Russian-Kazakh companies to expand cooperation in hydrocarbon sphere

Oil&Gas Materials 17 February 2012 18:11 (UTC +04:00)

Azerbaijan, Baku, Feb. 17 / Trend E. Kosolapova/

The largest Kazakh and Russian oil and gas companies hold a working meeting in Moscow on Feb, 17, Russian company Gazprom reported.

The parties discussed a possibility of expanding of collaborative activities in hydrocarbon sphere from exploration to distribution.

The meeting was attended by Russian Gazprom Chairman of the Board Alexey Miller, Kazakh National Welfare Fund Samruk-Kazyna Umirzak Shukeyev, Chairman of the Board of Directors Kazakh Oil and Gas Company KazMunaiGas Lyazzat Kiinov and Chairman of the Board of Kazak-Russian joint venture KazRosGas Kairat Boranbaev.

Within the meeting, the parties also discussed new opportunities which appeared following the creation of the Common Economic Space of Russia, Kazakhstan and Belarus.

The parties stressed that the cooperation between Russia and Kazakhstan has a strategic nature. Partnership in the energy sector plays a special role in strengthening economic ties between the two countries.

Gazprom is the largest producer of natural gas in the world and the major Russian company. Its major business lines are geological exploration, production, transportation, storage, processing and marketing of hydrocarbons, as well as generation and marketing of heat and electric power. The Russian government has a controlling stake in the company.

Kazakh National Welfare Fund Samruk-Kazyna is a joint stock company in Kazakhstan, which wholly or partially owns many important companies in the country. The state is the only shareholder of the Fund. Samruk-Kazyna controls the assets worth $86.9 billion.

KazMunaiGaz is the Kazakh national operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in oil and gas industry of Kazakhstan. About 100 percent of KazMunayGas shares are owned by Samruk-Kazyna National Welfare Fund.