December 9, 2011 / 12:30 PM / 7 years ago

Kazakhstan nears $1 bln deal to join gas project-sources

ALMATY/DOHA, Dec 9 (Reuters) - Kazakhstan and the owners of the Karachaganak oil and gas field expect next week to sign a deal to transfer a 10 percent stake in the project to the Central Asian state in return for $1 billion and the withdrawal of legal claims, two sources close to negotiations told Reuters.

Consortium members BG Group, ENI, Chevron and LUKOIL will sell stakes on a pro-rata basis to allow the Kazakh state to enter the project, said one of the two sources and a third source close to the negotiations.

“Everything major that has been a bone of contention will go away,” one of the three sources said on Friday.

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