France enters Kazakh energy market

ASTANA, Kazakhstan, Oct. 7 (UPI) -- The French and Kazakh presidents have agreed that France will participate in building a Caspian pipeline to Azerbaijan and Europe.

Interfax-Kazakhstan news agency reported Tuesday that following their discussions, Kazakh President Nursultan Nazarbayev and French President Nicolas Sarkozy held a joint news conference in which Nazarbayev told journalists, "An agreement has been reached on the French side's participation in the project to construct the main export oil pipeline from the Caspian Sea to Baku and Europe. This is an exceptionally important project which forms the base of the arteries of the transport system for Kazakh gas and oil to Europe." Nazarbayev added that Kazakhstan and France have also agreed to cooperate in prospecting and developing Kazakh oil and natural gas deposits.

The total value of agreements reached by the two presidents is more than $6 billion and position France as a key investor in the Kazakhstan's resource-rich energy sector.