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Kazakhstan May Pay Up to $1.1 Billion for Karachaganak Stake

Kazakhstan may pay $700 million to $1.1 billion for 10 percent of the Karachaganak oil venture led by BG Group Plc and Eni SpA, said Timur Kulibayev, the head of the state wealth fund, Samruk-Kazyna.

The foreign partners, which include Chevron Corp. and Russia’s OAO Lukoil, must settle issues with the Oil and Gas Ministry before an agreement is reached, Kulibayev told reporters today in Astana, the Central Asia nation’s capital.