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| Kazakhstan and the EU set the framework for energy relations On the occasion of the visit to the European Commission of Kazakh President Noursoultan Nazarbaev, the EU and the Republic of Kazakhstan signed today a Memorandum of Understanding (MoU) that establishes the basis for enhanced energy cooperation. Both parties have also initialled an Agreement for Cooperation in the Peaceful Uses of Nuclear Energy that will be signed officially at a later stage. Kazakhstan oil reserves are estimated at 9 Billion barrels and natural gas reserves estimated at almost 2 trillion cubic meters. Kazakhstan holds approximately 20% of the world's known reserves of uranium which makes it the third largest producer of uranium in the world. Similar Memoranda of Understanding have already been signed with other key energy suppliers or transit countries in the past, such as Azerbaijan and Ukraine. A MoU with Algeria is currently in an advanced stage of negotiation. write your comments about the article :: © 2006 Construction News :: home page |