RusEnergy

RBC, 14.03.2005, Moscow 11:55:17.LUKoil and KazMunayGas (Kazakhstan) have signed foundation documents for establishing a joint venture called the Caspian Oil and Gas Company. The venture will develop the Khvalynskoye deposit in the Caspian Sea, as well as transport and sell hydrocarbon materials. The venture has been established on a parity basis (fifty-fifty). As LUKoil President Vaghit Alekperov declared at the signing ceremony, this project, as all Kazakhstani projects, is a priority for the company. Investments in this project are estimated at more than $1bn.