20 Sep 2011 10:57

Nazarbayev, Sarkozy welcome Total's expansion in Kazakhstan

ASTANA. Sept 20 (Interfax) - Kazakh President Nursultan Nazarbayev and his French counterpart Nicolas Sarkozy back the intention of France's Total to expand its activities in Kazakhstan.

"The presidents noted the role of Total in the implementation of the North Caspian Project and expressed hope for the earliest commencement of oil production at the Kashagan field," said a joint declaration by the two presidents following Nazarbayev's visit to Paris.

Total, visa Total EP Kazakhstan, has a 16.81% stake in North Caspian Operating Company (NCOC), which is delivering the Kashagan project.

The other shareholders are Agip Caspian Sea B.V. (16.81%), KMG Kashagan B.V. (16.81%), ConocoPhillips North Caspian Ltd. (8.4%), ExxonMobil Kazakhstan Inc. (16.81%), Inpex North Caspian Sea Ltd. (7.56%) and, Shell Kazakhstan Development B.V. (16.81%)