability.

"We respect our signatures and the signatures of investors in contracts, but if an investor does not fulfill the stipulated conditions, then we have the opportunity to enter into a negotiation process, as happened in 2007 with the Kashagan project," he added.

Oil and Gas Minister Sauat Mynbayev said his agency terminated 28 contracts with operators in 2010.

"Twenty-eight contracts were terminated due to the non-fulfillment of contractual obligations," Mynbayev said.

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