Talks on acquisition of share in KPO to continue - Vice-Minister of Oil and Gas

17:58, 16 July 2010

ASTANA. July 16. KAZINFORM /Damir Baimanov/ The negotiations on acquisition of a share in Karachaganak Petroleum Operating B.V. Consortium by Kazakhstan is continuing. Vice-Minister of Oil and Gas of Kazakhstan Asset Magauov informed during the online conference at bnews.kz portal.

'Negotiations are still in progress. We cannot talk about the amount of shares potential for transmission so far. It is too early. I believe that we'll solve the issues upon the completion of the negotiations, A. Magauov said.

As is known, the Government of Kazakhstan intended to acquire 10 percent share of KPO consortium worth USD 1 bln approximately. At the end of last year Kazakh Prime Minister confirmed that Kazakhstan held negotiations regarding joining the consortium.

Karachaganak Petrolium Operating B.V. is a consortium of companies that joined to realize the Karachaganak project on development of oil sector in Kazakhstan. These companies are British Gas Group, Italian Eni, the share of each is 32.5 percent, Chevron (U.S.A) with 20 percent and Russian Lukoil that holds 15 percent.

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