(Kazakhstan today) - Nursultan Nazarbayev, President of Kazakhstan, and Vladimir Putin, President of Russia, at a meeting in Saint Peterburg during the G8 summit have inked a joint declaration on development of co-operation in processing and sale of gas from Karachaganak field, Kazakhstan Today reports citing the presidential press service.
"This declaration is profitable for all, because it is about creating a joint gas refinery on the territory of Russia that saves millions of dollars, brings the gas processing complex to parity bases and 15 bcm of gas into the energy system of Russia," - Nursultan Nazarbayev observed after the inking ceremony, reports Trend.
A final working meeting of the heads of state and government of the G8, invited leaders, and heads of international organisations is about to begin in the Marble Hall of the Constantine Palace.
"I am confident that your participation in the G8 summit as the CIS Chairman will be useful because all issues discussed today - energy security, combating infectious diseases, education - represent a very big interest for all CIS countries. And Kazakhstan has something to say on all these issues. It is pleasing to note that we are already making our humble, but visible contribution into resolution of the first problem," - Vladimir Putin has said speaking to the President of Kazakhstan.
Mr. Nazarbayev in his turn has noted that in a few years Kazakhstan is going to join the seven biggest gas exporters, so the role of the republic in the energy security is going to grow.
According to Russian media, the Presidents of both countries have also ordered to their governments to sign an intergovernmental agreement co-operation on establishment of a JV on the basis of Orenburg Gas Refinery in 2006 at the same time concluding long term contracts providing implementation of this agreement.
The management of "Gasprom" in early July acknowledged advisability of creating a joint venture on the basis of the Orenburg Gas Refinery by the Russian gas concern and the Kazakhstani National Company "KazMunaiGas" on parity bases. It was decided to conclude a long term contract on gas supplies from Karachaganak for processing at the Orenburg Gas Refinery with the Kazakhstani side.
Karachaganak gas condensate field is situated in Aksai district, West Kazakhstan region, 130 km away from the Orenburg Gas Refinery.
"Karachaganak Petroleum Operating" - a consortium consisting of a number of the world's leading oil & gas companies and Russian "Lukoil" (15% of shares.)
The field development project suggests bringing the annual field output to 25 bcm by 2012.