Delays have slowed down the signing of a production-sharing agreement (PSA) to develop the Khvalynskoye gas field in the Caspian Sea, which straddles the maritime border between Russia and Kazakhstan. Russia's energy ministry said last week it had established an intergovernmental commission to implement the Khvalynskoye project, a consortium consisting of Russia's top independent Lukoil (50%), Kazakh state Kazmunaigas (25%), French Total (17%) and GDF Suez (8%). According to Russian Deputy Energy Minister Anatoly Yanovsky, it will take two years to prepare PSA -meaning it won't be ready until 2013, at least a year behind schedule (IOD Apr.27,p1).
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