Kazakhstan’s state oil and has company and Russia’s Tatneft on 11 July signed a Memorandum of Understanding to boost oil and gas cooperation between the two companies.

KazMunayGas Chairman Alik Aidarbayev and Samruk-Kazyna Chairman Akhmetzhan Yesimov visited Kazan city, Tatarstan’s capital, where they met with Tatarstan Republic President Rustam Minnikhanov, agreeing to start a new stage of cooperation in the oil and gas field.

In particular, the parties discussed the possibilities of interaction between enterprises of the Republic of Tatarstan and KMG in matters of exploration, oil and gas chemistry, technical cooperation and digitalization.

The parties signed a Memorandum of Understanding between KazMunayGas and Tatneft. The parties identified areas of cooperation in the field of geological study and joint exploration in Kazakhstan and Russia; introducing new oil production technologies and sharing experience in digitization of production.

Aidarbayev, noted that Tatneft and KazMunayGaz companies have long-standing and strong relations in the field of technical information exchange and training of specialists.

“I am confident that with the signing of the Memorandum, we will launch a new phase of a large joint journey. Prospects for the development of the Caspian Basin oil and gas basin are of great interest among large international oil companies. Russian, including Tatarstan companies could become an active participant in this process,” Aidarbayev said.

The parties stressed that the meeting in Kazan will strengthen the partnership between the leading oil and gas companies of Kazakhstan and Tatarstan.