Signed today, in the presence of the President of the Republic of Kazakhstan, Nursultan Nazarbayev, and the President of the Italian Council of Ministers, Matteo Renzi, a strategic agreement between the President of the Board of Directors of KazMunayGas (Kmg), Sauat Mynbayev, and the Eni delegate, Claudio Descalzi.
Under the terms of the agreement, Kmg and Eni will receive 50% of the exploration and production rights for Isatay, an off-shore exploration area in the Northern Caspian Sea. The block is estimated to have significant oil resource potential and will be managed by a joint operating company.
The pact also provides for the construction of a shipyard in Kuryk on the coast of the Caspian Sea, in the Mangystau region. The site will be managed by a company formed by Eni and Kmg. This agreement further strengthens Eni's presence in Kazakhstan, where it is co-operator of the Karachaganak field and equity partner in various northern areas of the Caspian Sea, including the giant Kashagan field.
