/IRBIS, April 18, 03/ - Today in Moscow the First vice-president of LUKOIL OJSC Ravil Maganov and the First vice-president of KazMunaiGas CJSC Timur Kulibayev, in accordance with the Protocol to the Agreement between Russian Federation and the Republic of Kazakhstan, about delimitation of the bottom of northern part of Caspian sea, with the purpose of realizing of sovereign rights for using treasurers of the soil dated May 13, 02, signed "Agreement about principles of joint development of oil and gas resources of the field "Khvalynskoye". The message, which was spread today by the companies, says about it.

LUKOIL OJSC and KazMunaiGas CJSC, which are authorized organizations of Russian Federation and the Republic of Kazakhstan, on development of the field "Khvalynskoye", agreed to found consortium for this project realization. These companies will have equal stakes in the consortium, pro rata to which their rights and obligations will be divided. Affiliated person of LUKOIL OJSC will be appointed the operator of the project. Representatives of KazMunaiGas CJSC will be enabled in the Operator's work.

Russian and Kazakhstan suppliers will be preferred during the process of purchasing of materials, goods and services while developing the field "Khvalynskoye" with other equal conditions.

Signing of this Agreement is the basis for negotiations concerning the Agreement about joint activity between LUKOIL OJSC and KazMunaiGas CJSC, and also for preparation of technical-economic explaining of development of the field "Khvalynskoye", the message says.

The sides have agreed to take necessary measures in order to include the field "Khvalynskoye" into the list of objects, right of user on which may be given according to the terms of production sharing agreement.

[2003-04-18]