The investment climate in Kazakhstan enables investors to implement long-term projects, LUKOIL President Vagit Alekperov believes.
“The Company is confident that the investment climate cultivated by President Nazarbayev and his Government puts in place favorable conditions and offers long-term safeguards for investors”, Mr. Alekperov said in a video interview placed on the Kazakhstan’s Prime Minister’s blog platform.
He emphasized that LUKOIL “has never been in favor of short-term, incidental projects”.
According to him, “the Company is involved in long-term projects designed for many years”. He is confident that “geological explorations works in the Caspian Sea will bring about success (…) as an expert, I can assert that Kazakhstan’s hydrocarbons potential is substantial”.
“Kazakhstan needs to strengthen its geological exploration works (…) the current legislation framework allows investors to be confident that they will recoup their investments”.
“A major positive point is accessibility of both the Government and the Head of Government… we, the heads of oil majors, have always enjoyed an access to Head of Government, members of the Government, Ministers (…) the atmosphere of openness enables to solve any issues that might hamper our operations”, he said.
He also pointed out to the Foreign Investors’ Council (FIC) as “an effective platform to discuss a wide range of issues, including legislation-related issues (…) if our arguments are just, respective amendments are inserted in a timely manner”.
He emphasized that the Russian Company has been operating in Kazakhstan for 17 years. “We are among the first investors to inject their money to this country. The Company is involved in a total of 9 projects. Investments make up $6 billion”, he said.
May 17 the Company is expected to sign a memorandum on cooperation with Nazarbayev University. The two entities will be cooperating within frameworks of joint scholarship programs, reaserch projects and students’ social programs.