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Exxon refused to transfer its Kashagan share to KazMunayGas

Astana. December 5. Kazakhstan Today - Exxon Company refused to transfer its share in Kashagan project to KazMunayGas. The Minister of Energy and Mineral Resources Sauat Mynbayev informed on Tuesday. Earlier KazMunayGas informed on signing new memorandum of mutual understanding with Kashagan consortium that includes solution of the issue of delay in realization of the project and increase in expenses. "According to the new memorandum all members of consortium, except for one, reached consent on transfer the part of shares to the project at the rate of necessary for increase of KazMunayGas Company share up to the level of large participants," KazMunayGas press service informs. According to the document of December, 20, 2007 the parties should finish negotiations on transfer of shares and increase of KazMunayGas role in operational activity. New memorandum of mutual understanding has been signed following the results of intensive negotiations at the level of CEO's of the companies."

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