LONDON (Alliance News) - Chagala Group Ltd said Wednesday that its wholly owned subsidiary Caspi Ltd has renewed a "substantial" five year lease agreement with North Caspian Operations Co BV.
The lease agreement is for the Chagala Centre Office in Atyrau, Kazakhstan. North Caspian Operations is developing the Kashagan oil field in Kazakhstan's North Caspian Sea.
"We feel privileged to not only continue, but strengthen our partnership with NCOC, who has been our partner for many years now. I would like to thank NCOC and its leadership for their continued support and trust," said Chief Executive Officer Francisco Parrilla in a statement.
"Despite of the challenging trading environment we continue to see opportunity in Kazakhstan's oil and are encouraged by the efforts that the government is making to foster economic diversification and attract investment into the country. We remain well positioned to capitalise on these opportunities and are confident that Kazakhstan is able to continue its growth story," Parrilla added.
Shares in Chagala were untraded Wednesday, they last closed at USD1.50.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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