Russia and Kazakhstan sign Oil Deal

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On Thursday, both Russian and Kazakh governments signed an agreement on sovereign oil exploration and exploitation in the Caspian Sea.

Russia and Kazakhstan sign Oil Deal

Russian president Vladimir Putin and his counterpart Nursultan Nazarbayev agreed a jointly drilling of the hydrocarbon deposit. The treaty will also help setting the delimitation of the Caspian Sea northern area.

The mentioned location has not been explored so deeply since boundaries seabed issues with the countries surrounding the Caspian Sea.

The signing of this agreement will allow enterprises of both countries to exploit and explore Tsentralnaya deposit, highly rich on fuel reserves, namely oil and gas.

Putin also mentioned that the oil extracted by Kazakh companies will be widely exported through the Russian territory, nevertheless he didn’t give accurate details of the possible exportation routes.

Written by Lisbeth Mechter

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