China and Kazakhstan on Wednesday vowed to deepen the cooperation on energy and resources.

 

"Based on the current projects, China and Kazakhstan should further boost the cooperation on energy, resources and other fields," Chinese Vice Premier Zeng Peiyan said in a meeting with Kazak Deputy Prime Minister and Economic Minister Aslan Musin in Beijing on Wednesday.

 

Musin was invited to Beijing by China's CITIC Group, which acquired the Kazakhstan oil assets of Canada's Nations Energy Company Ltd. for US$1.91 billion at the end of 2006.

 

The acquisition allowed CITIC to develop the Karazhanbas oil and gas field in Mangistau Oblast until 2020. It has proven reserves of more than 340 million barrels of oil and produces more than 50,000 barrels a day.

 

A Sino-Kazakh oil pipeline, extending 962.2 km from Atasu in Kazakhstan to the Alataw Pass, was also completed in 2005 at a cost of US$700 million.

 

Zeng proposed the two countries create favorable conditions for companies to expand investment.

 

Zeng said the two countries had deepened their cooperation on politics, trade, energy and security.

 

As China and Kazakhstan were complementary in economy and enjoyed good prospects for cooperation, Zeng said.

 

Musin said Kazakhstan would like to expand the substantive cooperation with China and continue to develop bilateral ties.

 

(Xinhua News Agency June 7, 2007)