News 2015
June 2015KMG/ENI
KazMunayGas and Eni create a joint venture to develop Issatai oilfield. According to the press- service of Eni, Sauat Mynbayev, Chairman of the Board of Kazmunaygas and Claudio Descalzi, CEO of Eni, signed an agreement, which defines the terms and conditions for transfer of Eni's 50% stake of subsoil use rights in respect of block Isatay in presence of Kazakhstan’s President Nursultan Nazarbayev and Prime Minister of Italy Matteo Renzi.
Issatay block will be developed by the company, which will be established on a parity basis jointly by Eni and KMG. "This agreement witnesses a successful completion by KazMunayGas of the procedures, required under the Kazakhstani laws for the acquisition of subsoil use rights for the Issatay block and completing the preparation of relevant commercial agreements, which will allow passing 50% share of subsoil use rights to Eni and will govern all the joint activities to develop the block. It is expected that the subsoil use rights transfer will be completed within few months after the deal will be approved by the Republic Kazakhstan",-highlights the statement.
As it was reported, last June the Head of KMG S.Mynbayev and the CEO of Eni C.Descalzi signed an agreement to implement the exploration project at Issatay block and project of shipyard construction. The agreement also stipulates the shipbuilding yard construction in Kuryk village on the Caspian coast of Mangystau Region (“Shipyard” project). According to the signed agreement, KMG and ENI will provide the financing joint project company will be created to manage it.