KazMunayGas and SOCAR Will Consider Projects Related to Geological Exploration in Kazakhstan
KazMunayGas JSC invited SOCAR, the state oil company of Azerbaijan, to consider projects related to geological exploration in Kazakhstan. Chairman of the Board of KazMunayGas JSC Magzum Mirzagaliev spoke about this during his visit to Baku, Kazinform agency reports with reference to Trend.
— KazMunayGas wants the relationship with SOCAR not to be limited to transportation issues and to include as much as possible the entire line or palette of cooperation. Thus, we agreed that we are now studying the possible development of projects in the field of oil and production. In addition, we invited SOCAR to look at projects related to geological exploration in Kazakhstan,” said Magzum Mirzagaliyev.
According to him, the President of SOCAR was informed that, on behalf of the President of Kazakhstan Kassym-Jomart Tokayev, an Improved Model Contract (IMC) for subsoil use was legislatively adopted in 2023.
— Thanks to the UMC, the best conditions will be provided for investors who enter into geological exploration, as well as production in complex fields. That is, we continue to discuss and study the potential of joint projects,” he said.
Let us recall that in 2022, President of Kazakhstan Kassym-Jomart Tokayev ordered to increase the volume of oil transportation along the Middle Corridor. In accordance with this instruction, JSC NC KazMunayGas and the State Oil Company of the Azerbaijan Republic (SOCAR) entered into an agreement providing for the transportation of 1.5 million tons of oil per year from the Tengiz field in the direction of the Baku-Tbilisi-Ceyhan oil pipeline.
Thus, in 2023, Kazakhstan increased the volume of oil exports in the direction of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline to 1 million 392 thousand tons.
It is worth noting that the Middle Corridor links the container rail freight networks of China and the European Union through the countries of Central Asia, the Caucasus, Turkey and Eastern Europe.
A multilateral multimodal transport infrastructure links ferry terminals of the Caspian and Black Seas with the railway systems of China, Kazakhstan, Azerbaijan, Georgia, Turkey, Ukraine and Poland.
The middle corridor contributes to an increase in cargo traffic from China to Turkey, as well as to European countries and in the opposite direction.
The block train running along this corridor delivers goods from China to Europe in an average of 20-25 days, and this is one of its main advantages.
