Kazakhstan is planning to abandon production sharing agreements for future natural resource contracts but will respect existing PSA's, Kazakh Prime Minister was quoted by the state news agency Kazinform as saying Thursday.
"We need to develop effective duties and revise ways taxes are paid," Masimov said. "We need to exclude PSA's from (future) natural resources contracts."
"As for earlier signed contracts, Kazakhstan will continue to comply with its obligations as stipulated in those contracts, as for new contracts we'll have to abandon it (PSA)," Masimov said.
Oil and gas-rich Kazakhstan is seeking to revise major oil and gas development contracts to increase its revenues from its natural wealth.
In January, Kazakhstan forced an Eni SpA-led (E) consortium to revise the PSA on the giant Kashagan field amid rising costs and repeated production delays. The Kazakh share in the project was doubled to the level of the largest Kashagan shareholders.