OREANDA-NEWS. Alexey Miller, Chairman of the Gazprom Management Committee and Uzakbai Karabalin, President of KazMunayGas have signed an Agreement on the major principles for joint venture creation and operation based on Orenburg Gas Processing Plant (Orenburg GPP).

Pursuant to the Agreement, the ownership stakes in the joint venture will be split on a parity basis. A core business activity of the joint venture will be the processing of hydrocarbons from the Karachaganak gas condensate field.

Karachaganak Petroleum Operating B.V. and KazRosGaz have also signed a 15-year Purchase and Sale Agreement for Karachaganak gas. The volume of acquisitions will annually make up 16 bcm. The Agreement stipulates establishing a price formula for gas purchases by KazRosGaz from the Karachaganak field.