The collaboration provides for the exploration and manufacture of hydrocarbons in the northeast part of the Caspian Sea. This is the first time a large Chinese company came to Kazakhstan with investment, starting with geological exploration.
The Kazakhstan Ministry of Energy, along with the state holding Kazmunaygaz, signed a contract with the Chinese company Cnooc Hong Kong holding LTD for exploring and producing hydrocarbons in the northeast part of the Caspian Sea. This was reported by the Press Service of Kasmunaygaz Holding.
The cooperation provides for the combined implementation of the Zhylyo Project on a basis of the same, as the funding of the exploration period will ensure CNOOC, the KMG report said.
According to preliminary estimates of Kazakhstan’s hold, the site’s potential is over 185 million tons of oil.
Those with the press release indicate that this is the first time a large Chinese company enters Kazakhstan with investments, starting with a geological exploration project.
Note that last week the head of the PRC XI Jinping visited Kazakhstan on an official visit to participate in the second summit of China – Central Asia in Astana.
In March of this year, it was reported that Kazakhstan and China were launching a new railroad route, which would allow shipment to Europe to exceed Russia.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.