Kazakhstan invites Azerbaijan to geological exploration project

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Baku, Azerbaijan, Dec.5

Kazakhstan invites Azerbaijan to take part in the ‘Eurasia’ project for comprehensive geological exploration at Caspian depression, Kazakhstan’s Energy Minister Vladimir Shkolnik said.

He made the remarks during the briefing following the 12th session of Azerbaijan-Kazakhstan intergovernmental commission on economic cooperation in Baku.

Shkolnik, who is also a co-chair of the commission, noted that the two countries have strong relations in the sphere of energy.

“Azerbaijan has developed infrastructure which can be used for increasing the supply of Kazakh hydrocarbons to world markets,” he said.

Talking about the ‘Eurasia’ project, Shkolnik said that it is an international project that will involve large companies.

“If Azerbaijan wants, it can also take part in it,” he added.

The energy minister said that alongside with the oil sector, Kazakhstan is interested in expanding the cooperation with Azerbaijan in the spheres of transport, logistics, environment and agriculture.

‘Eurasia’ project envisages exploration of deep horizons of the Caspian depression onshore and offshore, on the territories of Kazakhstan and Russia.

The resource potential of the Caspian Sea region, especially the Caspian depression, nears 40 billion tons of standard fuel, according to expert estimations.

‘Eurasia’ project will be implemented in three stages. The estimated cost of the three stages of the project is about $500 million.

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