/Almaty bureau REUTERS, Raushan Nurshaeva, Apr 8, 02/ - The Government of Kazakhstan intends to give to the national oil and gas company Kazmunaigas 50 percent stake in the exploitation of new oil fields, said the vice-premier of Kazakhstan Karim Masimov.

Kazmunaigas was founded in the beginning of this year through the merge of state oil producing Kazakhoil and holding Oil and Gas Transport.

Masimov said at a briefing during the Eurasian economic forum that at creation of Kazmunaigas Kazakhstan was based on the experience of Norway and Malaysia. These countries created huge national oil companies, on that the government is based in oil resources exploitation.

"In Norway the company Statoil at development of any field receives 50 percent automatically and the rest 50 percent are given to the foreign investors. Something like that we are going to do with Kazmunaigas Company," said Masimov.

He confirmed that this company will play an important role on behalf of Kazakhstan in exploitation of hydrocarbons at potentially rich Caspian shelf. In connection with this the Government soon will develop a strategy of the Caspian reserves exploitation. It is expected that there will be, in particular, detailed which blocks at the shelf will be presented at a tender.

"It doesn't mean that foreign investors will be thrown out and their place will be captured by Kazmunaigas... The matter is different, at exploitation of new fields our legislation allows certain stake of Kazakhstan to be presented by Kazmunaigas Company," Masimov said.

[2002-04-08]