At the St. Petersburg summit Kazakhstan Energy Minister discusses Kazakhstan’s participation in the Burgas-Alexandroupolis project
At the 11th international economic summit held in St. Petersburg of Russia, Minister of Energy and Mineral Resources of Kazakhstan Mr. Baktykozha Izmukhambetov held a number of successful takls.
At the 11th international economic summit held in St. Petersburg of Russia, Minister of Energy and Mineral Resources of Kazakhstan Mr. Baktykozha Izmukhambetov held a number of successful takls. The Kazakh side was represented in the talks by Mr. Nurlan Nogaev, Head of the Petroleum Industry Department of the Kazakh Energy Ministry, and Mr. Kaiyrgeldy Kabyldin, Managing Director of the KazMunaiGaz National Oil Company.
Mr. Baktykozha Izmukhambetov met Minister for Regional Development and Public Works Assen Gagauzov of Bulgaria, and Development minister Dimitris Sioufas of Greece; in the course of the meetings the sides discussed Kazakhstan’s participation in the project to construct Burgas-Alexandroupolis pipe. Head of the Kazakh Ministry of Energy referred to the negotiations as “positive” and noted that Kazakhstan had received solid grounds and support to proceed with negotiating.
March 15, 2007, Russia, Greece and Bulgaria signed an agreement on construction of the Burgas-Alexandroupolis oil pipe. They had been expecting to start construction works on the pipeline straight upon ratification of the agreement by the parliaments of the three nations. The 285 km pipe is expected to run across Greece and Bulgaria to bring relief to Bosporus and Dardanelles. Russia owns 51% in the project, while Greece and Bulgaria have 24.5% each. Cost of the project may reach USD 900 million. The pipe will be capable of handling 35 million tons of oil per annum, with the capacities being gradually increased up to 50 million tons per year.
Earlier the Kazak Ministry announced that expansion of the CPC will be parallel in time with construction of the Burgas-Alexandroupolis oil pipe. Kazakhstan is eager to get a stake in the project as it is Kazakh oil that will be pumped into the pipe.
Cooperation in the energy sector, CPC expansion, and Kazakhstan’s participation in the Burgas-Alexandroupolis oil pipe project had been discussed in the course of the meeting of the Kazakh Energy Minister with his Russian counterpart Viktor Khristenko.
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