China-Kazakhstan Cooperation: Kazakhstangas and China National Petroleum Corporation Sign Framework Cooperation Agreement to Launch Geological Exploration in Aktobe Oblast.
Kazakhstan International News Agency - Dai Liangliang, Chairman of the China National Petroleum Corporation (CNPC), recently led a delegation to visit Kazakhstan. During the visit, Kazakhstangas and China National Petroleum Corporation signed a framework cooperation agreement on the development of mineral resource utilization projects in the "Severny-1" block in Aktobe Oblast.
The agreement was signed under the joint witness of Sangzhar Zhalkshauov, Chairman of the Board of Kazakhstangas, and Dai Liangliang, Chairman of China National Petroleum Corporation. It was signed by Ulankul Botorkulov, Deputy Chairman of Kazakhstangas responsible for geological exploration and prospecting projects, and Li Shufeng, General Manager of CNPC Aktobe Company.
The project will adopt the "carry financing" mechanism, meaning that all costs during the early exploration phase will be borne by the Chinese side, significantly reducing the financial risks for the Kazakh side.
"Severny-1" is considered one of the promising natural gas resource blocks in Kazakhstan, and this cooperation is expected to bring new breakthroughs in the development of Kazakhstan's natural gas resource reserves.
China National Petroleum Corporation is China's largest oil and gas production and supply enterprise, as well as one of the largest comprehensive energy companies in the world. It has extensive business layouts in Kazakhstan, including oil and gas field development, refining processing, and exports, among other aspects.
Original Source: https://www.toutiao.com/article/1835063267217608/
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