OREANDA-NEWS. June 23, 2015. Radisson Astana Hotel hosted the ceremony of signing the agreement between the companies-partners of Karachaganak project and “KazRosGas” LLP on extending the term of current Karachaganak gas sales and purchase agreement till January 2038.

Mynbayev S.M., the Chairman of the Management Board of JSC NC “KazMunayGas”; Medvedev A.I., Deputy Chairman of the Management Board of “Gasprom” CJSC; Sharipbayev K.K., General Director of “KazTransGas” JSC; Renato Maroli, General Director of “Karachaganak Petroleum Operating B.V.”; Burmistrova E., General Director of “Gasprom export” LLC, and Berlibayev D.A., Deputy Chairman of the Management Board for the Corporate center of “KazMunaiGas” NC JSC participated in the signing ceremony.

Extension of this agreement is an important step in the ongoing development of Karachaganak field and means an additional supply of 120-135 billion cubic meters of gas to Orenburg gas processing plant before the end of the contract period; this will provide an additional profit for the companies-partners of Karachaganak project and for the Republic of Kazakhstan.

Extension of the agreement is the guarantee of the availability of reliable market for Karachaganak raw gas, which enables KPO to timely start the long-term projects, the purpose of which is to increase production volumes of liquid hydrocarbons and gas over the term of FPSA. This will ensure the receipt of additional revenue in the budget of RK.

Also, an important result of the agreement extension is the ability to secure long-term gas supplies to the domestic market of Kazakhstan, including through exchange transactions (swaps).

Karachaganak is one of the largest international projects in Kazakhstan, with a total investment of more than \\$ 19 billion. Currently, the amount of crude gas exported to Orenburg gas processing plant, is more than 8 billion cubic meters per year.