Russia's Lukoil and Kazakhstan's KazMunayGas have signed a binding agreement on key principles on the major Kalamkas-more project in the Kazakh sector of the Caspian Sea, Lukoil President and Co-Owner Vagit Alekperov told.

"We have signed a binding agreement on main principles on Kalamkas-more," he said.

Earlier, Kazakh President Kassym-Zhomart Tokaev said the country is launching the development of the offshore oilfield Kalamkas-more, with Lukoil to become its partner in this project.

Lukoil is a participant in several major projects in Kazakhstan. The company owns 13.5% in the Karachaganak project, one of the biggest oil and gas condensate fields globally, and 5% in the Tengiz project. Lukoil also holds 12.5% in the Caspian pipeline consortium, the only private major pipeline in the territory of Russia and Kazakhstan.

Moreover, in 2019, Lukoil signed a contract on the exploration and production of hydrocarbons in the Zhenis block in the Kazakh sector of the Caspian Sea. The company owns 50% in it. In the summer of this year, Lukoil signed an agreement with Kazakhstan's KazMunayGas on the purchase of 49.99% in the joint project Al-Farabi (previously known as I-P-2).

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