Middle East Economic Survey

VOL. LII

No 28

13-Jul-2009

CASPIAN

Kashagan Costs Estimate Reduced By $1Bn

Kazakhstans state oil and gas company KazMunaiGaz (KMG) issued a statement on 2 July saying that the global economic crisis has had a substantial impact on the global market, which will affect the Kashagan project participants obligations. This decision is expected to significantly cut project expenditures for Kazakhstan and the Kashagan consortium members, while abiding by a development timeframe...