Works to prepare feasibility study of Transcaspian project might be held later this year

"The feasibility study on the Transcaspian system will be developed in cooperation with SOCAR under provisions of an agreement on the basic principles of the Transcaspian project implementation. At the same time, the preparation of the technical task and other tender documents in cooperation with international oil companies is nearing completion".

Kabildin also reminded about the completion of the development of the feasibility study of the Yeskene-Kurik pipeline. After completion of the studies the results of the feasibility study are planned to be transferred to KMG-Transkaspi for the further preparation of the estimate documentation.

The Transcaspian system envisions creation of a set of establishments, including the oil terminal in the Kurik settlement at the Kazakhstani coast, oil terminal on the Azerbaijani shore, the tanker fleet for transportation of oil and connection of the system with the BTC pipeline and creation of the due infrastructure, envisions vitality, reliability and security of the system in the operation process.

Kabildin reminded that in 2006 for creating conditions to implement the Transcaspian project the presidents of Kazakhstan and Azerbaijan signed an agreement to promote and support the oil transportation from Kazakhstan via the Caspian Sea and Azerbaijan to the world markets by the BTC pipeline.

To develop this agreement Kazmunaygaz and the state oil company of Azerbaijan signed a number of additional documents. The documents on strategic cooperation in oil and gas sector fixed the interest about expansion of cooperation in the sphere of oil and gas extraction, petrochemical industry, oil refining, transportation and transit of Kazakh hydrocarbons.

According to Kabildin, in November of 2008 KazMunayGaz and SOCAR signed an agreement about the main principles of implementation of the Transcaspian project. The document fixes the provisions of creation of a joint project company, financing, tariff formation, conditions of access to created capacities and the phased development of the Transcaspian system.

"Today our company work at the provisions of these joint documents. In particular, active talks are held with the international oil companies. Both companies have equal rights in the project implementation".

Kabildin also voiced interest in expansion of cooperation with Azerbaijan in the sphere of training specialists in the oil and gas sector.

/APA/