India secures 25% in Kazakh oil block

Kazakhstan and India have signed a package of documents to transfer 25% in Satpayev oil block to the Indian ONGC Videsh Limited, KazTAG reports. The deal was closed during the official visit of Prime Minister Manmohan Singh to Astana. According to Kazakhstan’s Minister of Oil and Gas, Mr. Sauat Mynbayev, “the subscription bonus makes up $ 80 million (…) the main payments depend on results of exploration works, which is after confirmation of the oil block reserves. A plus for the KazMunaiGaz National Company is that the whole exploration program is to be financed by the Indian side that acquires 25% in the oil block”. “This is the first visit of Manmohan Singh to Kazkahstan in his capacity of the Prime Minister. He is our first foreign visitor following the presidential elections (…) India is a leading trade partner of Kazakhstan. Kazakhstan accounts for over half of India’s trade with Central Asia. (…) Last year the trade turnover almost got back to its pre-crisis level - $ 360 million. Joint actions plan signed during the visit will give impetus to the industrial cooperation”, the President’s official web site quotes President Nazarbayev as saying following the talks.