Kazakhstan ready to invite Russia to participate in hydrocarbon exploration and production projects

ALMATY. Oct 12 (Interfax) - Kazakhstan is ready to invite Russia to participate in projects for exploration and production of hydrocarbons, Kazakh Energy Minister Bolat Akchulakov said.

Kazakhstan wants to maintain good relations with Russia in the energy sector, he said.

"Currently, there are several areas of cooperation [between Kazakhstan and Russia in the energy sector] and some new areas as well. They mainly focus on expansion of the energy resource base, oil and gas in the first place," Akchulakov said in an interview with Russia 24 TV.

Both Russia and Kazakhstan are working to increase their resource bases, according to the minister. To this end, Kazakhstan is going to introduce a revised version of the model contract for subsoil use, which will provide for tax preferences and reduce the administrative barriers for investors in exploration and production of energy resources.

"We are working with a number of Russian companies concerning both offshore fields in the Caspian Sea and onshore fields. Next year we will make additional proposals in order to boost cooperation with our Russia partners," the minister said.