KPO to transfer Kazakhstan 10% stake in Karachaganak project

ASTANA. December 14. KAZINFORM /Kanat Kulshmanov/ Today a singing ceremony of the Agreement on settlement of problematic issues between the Kazakh Government and Karachaganak Petroleum Operating (КРО) took place in Astana with the participation of Kazakh PM Karim Massimov.

As a result of lengthy negotiations lasted since 2009 until 2011 the KPO agreed to transfer Kazakhstan 5% stake in the project to settle disputes for the period until December 31, 2009, and sell extra 5% stake to make Kazakhstan's participation in the project up to 10%, the Oil and Gas Ministry said.

Operators of Karachaganak are BG (32,5 %) and Eni ( 32.5% in the project), 20 more % belong to Chevron, 15 % - to LUKOIL.