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Key issues resolved on Karachaganak: Kazakh Finance Minister

13 october 2011, 18:03
0
Kazakhstan Minister of Finance Bolat Zhamishev. Photo courtesy of flickr.com
Kazakhstan Minister of Finance Bolat Zhamishev. Photo courtesy of flickr.com
Hydrocarbons processing complex at Karachaganak oil and gas field. ©REUTERS
Hydrocarbons processing complex at Karachaganak oil and gas field. ©REUTERS
Kazakhstan Finance Minister Bolat Zhamishev talked about resolution of main issues in regards to interaction with Karachaganak Petroleum Operating B.V., KazTAG reports.

“The issue is solved in general. We are currently working on the wording of so-called tax instructions. The stabilizing resolution of the Finance Minister that regulates certain taxation procedures that was issued back then (at the time of the initial signing) is also part of the agreement. The plan is to include part of these regulations into the new agreement. So, we have the principle agreement, but as usually devil is in the detail. We are working on all the details right now,” Zhamishev said.

However, the Minister refused to disclose the exact amount of tax claims to consortium. “This is not discussed with the media right now, as it is a working process,” he said. According to Zhamishev, negotiations process is not restrained by any deadlines. “We meet on a regular basis. The next meeting is scheduled for the next week. So, we don’t stop working and don’t put any deadlines. Quality is most important in this issue,” the Minister added.

Kazakhstan first announced its intention to purchase a 10% stake in the project in 2009 after an argument with the project shareholders over oil export duties, customs and ecological violations. After the announcement was made by Kazakhtan's Prime-Minister Karim Massimov in December 2009, the legal claims were withdrawn and the parties started negotiating. The plan was to complete negotiations by the end of this year.

With its 1.2 billion tons of oil and condensed gas and 1.35 trillion cubic meters of gas, Karachaganak is one of the largest O&G fields in the world. Karachagank accounts for 49% of all the gas production and 18% of oil production in Kazakhstan.

Karachaganak Petroleum Operating (KPO) is a consortium of companies developing Karachaganak oilfield. The consortium includes BG Group, Eni (32.5% each), Chevron (20%) and LUKOIL (15%). KPO operates in accordance with the PSA signed with the Kazakh Government in November 1997. According to the PSA, the consortium shall be operating the project until 2038.

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