Bbabo NET

Economics & Business News

Russia - Full Trust

Russia (, - After the recent unrest, stabilization of the social situation and economic recovery is of great importance for Kazakhstan. Russia and its largest companies developing projects in Kazakhstan play a big role in maintaining sustainability in the territory of their closest neighbor.

Russian-Kazakh relations can be called without exaggeration an example of strategic partnership and alliance. The implementation of especially important joint programs in the economic sphere contributes to building a modern model of interstate communication. The most relevant areas of cooperation are developing: from the digital economy and the fuel and energy complex to human capital, tourism and the environment. Experts note the high level of interaction between Kazakh and Russian companies in the implementation of petrochemical projects.

Russian Foreign Minister Sergei Lavrov cited statistics that a coordinated economic policy makes it possible to diversify production and improve the structure of mutual trade. Thus, over the eight months of last year, the trade turnover between Russia and Kazakhstan showed an increase of 34 percent. In absolute terms, this is 16.1 billion US dollars, which exceeds the level of three pre-pandemic years.

"By nature and history, our countries are predestined to be good neighbors in the Caspian Sea region," Sergey Lavrov said. "By jointly developing the resources of the Caspian Sea and taking care of its ecosystem, we are demonstrating a responsible attitude towards this unique and at the same time fragile reservoir that has no connection with the World ocean. Moscow and Nur-Sultan share the need for a prudent approach to the use of their natural resources, primarily rich hydrocarbon reserves, with unconditional control over their impact on the environment."

A number of Russian and foreign oil companies operate in Kazakhstan. The share of foreign investments in oil and gas programs is high - 80-90 percent. Among the largest investors is the LUKOIL Group, which has been operating in Kazakhstan since 1995. The company's investments in the territory of the republic amount to more than 10 billion dollars.

The company participates in the territory of Kazakhstan in the most promising oil and gas projects. Together with KazMunayGas, LUKOIL is developing the Karachaganak oil and gas condensate field. The explored reserves of oil and condensate in Karachaganak make it possible to include it among the leading deposits in the world.

In addition, LUKOIL develops the Tengiz, Kumkol, Zhenis and Al-Farabi fields, participates in the oil transportation project of the Caspian Pipeline Consortium, as well as in joint ventures to develop the Khvalynskoye and Centralny fields. Last year, the company signed an agreement on principles for the Kalamkas-Sea and Khazar project.

The arrangement of the richest deposits and the format of further relations are sometimes discussed at the highest level. So, on Wednesday in Nur-Sultan, the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, received the head of LUKOIL, Vagit Alekperov. The parties analyzed the results of the company's activities in the country and plans for further cooperation. Alekperov also met with the prime minister of the republic, Alikhan Smailov, and the chairman of the board of the KazMunayGas company, Alik Aidarbayev.

Joint Russian-Kazakh projects have become a reliable basis for the successful implementation of important state programs in the energy sector

Earlier, the President of Kazakhstan, Kassym-Zhomart Tokayev, during the plenary session of the XVII Forum of Interregional Cooperation between Kazakhstan and Russia, said that the republic was starting to develop the offshore oil field Kalamkas-Sea. "We are starting to develop the large Kalamkas-Sea (Khazar) field. A strategic partner from the Russian side has been identified - this is the LUKOIL Company. The total cost of the project will be about $5 billion," Tokayev said.

At the last St. Petersburg International Economic Forum, Vagit Alekperov and Alik Aidarbayev signed an agreement according to which LUKOIL became a participant in exploration and production at the Al-Farabi block, located in the Kazakh sector of the Caspian Sea and adjacent to the Zhenis field, where drilling of the first exploration well. An important detail is that the water area of ​​the site is ice-free throughout the year, which facilitates extraction.Development safety is of great importance both for Russia and Kazakhstan. Kazakh partners visited the oil platform of the field named after. V. Filanovsky in the Caspian Sea, where they got acquainted with the full technological cycle - the extraction of hydrocarbon raw materials, its preparation to a marketable condition and transportation of products to the shore. LUKOIL experts presented the "zero discharge" system used in all of the Company's offshore projects in the Barents, Baltic and Caspian Seas. All industrial and household waste is collected on the platform and then sent to shore bases for safe processing, cleaning and disposal. This completely eliminates pollution of the marine environment.

In fact, companies like LUKOIL not only unite the economies of the two countries, but also determine the prospects for future relationships. There is no doubt that joint Russian-Kazakh projects have become a reliable basis for the development of bilateral relations and the successful implementation of important state programs in the energy sector. Such international cooperation strengthens the prestige of both countries in the world as reliable and strong partners, as states with great technological and intellectual potential, in demand in the most promising sectors of the world economy.

Russia - Full Trust