EU official meets Kazak minister on energy issues

World

European Union Energy Commissioner Andris Piebalgs met in Brussels Friday with Kazakh Minister of Energy and Mineral Resources Sauat Mynbayev to discuss energy cooperation.

Mynbayev briefed Piebalgs on the ongoing discussions about the Kashagan oil field case between Kazakh authorities and the so-called Kashagan consortium, a news release said. “I welcome explanations made by the minister about the discussions of Kazakh authorities with the Kashagan consortium and look forward to receiving further information about the case”, said Piebalgs after the meeting. Kazakhstan has been seeking to increase its share of future profits from Kashagan from 10% to 40%. It threatened to take “all necessary measures foreseen under national legislation” if the government’s demands on Kashagan were not accepted by Italy’s oil company ENI, which is leading the consortium developing Kashagan.

Discovered in 2000, the oil field in the Caspian Sea is the world’s largest oil find of the last 40 years, estimated to hold 13 billion barrels of recoverable oil reserves. Energy cooperation between the EU and Kazakhstan takes place in the framework of the Memorandum of Understanding signed in December 2006. The two officials also exchanged views on Kazakhstan’s bid for the membership of the World Trade Organization and developments of the EU’s energy market legislation. (people.com.cn)

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