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LUKOIL to prospect for oil in Kazakh Caspian Sea sector
Russian LUKOIL oil major will sign an agreement with the Kazakh national oil company KazNeftGas Friday on joint development of the Dostyk project in the Kazakh sector of the Caspian Sea. The document to be signed on the sidelines of the visit of Russian President Vladimir Putin envisages the development of the Kazakhstan and Tyub-Karagan fields in the north of the Caspian Sea. LUKOIL President Vagit Alekperov told Tass both companies will develop the project on a parity basis. “If commercial oil reserves are discovered there, investments into the development of the field are estimated to comprise 3 billion dollars”, he said. “Our company will fully finance geological prospecting”, he added. Sources in the Kremlin administration told Tass Putin and Kazakh President Nursultan Nazarbayev will discuss, in particular, joint fuel and energy production, as well as oil and gas transportation. “Specific attention will be paid to further expansion of trade and economic cooperation, including better use of the potential of inter-regional and border ties”, the source said. Kazakhstan is currently among ten top Russian foreign trade partners. Bilateral trade turnover exceeded five billion dollars in 2003 and border trade accounted for 60 percent of it.
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