Astana to terminate 40 contracts on idle bowels of earth till end of 2013
About 40 contracts on use of bowels of earth will be terminated in Kazakhstan till the end of 2013, Aset Isekeshev, Kazakhstan Minister of Industry and New Technologies, said at a briefing in Astana.
“Till the end of the year we will do work on the idle fields and I think we will terminate at least 40 contracts on the nonworking fields,” Isekeshev said.
He assured that the work will be continued till “all the fields will work as the government wants it to.”
Commenting on the revision of the conditions of the contracts for bowels of earth, Minister said that many projects and programs have been concluded “7-10 years ago and we believe that the investors’ commitments were understated there.”
“We revise every our project and work on the technical project, which is economically substantiated, and specify legal obligations in the contracts. The investors’ commitments related to use of bowels of earth in Kazakhstan worth $27 billion will be secured in the contracts till the end of the year,” Minister concluded. –0--
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