ALMATY, Oct 8 (PRIME) -- KazMunayGas and Russia's Lukoil will establish a joint venture to develop the Al Farabi project in the Kazakh sector of the Caspian Sea, KazMunayGas said on Thursday.
"The agreement will enter in force after KazMunayGas has received the rights for resource use by signing a contract for resource use and after completion of a planned deal between KazMunayGas and Lukoil to establish a joint venture with stake distribution as follows: KazMunayGas 50.01%, Lukoil 49.99%," KazMunayGas said.
KazMunayGas plans to send an application for direct negotiations with the Kazakh energy ministry to get the rights for the field.
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