International financial corporation invests $150 m into Kazakhstan oil

/Kazakhstan today, November 13, 02/ - International Financial Corporation (IFC), the World Bank's branch on support of private sector development has signed agreement with Russian leading oil company Lukoil for participation in one of significant projects of Kazakhstan oil and gas sector. About this a correspondent of KZ-today came to know from official site of IFC. According to IFC's information the project is one of three wide-ranging directions in oil branch and the first syndicate oil and gas transaction, which is of long-term character. The project comprises development of Karachaganak oil and gas field, building of connecting pipeline with CPC. "We are very glad that we are concerned with this project, which is of great importance for Kazakhstan and which will contribute to the country's efforts that are directed towards expansion of oil and gas production", - said Rashad Kaldani, director of the department of oil, gas, mining and chemicals of IFC during signing. Khosov Zamani, director of IFC's branch in South Europe and Middle Asia, noted that Karachaganak project was the demonstration of IFC's obligation on improvement of stable development". IFC finances the private sector of developing world, mobilized capital at international financial markets and provides technical support to Governments and business. Since its foundation in 1956 till 2002 financial year IFC has invested more than $34 bn from its own funds and organized investments of $21 bn for syndication of 2,825 companies in 140 developing countries. [2002-13-11]