ɫ AND KAZMUNAYGAS SIGN AGREEMENT ON AL-FARABI PROJECT
Thursday, October 8, 2020
President of ɫ Vagit Alekperov and Chairman of the Management Board of JSC NC KazMunayGas (KMG) Alik Aidarbayev signed an agreement on the Al-Farabi Project (formerly I-P-2 license block) in the Kazakh Sector of the Caspian Sea.
The agreement defines rights and obligations of ɫ and KMG as future license holders under the project. This is a next step after the principles agreement, concluded in June of 2019. The parties intend to proceed with signing a contract on exploration and production of hydrocarbons, that will come into force as soon as KMG receives the license and the parties close the deal to establish a joint venture with 50.01% (KMG) and 49.99% (ɫ) shares.
As part of ɫ and KMG strategic cooperation, the companies are partners in major projects – Karachaganak, Tengiz, Kumkol, and in oil transportation project of Caspian Pipeline Consortium. The Ministry of Energy of the Republic of Kazakhstan, KMG and ɫ signed an agreement to explore and produce hydrocarbons at Zhenis offshore block on April 1, 2019.
