The Azerbaijan State News Agency

ECONOMY

KAZAKHSTAN AND CHINA TO SIGN AGREEMENT ON CONSTRUCTION OF OIL PIPELINE

23.04.2004 [19:45]
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The leaders of Kazakhstan and China will sign an agreement in May on construction of a new oil pipeline, said Kazakh Foreign Minister Kasymzhomart Tokayev in a press conference on April 22.

He said that both sides still have to agree on several technical questions regarding construction of the pipeline, but practically all important questions have already been decided including financing of the project. 'Primarily, Kazakhstan and China will pay for the project, though it is still possible that outside investors could be brought in,' said Tokayev. He added that the oil pipeline would be considered successful if it pumps 20 million tons of oil per year. 'The Chinese market is very large; therefore, we will not compete with other oil suppliers including Russia,' he said.