Kazmunaygas will give $1.8 bn. to increase its stake in Kashagan - source

/REUTERS, Dmitriy Zhdannikov, Moscow, January 14, 08/ - Kazakhstan state company Kazmunaygas, having achieved the doubling of its state in the developing project of giant oilfield by Caspian see - Kashagan, will pay $1.75 billion to the consortium for the additional more than eight percent of participation, and the leader of the project Italian Eni will share its function of operator with other foreign participants. About that, a source that is close to negotiations of the sides informed Reuters. Now the biggest participants - Eni, Royal Dutch Shell, Exxon Mobil and Total - will be joint operators of the project. "A new management model will be applied so that the consortium could acquire the experience of other project participants - Shell, Total and Exxon", - the source said. Prior to the settlement of Kazakhstan's claims, they owned 18.52 percent in the project each, smaller stakes belonged to ConocoPhillips (9.3 percent), Japanese Inpex and Kazmunaygas (8.3 percent each). After a proportional transfer of shares of foreign investors in favor of Kazmunaygas, the stake of Kazakhstan's state company will increase to about 17 percent. [2008-01-14]