"Profit from this project is assessed at $50 billion," Putin said after signing bilateral energy-related documents.
Kazakh President Nursultan Nazarbayev said the project was of global importance, adding that the deposit's reserves stood at one billion tons of oil.
The Kazakh Energy Ministry and Russian energy giant RAO UES signed a protocol establishing a joint enterprise using a state regional power plant to settle the debt of Kazakhstanenergo, Kazakhstan's national power grid.
The protocol says that settlement of Kazakhstanenergo's debt to RAO UES has been completed.
Putin said that under the agreement investment into the power industry would total $200-250 million, and that a way to settle debt liabilities had been found.