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TATNEFT and KazMunayGas Develop Projects in Kazakhstan
TATNEFT and NC KazMunayGas signed agreements on the development of joint projects in the Republic of Kazakhstan.
The companies signed an Agreement of Intent to develop joint projects in the domain of geological exploration and development of oil fields, as well as a Framework Agreement and a project roadmap for the production of butadiene and its derivatives in the Republic of Kazakhstan.
The signing ceremony took place at the Summit of the Eurasian Economic Union in Kazan with the participation of Mikhail Mishustin, Prime Minister of the Russian Federation, Askar Mamin, Prime Minister of the Republic of Kazakhstan, and Rustam Minnikhanov, President of the Republic of Tatarstan. The development of further cooperation was confirmed with signatures by Nail Maganov, General Director of TATNEFT, and Alik Aidarbayev, Management Board Chairman of NC KazMunayGas.
The parties plan in the letter of intent to work together in the implementation of geological exploration and oil and gas projects within the territory of the Republic of Kazakhstan. The competencies of TATNEFT allow forming scientific and technical proving grounds for exploration and field development, designing field development with the selection and implementation of well interventions, methods of enhanced oil recovery, etc.
The Framework Agreement and the roadmap for the butadiene production project became a logical continuation of the Agreement on the basic terms of interaction in the area of the TATNEFT and NC KazMunayGas oil/gas and petrochemical project signed on April 5, 2021. TATNEFT plans to implement a project for the production of butadiene rubbers in the Atyrau region until 2025.
A project company will be organized in accordance with the new documents and a pre-investment stage with performance of a feasibility study for the project will be carried out.
The plans provide that the industrial production of butadiene rubbers will begin in the Atyrau region of the Republic of Kazakhstan in 2025 based on the raw materials of OOO Tengizchevroil. The planned production capacity amounts to 186 thousand tonnes of butadiene rubbers and 170 thousand tonnes of isobutane per year. Finished products will be supplied to the KamaTyresKZ tyre manufacturing factory in the Karaganda region (a joint venture between TATNEFT and the Allur group, Kazakhstan), as well as for export to European countries, Russia, China, Turkey and others.
Nail Maganov, General Director of PJSC TATNEFT:
TATNEFT and KazMunayGas contribute to strengthening the Eurasian Economic Community, to the implementation of the EAEU Economic Integration Strategy.
Our joint projects with Kazakhstan are actively developing. We are happy to share our technologies and competencies in the field of field development, including design, geological and technical modeling, and well construction with our colleagues. TATNEFT is always ready for an open dialogue with partners."
PJSC TATNEFT is one of the largest Russian vertically integrated oil companies, which dynamically develops crude oil and gas production, is involved in oil refining, petrochemicals production, operates a tyre manufacturing complex, a network of filling stations, power engineering, development and production of equipment for the oil and gas industry and a block of service structures.
JSC National Company KazMunayGas is the leading vertically integrated oil and gas company in Kazakhstan. KMG manages assets throughout the entire production cycle from exploration and production of hydrocarbons to transportation, refining and the provision of specialized services. The company, which was founded in 2002, represents the interests of Kazakhstan in the country's oil and gas industry."
Forward-looking statements: This press release contains certain statements regarding future events and expectations, which are forward-looking in nature. Any statement in this press release that is not a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ materially. PJSC TATNEFT shall assume no obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements.
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