KazMunayGas, LUKOIL sign agreement on Zhenis project

BAKU. KAZINFORM Chairman of the Board of NC KazMunayGas JSC Sauat Mynbayev and President of LUKOIL Vagit Alekperov signed an agreement on the principles for the Zhenis project, on June 5 in Astana, the press service of KazMunayGas said in a message.

According to the signed document, the two companies agreed on the main terms of cooperation and expressed their readiness for joint implementation of the Zhenis project, the site of which is located in the Kazakh part of the Caspian Sea, Trend reports.

In accordance with the legislation of Kazakhstan, after the implementation of corporate procedures for the entry into force of the above agreement, the parties plan to hold negotiations with the aim of signing agreements necessary for the project to apply to the Ministry of Energy of the Republic of Kazakhstan for obtaining subsoil use right on the Zhenis offshore section.

"KazMunaiGaz and Lukoil have been strategic partners for several years, and currently they implement a number of joint projects. The agreement on principles signed today will certainly expand the scope of our cooperation in the joint exploration and production of hydrocarbon raw materials on the territory of the Republic of Kazakhstan," said Mynbayev.