Kazakh President Nursultan Nazarbaev has signed a law ratifying an agreement with China on the development and operation of a joint oil pipeline.
The presidential press service said that, according to the law signed by Nazarbaev on October 17, the 2,228-kilometer pipeline -- running from Kazakhstan's Caspian Sea shore to the Xinjiang-Uyghur Autonomous Region in western China -- will be controlled by Kazakhstan's KazMunaiGas state company and the Chinese National Petroleum Corporation.
Currently, the pipeline is controlled by a number of Kazakh-Chinese joint ventures.
The agreement establishes a unified tariff for the transportation of Kazakhstan's oil along the pipeline, regardless of the distance from an entry point.
The Kazakh-Chinese agreement was originally signed in December 2012 and ratified by Kazakhstan's parliament last month.
The presidential press service said that, according to the law signed by Nazarbaev on October 17, the 2,228-kilometer pipeline -- running from Kazakhstan's Caspian Sea shore to the Xinjiang-Uyghur Autonomous Region in western China -- will be controlled by Kazakhstan's KazMunaiGas state company and the Chinese National Petroleum Corporation.
Currently, the pipeline is controlled by a number of Kazakh-Chinese joint ventures.
The agreement establishes a unified tariff for the transportation of Kazakhstan's oil along the pipeline, regardless of the distance from an entry point.
The Kazakh-Chinese agreement was originally signed in December 2012 and ratified by Kazakhstan's parliament last month.