PM: Kazakhstan to defend its interest in oil and gas sector.

By bne IntelliNews February 2, 2011
Kazakhstan should defend its interests in major oil and gas projects such as Kashagan, Tengiz and Karachaganak, PM Karim Masimov has stated at the meeting of Oil and Gas Ministry. He also urged national oil and gas holding KazMunayGas to defend the states interests in all the major projects. At the same time, the PM stated that Kazakhstan is a supporter of contract stability. However, if the investors do not fulfil the stipulated conditions, then the government has the opportunity to enter into a negotiation process as happened in 2007 with the Kashagan project. We assume that the statement heralds a new pressure on the investors in Kazakhstan, especially those involved in Karachaganak project. To remind you, Kazakhstan is interested in gaining a stake in this project. Besides, recently Kazakhstan announced that it would not accept the second phase of Kashagan oil field development as it is too expensive.

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