ASTANA, Kazakhstan, February 22. KazMunayGas JSC (KMG, Kazakhstan's national oil and gas company) and PJSC Tatneft (Russia) will create a joint venture to carry out geological exploration work at the Karaton Podsolevoy subsoil site in the Atyrau region, Trend reports.
An agreement on this was reached in the Russian city of Kazan, where KazMunayGas and Tatneft signed a purchase and sale agreement, a shareholders agreement and a financing agreement for the Karaton Podsolevoy project.
Thus, under the purchase and sale agreement, KazMunayGas sells to PJSC Tatneft a 50 percent stake in Karaton Operating Ltd. (operator of the Karaton Podsolevoy project).
The documents were signed by the Chairman of the Board of KMG Magzum Mirzagaliyev and General Director of PJSC Tatneft Nail Maganov.
To note, the Karaton Podsolevoy site is located in the Atyrau and Mangystau regions, near the operating fields of Embamunaygas JSC.
Meanwhile, in June 2023, KazMunayGas received a contract for the exploration and production of hydrocarbons at the Karaton Podsolevoy subsoil site, and in September 2023, it registered the private company Karaton Operating Ltd. at the Astana International Financial Center for the implementation of the project. In November of the same year, KMG transferred the subsoil use right to Karaton Operating Ltd.