KazMunayGas, CNOOC sign agreement on joint geological exploration
As part of a working trip to China, Chairman of the Management Board of KazMunayGas National Company Askhat Khassenov met with the top officials of the leading Chinese companies - China National Offshore Oil Corporation International Limited (CNOOC) and CITIC Group - to discuss the implementation of joint initiatives in geological exploration, oil production and processing, Kazinform News Agency learned from the KMG press office.
At a meeting with Wang Dongjin, Chairman of CNOOC Limited, the sides signed an agreement on intention in geological exploration. The parties expressed interest in carrying out joint geological explorations in promising projects and development of hydrocarbon deposits in the territory of Kazakhstan.
The meeting with Chairman of the Board of Directors of CITIC Group Xi Guohua focused on the state of the project of the Aktau Bitumen Plant (LLP JV Caspi Bitum) expansion. As per the project, the annual capacity of the plant will be increased from 500,000 to 750,000 tons of bitumen. Construction and assembly works are set to begin in the fourth quarter of the year.
“Kazakhstan has been cooperating with CITIC Group in oil and gas sector for more than 15 years. We highly appreciate our strategic partnership,” Askhat Khassenov said.
He pointed out the importance of commissioning the plant in March 2025 (prior to the road construction period) and proposed to change the schedule of the project’s implementation so that works would be carried out around-the-clock.
The sides also discussed the possibility of accelerated production of technological equipment at the plants and its delivery to Caspi Bitum.
The sides also pointed out high potential and positive dynamics of the Kazakhstan-China cooperation in oil and gas sector.
China National Offshore Oil Corporation International Limited (CNOOC) – is one of the global oil and gas leaders specializing in offshore exploration and production. The company proved itself to be a global leader which actively cooperates with the leading world corporations and is involved in development of major deposits. The assets of the CNOOS are operating in more than 20 countries on four continents.
CITIC Group is one of China’s largest state investment corporations headquartered in Beijing. CITIC Group specializes in financial services, investments, construction, oil and gas extraction and metals production.
