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Sovereign Wealth Funds Briefing - Categorized | Market

Kazakh fund: Kashagan contract extension to be discussed after 2014-2015

Posted on 02 January 2013

The issue of extending the contract on field development at Kashagan will be discussed after 2014-2015, managing director of the Kazakh Sovereign Wealth Fund Samruk-Kazyna Malik Salimgereyev told the media today. “It is too early to speak about extending the term,” he said. “Firstly, extending the contract is a duty of the Kazakh Oil and Gas Ministry.”
The PSA for the Kashagan oil field was signed by the Kazakh government and investors in 1997 for a period of 40 years. According to conditions, the cost of deposit exploration is paid for by income from commercial oil production. Now, foreign investors arguing economic expediency are seeking to increase the terms of the contract for another 20 years………………………………………..Full Article: Source


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