Lukoil to Sign New Field Development Agreement with Kazakhstan after Conditions Improved for Investors

Lukoil plans to sign a new agreement on field development with Kazakhstan following the improvement of conditions for investors, the Russian oil company's president, Vagit Alekperov told reporters. 

"We expect that we will sign a new agreement on field development with Kazakhstan soon. Kazakhstan's legislation has been changed, it has become attractive for investors. It is very important for us to maintain and expand the competency that we have built here," Alekperov said. 

"The agreement and the protocol to it is the vector that makes it possible to feel how and where our support is needed," Alekperov said. 

Kazakhstan's new tax code, which came into effect on January 1, 2018, aims to streamline tax law, removing inefficient tax breaks and improving tax regulations, bringing tax and budgetary policy in line with economic realities, encouraging businesses to operate above board, expanding the tax base in the raw materials sector and improving the administration of VAT. 

Lukoil is currently involved in the development of the Karachaganak, Kumkol field and Tengiz project in Kazakhstan. 

Read full article at: Interfax