...

Review of Agreement on Kazakh Field Development to Infringe upon Investors’ Interests: Alfa Bank Analyst

Oil&Gas Materials 6 September 2007 18:02 (UTC +04:00)
Review of Agreement on Kazakh Field Development to Infringe upon Investors’ Interests: Alfa Bank Analyst

Azerbaijan, Baku / corr Trend A.Badalova / The review of the Agreement on the Kashagan oil field development will infringe upon investors' interests in Kazakhstan, Dmitriy Lukashov, Vice President and Director of Analytical Research into the Fiscal Market of Kazakhstan, and also a senior analyst at the Alfa Bank's on the oil and gas sector said.

"The interests of potential and actual investors in Kazakhstan will indeed suffer following the reconsideration of an agreement on the development of the Kashagan field, but will be considered necessary," the analyst said in a telephone conversation on 6 September.

Karim Masimov, the Prime Minister of Kazakhstan, said on 6 September that KazMunayGaz National Company intends to be the operator of the project of the Kashagan field development. The Prime Minister said that the Government of Kazakhstan considers the Kashagan situation to be a private case and independent of the resolution of the problem, meaning that the legal interests of potential and real investors in Kazakhstan will not suffer.

Recently, Daulet Ergojin, the Kazakh Deputy Finance Minister, said that Kazakhstan intends to obtain compensation from the consortium in the amount of $10bln because of the delay in the field development.

The commencement of the field development has been postponed from the second half-year of 2008 to the second half-year of 2010, whilst the expenses increased from $57bln to $136bln.

Latest

Latest