Russian and Kazakh oilmen on developing reserves in the Caspian Sea

Thursday, June 30, 2022

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Russian Energy Minister Igor Yusufov has praised the agreement signed in Astana by Russian and Kazakh oilmen on developing reserves in the Caspian Sea. The minister called the signing of the document in the presence of the Russian and Kazakh presidents a significant event. "This is a large contract and we expect that extensive reserves will be found in this section," the minister said. He also expressed the hope that other Russian companies would also take part in developing the Caspian shelf's reserves. Speaking about cooperation in the energy sector, Yusufov said: "Our countries are developing collaboration in this field." He recalled that there is a long-term agreement between the two countries on oil transport. A decision has also been taken to increase supplies of Kazakh oil through Russian territory. The minister went on to say that Russia and Kazakhstan are widening cooperation in the gas sector. He said that representatives of Gazprom and the Karachaganak integrated organization are holding talks on processing gas from the Karachaganak gas field at the Orenburg gas processing plant on a long-term basis. The plan is to process 7bn cu.m. per year. The minister also said that Moscow was interested in widening cooperation in the electricity industry. He said that since June 2000 Russia and Kazakhstan's energy systems has been working in a parallel regime. Almost all aspects of organizing a joint Russo-Kazakh enterprise at the Ekibastuz HEP station are complete.

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