Source Pravda.Ru

Japan to invest into oil field development in Kazakhstan

On Wednesday, Kazakhstan's State Secretary, Foreign Minister Kosymzhomart Tokayev began his visit to Japan.

In Tokyo he will take part in a session of the joint Kazakh-Japanese economic committee, as well as meet Japanese ministers and members of parliament.

In connection with Tokayev's visit, Japan's Ambassador to Kazakhstan Toshio Tsunozaki held a press conference in Alma Ata. Japan "intends to make investments in hydrocarbon field development in the Kazakh sector of the Caspian shelf", he told journalists.

A Japanese oil company has already invested $200 million in the Kazakh oil industry, according to the Ambassador. These funds were allocated to conduct exploration works together with the National oil company, and a rich field was discovered as a result.

During his visit to Japan, Tokayev is expected to discuss a possibility of receiving grants to develop the railroad industry, health care, environment protection, and culture. He will also coordinate the project on the water-supply system for the republic's capital Astana, Japan is to allocate 21 billion yens for.

Direct Japanese investments in the Kazakh economy in 1993-2001 amounted to $336 million. The funds were used to develop railway transport, to build a bridge across the Irtysh River, to reconstruct Astana international airport and highways in Western Kazakhstan.

Trade volume between Kazakhstan and Japan last year equalled $160 million.

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