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Russia, Kazakhstan sign Caspian Sea agreement

October 15, 2015, 11:02 UTC+3

Russian President Vladimir Putin said the agreement will allow the countries to start oil production at sea

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Russian and Kazakh presidents Vladimir Putin and Nursultan Nazarbaev

Russian and Kazakh presidents Vladimir Putin and Nursultan Nazarbaev

© TASS/Mikhail Metzel

ASTANA, October 15. /TASS/. The document on the Caspian Sea signed Thursday will allow companies of Russia and Kazakhstan to start oil production at sea, the Russian President Vladimir Putin said.

"We have big plans on joint oil production in the Caspian Sea. We have signed an agreement on amendments to the 1998 agreement on the delimitation of the northern part of the Caspian Sea," Putin said after talks with the Kazakh President. "This will allow companies of the two countries to begin development of a large hydrocarbon field — Tsentralnaya geological structure."

Putin added that he discussed creating a common electricity market of Russia and Kazakhstan. "We are getting ready to construct the first nuclear power plant in Kazakhstan," Putin said.

He noted the strengthening of industrial cooperation between the two countries. In particular, Avtovaz plans to open a plant in Ust-Kamenogorsk, its capacity will be 120,000 cars per year.

The Russian president also said that the Russian and Kazakh scientists are working on creating a joint space-rocket complex. Cooperation in this area will also contribute to the intergovernmental agreement, which was signed Thursday, October 15. It involves cooperation on missile launches from GMD Dombarovsky.

According to Putin, the talks focused on cooperation in the framework of the Eurasian Economic Union. "The discussion included prospects of building mutually beneficial relations with third countries and international organizations," the president said.

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