Kashagan development cost to be cut by $1 bln

Reuters - Friday, July 3

ASTANA, July 3 - The cost of developing Kazakhstan's huge Kashagan oilfield will be cut by at least $1 billion, Kazakh Energy Minister Sauat Mynbayev said on Friday.

"The managing committee has adjusted the budget ... due to the current price dynamics for equipment and other items," Mynbayev told reporters. (Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Maria Golovnina)