Russia and Kazakhstan confirm '50/50' principle in north Caspian Sea fields development

MOSCOW. March 17. KAZINFORM /Narymbek Ismagulov/ Russia and Kazakhstan confirm a '50/50' principle in development of fields in the northern Caspian Sea. Russian Prime Minister Vladimir Putin has said it today at the meeting with President of Kazakhstan Nursultan Nazarbayev.

'We will resolve all the issues regarding joint work in Caspian Sea today. Besides, it is planned to consider prospects of extending capacity of the North Caspian oil pipeline to 67 mln tons a year. In fact all the oil produced in Kazakhstan presently and in the future will be transported through Russia,' N. Nazarbayev said.

V. Putin, in his turn, reminded of the agreements on joint work in the fields of Caspian Sea reached earlier. 'Eventually, the Russian side has received oil fields richer than the Kazakh side, however the works will be held in accordance with the reached '50/50' agreements,' the Russian Prime Minister said.