Author: Viktoria Panfilova
CHINA COMES TO CASPIAN COAST OF KAZAKHSTAN. (By Viktoria Panfilova. Nezavisimaya gazeta, Sept. 9, 2013, p. 7. Condensed text:) . . . Chinese leader Xi Jinping's state visit to Astana ended today with the signing of a joint declaration on the further development of the comprehensive strategic partnership between Kazakhstan and China. However, the main outcome was expanded cooperation in the energy sector. On Saturday [Sept. 7], the China National Petroleum Corporation (CNPC) and [Kazakh state company] KazMunaiGaz (KMG) signed an agreement to sell an 8.3% stake [in the Kashagan oil and gas development project] to CNPC. Kashagan is a major oil and gas field in Kazakhstan, located in the northern part of the Caspian Sea. Its reserves are estimated at 4.8 billion [metric] tons of oil, and 1 trillion cubic meters of gas. According to KMG board chairman Sauat Mynbayev, the start of oil production at Kashagan is scheduled for Sept. 9; the beginning of commercial production is slated to be announced within a month. Regarding oil transport routes from Kashagan, the KMG head stated: "Some of it will go through the Atyrau-Samara oil pipeline, but most of the oil volume - at least, Kazakhstan's share - will be exported via the Caspian Pipeline Consortium."
At the same time, CNPC and KMG signed a strategic partnership plan. Sauat Mynbayev told reporters: "The price of the transaction is about $5 billion, but in addition there are a number of conditions. For example, the Chinese side will provide half of the capital that KazMunaiGaz would be obligated to invest according to its equity [as a 16% shareholder in the Kashagan project - Trans.]." According to him, CNPC will assist in building a pipe plant, a petroleum industrial complex in Aktau, and some public projects in Astana.
"The sale of 8.3% of the Kashagan field to China, coupled with the launch of the Beineu-Bozoi gas pipeline, means that Western ...
|This is an article from EVXpress, a service of East View Information Services that allows you to search across more than 12 million journals and news publications for fee and immediately download full text using your credit card.|
Price: $19.00 The article you selected has been added to your shopping cart The issue you selected has been added to your shopping cart
Delivery: immediate download or e-mail attachment
This content appears in EVXpress under license from the publisher. Inquiries regarding the content should be directed to the publisher directly.
|Article Title||CHINA COMES TO CASPIAN COAST OF KAZAKHSTAN|
|Source||Current Digest of the Russian Press, The , No.37, Vol.065, September 09, 2013, page(s):16-17|
|Place of Publication||Minneapolis, USA|