Scotland to benefit from oil developments
A top oil and gas taxation expert has said that the development of Kazakhstan as a major oil producer could be hugely beneficial to oil companies and service firms in Scotland.
Derek Leith, head of UK oil and gas taxation at Ernst & Young, said that Aberdeen and other areas of Scotland could become focal points for companies looking to invest in the country, which is expected to generate £84bn in investments by 2015.
A seminar heard that experiences in the North Sea would also be significant in the future development of Kazakhstan’s oil and gas reserves, as well as standing Scotland in good stead for future foreign investment prospects.
Gerard Anderson, E&Y’s tax partner in Kazakhstan, said: ‘The best oil discovery in the world in the past 30 years was made in Kazakhstan and the industry believes more can be found.’