CNPC to form JV with KazMunaiGas
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China National Petroleum Corp and KazMunaiGas started construction on the second phase of the China-Kazakhstan natural gas pipeline last December. |
China National Petroleum Corp (CNPC) announced Wednesday that it will set up a joint venture with Kazakhstan's KazMunaiGas to explore and develop the Urikhtau gas field, National Business Daily reported.
The 50-50 owned joint venture will produce gas for the second phase of the China-Kazakhstan natural gas pipeline project.
The pipeline, which will have a gas transmission capacity of 10 to 15 billion cubic meters, consists of two sections. CNPC and KazMunaiGas started construction of the first section last December, which will be a 1,164-kilometer gas line from Bozoi to Shymkent with an annual transmission capacity of 6 billion cubic meters. The gas line will be extended by 311 kilometers to Beyneu in the second phase of the project.
China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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