Birlesmis Muhendisler Burosu (BMB), a privately owned Turkish company, has signed an $11.7 billion agreement covering oil field operations and construction of an electrical power plant in Kazakhstan.
Agence France Presse quoted Ali Riza Bozkurt, head of BMB, as saying his company will operate reservoirs in Kenyak, Alibek Molla, Oymasha, and Akjar fields and "rehabilitate" South Jetibay field.
Middle East News Network said combined reserves of the first four fields amount to 81 million metric tons (591.3 million bbl).
BMB will build the turnkey, gas fueled, 1,350,000 kw power station in return for a share of oil production revenues in a deal that could be a model for future developments in the republic.
The combined cycle plant is to be built at Aktubinsk in Northeast Kazakhstan within 3 years.
The Turkish company will export its oil using existing or planned pipelines into Europe.
BMB will recover its exploration and development costs, after which profits will be used to finance the power station.
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