India and Kazakhstan Held Inter Governmental Commission Meeting

During the 8th meeting of the India-Kazakhstan Inter Governmental Commission (IGC) held in New Delhi on 6 December 2010, Kazakhstan agreed to speed up the process of transferring 25 percent share from KazMunai Gaz JSC to OVL (ONGC Videsh Limited) of India in Kazakhstan’s Satpayev oilfield. If the agreement comes in force, OVL will hold 25 percent stake in Satpavey while the rest 75 percent will be held by KazMunai Gaz. India and Kazakhstan also held discussions on Trade, Economic, Scientific, technological, industrial and cultural cooperation. Murli Deora, Union Minister of Petroleum and Natural Gas led the Indian delegation in IGC while his counterpart Sauat Mynbayey led the delegation from Kazkhstan. The highlights of the IGC talk between India and Kazakhstan are as following:
•During the Inter Governmental Commission Talk, India and Kazakhstan agreed to hold the first meeting of the Joint Working Group on Trade and Economic Cooperation in January 2011.
•Moreover, India and Kazakhstan agreed to hold the second meeting of Joint Working Group to increase technical as well as military cooperation between them.
•India and Kazakhstan also finalised the agreement in the area of Mutual Legal Assistance.
•Both nations agreed to finalise an agreement on cooperation in the field of Education, Health and Medicine.
•Both sides agreed that the 9th meeting of the IGC (Inter Governmental Commission) will be held in Astana, Kazakhstan. 
•ONGC Videsh Ltd (OVL) will sign a formal agreement for taking 25 percent stake in Kazakhstan’s Satpayey oilfield by the end of February 2011.

The Agreement between OVL and Kaz Munai Gaz JSC
The initial agreement to share the stake in Kazakhstan’s Satpavey oilfield was signed between Kaz Munai Gaz JSC and OVL along with OVL’s partner Mittal Investment Sarl (the holding firm of steel baron Lakshmi Mittal) during Kazakhstan President Nursultan Nazarbayey’s India visit in January 2009. In November 2009, Mittal left the project and OVL decided to take the whole 25 percent stake on its own.

Besides the above agreements, India and Kazakhstan also noticed the need to call a meeting of the Joint Science and Technology Committee at the earliest to implement the Program of Cooperation (signed in September 2009) for the period 2009-11 in the areas of Bio technology, Chemical Catalyst and Nano technology.

India and Kazakhstan also showed readiness to finalise an agreement on cooperation in the area of agriculture and allied sectors. Both nations also expressed their desire to sign A MoU (Memorandum of Understanding) in the field of Cyber Security as well.

NPC (Nuclear Power Corporation) of India decided to export reactors in the range of 220 Mw, 540 Mw and 700 Mw to Kazakhstan. Kazakhstan has more than 15 percent of global reserves of uranium, which is the main source of nuclear energy. 

Nursultan Nazarbayey had visited India in January 2009 and during his visit India and Kazakhstan had signed the declaration on strategic partnership between India and Kazakhstan.

Important Information
Satpavey oilfield in Kazakhstan has 256 million tonnes (1.75 billion barrels) of oil reserves and a maximum output of 287000 barrels per day.