Gazprom Sign Kurmangazy Oil Field Agreement With Rosneft

The Chief Executive Officer of Gazprom Alexey Miller signed an intention agreement with President of Rosneft Sergey Bogdanchikov. According to it, the companies will be exploring the Kurmangazy oil field (Caspian Sea) together.

According to the document, Rosneft and Gazprom will be rendering support to each other in the process of obtaining twenty five percent stakes in the project of developing Kurmangazy. This project will be equally financed by authorized organizations from Russia and Kazakhstan.

Gazprom supports the idea of appointing Rosneft the authorized organization representing the Russian Federation in the project, a source in the gas giant reported in an interview with RosBusinessConsulting.

At the first stage of the project, Rosneft will be the only representative of Russia in the project and will finance both its 25% stake and a 25% interest rate option. This option is provided for in a protocol of a Russian-Kazakh agreement on sharing the northern part of the Caspian seabed that was signed by the Presidents of the two countries on July 6, 1998. At the second stage of the project, after the project will be put into commercial operation, Rosneft will hand over a stake in the project equal to the volume of the option to Gazprom. All losses will be equally divided, depending on the volume of owned shares.

Gazprom and Rosneft consider this agreement another serious step in the development of collaboration between the two companies that will be promoting further economic growth in Russia, increasing competitiveness of Russian businesses and ensuring Russian-Kazakh integration.

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