Kazakhstan and India singed an agreement on Saturday to hand over a 25 percent stake in the Satpayev project to ONGC Videsh Limited, RIA-Novosti reports.
The Indian side will make an initial payment of $80 million for the asset, while the main payments will be made in the future depending on the results of exploration, Kazakhtan Oil Minister Sauat Minbayev told journalists after the signing ceremony Saturday.
According to Minbayev, "Plusses for KMG include the Indian side, which will get 25 percent of the project, financing all of the exploration
The minister clarified that the volume of the investment was still being finalised. "Whatever the investment programme is, it will be financed by the India side", he said.
The Satpayev block in in the North CAspian, 90 kilometres from shore.
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