It is reported that Kazakhstan gains 10% stake in Karachaganak project.

Mr Karim Massimov Prime Minister of Kazakhstan took part in the ceremony of signing the Agreement on settling problematic issues between the Government of Kazakhstan and Karachaganak Petroleum Operating Consortium that was held in Astana today. The stake of Kazakhstan in Karachaganak project will make 10%.

Mr Karim Massimov tweeted after the ceremony that "The Agreement between the Government of Kazakhstan and Karachaganak Consortium is signed."

Besides, the Government of Kazakhstan and the Consortium reached a number of important agreements aimed at making such issues as taxation, customs duties, reimbursement of expenses maximum transparent in order to ensure further mutually beneficial cooperation.

Kazakhstan, in its turn, confirmed the stability of this contract with Karachaganak Consortium. Karachaganak oil and gas field is one of the biggest in the world. The reserves of liquid hydrocarbons make over 1.2 billion tons, gas reserves 1.35 trillion cubic meters.

(Sourced from Kazakhstan Today)