Kazakhstan’s President Nursultan Nazarbayev on Kashagan oilfield

Kazakhstan’s President Nursultan Nazarbayev commented on development of the giant Kashagan oilfield at a press conference on the so-called green belt around Astana, the country’s capital city. “It’s a complicated oilfield. The investments have exceeded $48 billion. The works have been under way for 13 years. Late June in Atyrau we will be launching Bolashak oil treatment facility under construction since 2006. Kazakhstan is a major participant of the Kashagan consortium. If one of the consortium member companies has decided to sell its stake in the project, it’s normal. The deal has to be approved by the Kazakhstan’s Government. The Government has the right to buy out the stake or grant the rights to another investor. Now the Kazakh side is considering some options. I hope the process will be completed soon”, President said.