Kazakh President Calls on CIS to Set Up Union Similar to OPEC

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Last updated at: (Beijing Time) Friday, November 30, 2001

Kazakh President Calls on CIS to Set Up Union Similar to OPEC

Kazakh President Nursultan Nazarbayev on Thursday called on the Commonwealth of Independent States (CIS) oil-producing countries to create an organization like the OPEC.

Kazakh President Nursultan Nazarbayev on Thursday called on the Commonwealth of Independent States (CIS) oil-producing countries to create an organization like the OPEC.

"I made such a proposal to Russian President Vladimir Putin at our meeting today," Nazarbayev said at a news conference. He arrived in Moscow earlier Thursday for attending the CIS 10th anniversary summit slated for Friday.

"I think we should set up a sort of oil and gas alliance in the CIS," he said, adding that Turkmenistan, Uzbekistan and Azerbaijan can join such a Russia-Kazakhstan coalition.

On the sliding international oil prices, Nazarbayev said that Kazakhstan has made necessary steps to protect its economic interests. In part, the country has created a development fund, the hard currency reserves of which could reach 1.5 billion U.S. dollars next year.

All the oil companies in his country have been guaranteed against the impact of possible price crises, he said.

Kazakhstan did not get appeals from OPEC to cut down crude oil output, Nazarbayev confirmed.

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