Kazakhstan, South Korea to conduct exploration in Caspian shelf

Kazakhstan and South Korea plan to work together and to conduct exploration to find hydrocarbons and rare earth metals in Kazakhstan, South Korean President Lee Myung-bak said in Ak Orda today.

“We have agreed to start active operations at the Zhambyl field next year,” Lee Myung-bak said after his talks with Kazakh President Nursultan Nazarbayev.

Zhambyl deposit is located in the Kazakh part of the Caspian shelf.

Lee Myung-bak also said that Korean companies will participate in the construction of a gas chemical complex in Atyrau region.

President Nazarbayev added that both countries intend to unite forces for the extraction of rare earth metals.

“We will work to extract rare earth metals in exchange for advanced technologies with Korean companies,” Nazarbayev said. “South Korea’s technologies and industry are the best.”