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Wednesday, July 12, 2006

Gazprom board approves Kazakh project

KazMunaiGaz07-12-2006 RBC News - The executive board of Russia's gas giant Gazprom has approved plans to create a joint venture with the Kazakh national company KazMunaiGaz on the basis of the Orenburg Refinery. Gazprom said it would sign a long-term agreement for gas supplies from the Karachaganak gas condensate field to the refinery. The issue will be submitted for approval to Gazprom's Board of Directors. Alexander Ryazanov, Deputy CEO of Gazprom, said earlier that the technical and economic feasibility study for the project had been prepared. Over the next 15 years, the Orenburg plant will refine up to 15 billion cubic meters of gas a year. The contract with the Karachaganak consortium will be signed before September, and the new joint venture is expected to start operations on January 1, 2007. The project operator is KazRosGaz, which was set up by Gazprom and KazMunaiGaz in June 2002. Karachaganak Petroleum Operating, in which Russia's oil company LUKoil has 15 percent, is responsible for the development of the Karachaganak gas condensate field. There are plans to bring annual production to 25 billion cubic meters by 2012. Kazakhstan's proven gas reserves stand at about $2 trillion cubic meters, and forecast gas resources are put at about 8.3 trillion cubic meters. The republic produces about 12 billion cubic meters of gas a year, with domestic consumption at 5 billion cubic meters. National Company KazMunaiGaz was set up in 2002. It reported a revenue of $2.4 billion in the first five months of 2006, up 23.9 percent on the year. Capital investment amounted to $271.7 billion from January to May 2006. The company produced 3.87 million tons of oil and gas condensate, 1.8 percent more than in the same period of last year.

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