Net profit of Karachaganak project for Kazakhstan to be USD 13.3 billion- Kazak Minister of Oil and Gas
ASTANA. March 5. KAZINFORM "Net profit of Karachaganak project is USD 13.3 billion," Kazakh Minister of Oil and Gas Sauat Mynbayev said at the Governmental Hour in the Majilis.
"Production sharing involved USD 38 billion, of them USD 17.3 billion to contractor, from the beginning of implementation of the Karachaganak project till January 2012. Net income of the project is USD 20.7 billion," the Minister said.
According to him, Kazakhstan has acquired 10% stake of the project. At that Kazakhstan will not reimburse any costs incurred in excess of the agreed budget. Such agreement has been reached by Kazakhstan for the first time.
S. Mynbayev noted "the 10% stake will bring to Kazakhstan additional income to the amount of USD 3.3 to 5 billion in the form of JSC "KazMunayGas" cash flows or USD 1.4 to 2 billion in the form of "KMG" discounted cash flow in the period of 2012-2037 when oil price forecast is USD 85 a barrel."