Kazakhstan Takes Greater Stake in Caspian Oil
The government of Kazakhstan has moved to double its stake in the rich Caspian Sea oil find. KazMunaiGaz (KMG) will increase its share to 16.8 percent of the Caspian Sea Kashagan oil project. Previously, Kazakhstan’s four major western partners, Italy’s Eni SpA (NYSE:E), Exxon Mobil (NYSE:XOM), France’s Total SA (NYSE: TOT) and Royal Dutch Shell (NYSE: RDS A) each held 18.5 percent in the project, with two other partners Conoco Phillips (NYSE: COP) and Inpex of Japan, holding the reaming shares. President Nazarbayev of Kazakhstan announced that the agreement will be “A restoration of justice.” The Kashagan project, which lies…