Russia and Kazakhstan have huge plans on joint oil extraction at the Caspian

​Russia and Kazakhstan have huge plans on joint oil extraction in the Caspian Sea, the President Putin said.

Mr. Putin reminded the Kazakh oil is pumped to the external markets via Russia. An agreement on the demarcation of the northern part of the Caspian Sea has been signed. It will allow the companies to start the development of a large hydrocarbons deposit.

On Thursday Mr. Putin and Mr. Nazarbaev signed a protocol on the introduction of changes to the protocol of the agreement between Russia and Kazakhstan on the demarcation of the bottom of the northern part of the Caspian Sea to execute the sovereignty rights for subsoil use as of July 6th, 1998.

Previously the assistant to the President of Russia, Y. Ushakov, said that the document regulates the issues of joint development of the oil bearing structure “Central”.