1. Main
  2. Learn
  3. Politics
  4. Politics

India shocked by Kazakhstan's decision on Kashagan

Kashagan oil field. ©REUTERS Kashagan oil field. ©REUTERS
Indian Foreign Ministry plans to discuss cooperation in energy with Kazakhstan government after Kazakhstan refused to support the Kashagan bid of Indian company Oil & Natural Gas Corp (ONGC), The Wall Street Journal writes. According to an informed source, ONGC was shocked by Kazakhstan’s decision and asked Kazakhstan government for explanations. “Following the decision taken by the Kazakhstan government, we got in touch with the Kazakhstan government to discuss future prospects of our energy cooperation," said Foreign Ministry’s representative Syed Akbaruddin. The Indian officials have accepted that Kazakhstan may reject the ONGC bid to procure the 8.4-percent stake of ConocoPhillips. But they say that the unexpected intrusion of the Kazakhstan government interfered with India’s intentions to expand its access to foreign energy resources, which is especially important for it since the country buys 80 percent of crude oil from abroad. "This is not fair. India has a right to get an explanations of their decision to preempt the bid," the source said. ConocoPhillips will
sell its stake in Kashagan to KazMunaiGas for $5 billion. Earlier Kazakhstan Ministry of Oil and Gas Ministry notified ConocoPhillips of Kazakhstan's intention to exercise its preemptive right to purchase the stake in Kashagan and the North Caspian Sea Production Sharing Agreement. India and China were planning to buy a minority stake in Kashagan oil and gas field in Kazakhstan from ConocoPhillips. ONGC Videsh Limited planned to spend $5.5 billion, while China’s CNPC was offering to buy ConocoPhillips’ stake in Kashagan from KazMunaiGas for $5 billion.

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan
OPEC agrees shock oil output cut
Israeli ex-president and Nobel laureate Peres dies
Germany blocks WhatsApp data transfers to Facebook
32,000 arrested in Turkey coup probe
Youth to the fore as Milan fashion week opens
Xenophobia threatening peace in eastern Germany
Four-in-10 Japanese are virgins: poll
Sweden re-militarises Baltic island of Gotland
China to launch second space laboratory: Xinhua
More than a billion stars mapped in Milky Way: ESA
Boxing: Golovkin eyes Saunders after stopping Brook
Kazakhstan shifts PM to security chief
Oil prices gain despite rising OPEC supply forecast
US to give Philippines military planes
Singapore wages war on Zika-bearing mosquitoes
Italy quake death toll nears 250
Viral photos add fuel to French burkini debate
18 dead as Italy struck by powerful quake
Japan's first lady visits Pearl Harbor
Pokemon's a no-go on Bangkok's roads
July was Earth's hottest month in modern times
Pakistan rock climbers scale new heights