Uralsk. August 17. Interfax-Kazakhstan -  Karachaganak Petroleum Operating (KPO) has decided to double funds allocated for the social development projects in West Kazakhstan oblast, West Kazakhstan akim Baktykozha Izmukhambetov told Interfax-Kazakhstan.

 "Until now the foreign company (KPO - "IF-K") has annually provided $10 million worth of funds.  We have managed to reach an agreement that starting from this year the amount will be increased twice," he said. 

 The KPO management committee made the respective decision in London.  According to the regional akim, a government regulation on this matter will be following soon.  

 Under the Final Production Sharing Agreement for the Karachaganak project, KPO is committed to spend $10 million on social projects annually.  

KPO develops Karachaganak oil and gas condensate field, the largest in the world, that holds an estimated 1.2 billion tons of oil and condensate and 1.35 trillion cubic meters of gas.

Under the Production Sharing Agreement concluded in 1997 for a period of 40 years the shares of the consortium's participants were allocated as follows: BG and ENI - 32.5% each, Chevron - 20% and Lukoil - 15%.