Bloomberg reported that Kazakhstan, the second-biggest oil producer in the former Soviet Union will hold majority stakes in new, large oil and natural-gas pipelines.

Mr Sauat Mynbayev Oil and Gas Minister said “The government must have no less than 51% in any new pipelines.”

He added that Resource-rich nations are seeking more control over their energy wealth as international companies flock to tap their oil and gas fields. The Kazakh law may affect the USD 39 billion Kashagan project being developed by Eni SpA, Royal Dutch Shell Plc and Exxon Mobil Corp because the partners plan a pipe to link a treatment plant in Atyrau with Kuryk port.

The legislation must be signed by the president before coming into force.

Source - Bloomberg

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