Kazcat (Kazakhstan) to finance new deposit development project in Republic of Kazakhstan

/KASE, September 5, 08/ - Kazcat (Almaty), a listing company of Kazakhstan Stock Exchange (KASE), provided KASE with the press release as follows: Quotation start Kazcat has entered into a cooperation agreement with the winner of the competitive tender on receipt of a right for subsoil use to explore and produce oil at two oil fields in Atyrau region. In accordance with the agreement Kazcat will make investments in development of deposits with 25 million barrels of extractable oil. The company is intending to take part in financing of the project and capital investments in development of industrial and social infrastructure of the deposits. Thus, Kazcat is engaged in long-term investments into the most significant projects of the Republic of Kazakhstan. Exploration and production of oil is a primary industry in the economy of the Republic of Kazakhstan, Kazcat, is one of the few Kazakhstan companies willing to participate in development of this huge project. During the development of the project it is planned to involve high qualified Kazakhstan and foreign specialists establishing jointly with foreign capital the service company for preparation, drilling and further service of wells. Kazcat is well known for investment projects like financing of hotel Kazakhstan, construction of residential complex Tan Sholpan in Aktau, cottage town Shygys-3 in Aktau, a business center and a hotel in Astana, and establishment of hotel network in all cities of the Republic of Kazakhstan. Press Secretary Kazcat G. Zhartybaeva Quotation end [2008-09-05]