MADRID (AFX) - Repsol YPF SA has reached an agreement with the Kazakhstan government to acquire a 25 pct stake Too Zhambai, a company set up to explore the Caspian Sea region, elConfidencial.com reported, citing an unnamed source close to the Spanish-Argentnie oil and gas group.
Too Zhambai was previously a 50:50 joint venture between state-owned KazMunaiGaz and Lukoil, the website said, noting that the Russian oil and gas company has agreed to sell half of its stake to Repsol YPF. The deal is expected to be signed within the next few days.
elConfidencial.com said the field which will be developed by the partners is in a part of the Caspian Sea which has up to 4 pct of world crude reserves, noting that the investment targeted for exploration is 80 mln usd. afxmadrid@afxnews.com jdy/joy COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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