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Vladimir Putin submitted to the State Duma for ratification the Protocol Amending the Protocol to the Agreement between the Russian Federation and the Republic of Kazakhstan on Delimiting the Northern Part of the Caspian Seabed in order to Exercise Sovereign Rights to Subsoil Use of July 6, 1998, signed in Astana on October 15, 2015.
Currently, the countries exercising sovereign rights to subsoil use can conclude production-sharing agreements in accordance with their respective laws.
Russian Federation law, however, does not fully reflect the specific circumstances of developing hydrocarbon resources in the northern part of the Caspian Sea, and this prevents Russia from carrying out such activity with maximum benefit and could in the future lead to a decrease in revenue for Russia.
To this end, the Protocol defines the specific circumstances for developing hydrocarbon resources in the Tsentralnaya field, based on both countries’ interest in the joint development of this field’s hydrocarbon resources.
April 19, 2016