Brussels, 4 November 2006
Kazakhstan and the EU set the framework for their energy relations with the signature of a Memorandum of Understanding
On the occasion of the visit to the European Commission of Kazakh President Noursoultan Nazarbaev, the EU and the Republic of Kazakhstan signed today a Memorandum of Understanding (MoU) that establishes the basis for enhanced energy cooperation. Both parties have also initialled an Agreement for Cooperation in the Peaceful Uses of Nuclear Energy that will be signed officially at a later stage. “With these two documents, the Republic of Kazakhstan and the European Union have laid the foundations of constructive cooperation in the energy sector which will be extremely fruitful for both parts”, said the President of the European Commission José Manuel Durão Barroso.
The MoU signed today between Kazakhstan and the EU provides a basis for enhancing energy cooperation with one of the most important energy players in the Caspian region. Kazakhstan oil reserves are estimated at 9 Billion barrels and natural gas reserves estimated at almost 2 trillion cubic meters. Kazakhstan holds approximately 20% of the world’s known reserves of uranium which makes it the third largest producer of uranium in the world.
The MoU outlines two road maps for cooperation on enhancing energy security and industrial cooperation. This will include regular exchange of information concerning their respective energy polices, cooperation on energy transportation infrastructure of mutual interest and on development of environmentally clean technologies.
Similar Memoranda of Understanding have already been signed with other key energy suppliers or transit countries in the past, such as Azerbaijan and Ukraine. A MoU with Algeria is currently in an advanced stage of negotiation.
On the same occasion, a cooperation agreement was initialled between the Euratom Community and the Government of the Republic of Kazakhstan on the peaceful use of nuclear energy. The agreement will complete existing cooperation in nuclear safety and nuclear fusion by providing a stable framework for the development of nuclear trade between the two parties.