Sazankurak Field Expansion Summary Of Project Information (SPI)    Project NameKazakhstan - First International Oil Corporation    RegionCentral Asia, Middle East and North Africa   Sector   Project No010056   Projected Board DateMay 29, 2000   Company NameFirst Internaitonal Oil Corporation   Technical Partner and/or Major Shareholders    	The project will be implemented by the Sazankurak Joint Venture Joint Stock Company (SJV), a locally incorporated Kazakh company.  SJV is owned (97.5%) by First International Oil Corporation (FIOC), of the United States and (2.5%) by Atryraumunaigasgeologia (AMG) of Kazakhstan.  FIOC is an independent exploration and development company organized in 1996 for the purpose of exploring and developing hydrocarbon deposits in the Caspian region of Central Asia.  AMG is a previously state-owned drilling company that was privatized in 1996.    Project Cost Including proposed IFC investment    	Project cost is estimated at US$40 million.  The proposed IFC investment consists of an up to $US12 million loan to SJV and a US$8 million equity investment in FIOC.            Location of project and Description of site         The project involves the expansion of the Sazankurak oilfield in western Kazakhstan.  The Sazankurak field is located 154 kilometers west of the city of Atyrau on the northern edge of the Caspian Sea within the Pre-Caspian Basin.  The field encompasses 500 hectares and is located in a very isolated area with no surrounding industry.  The nearest population center is approximately 20 kilometers to the west.           Description of Company and Purpose of Project        The project involves the expansion of the Sazankurak oilfield in western Kazakhstan.  Existing facilities for the field include a base camp, 2 collecting stations, 2 storage tanks and a rail-loading terminal.   IFC financing would play an important role in providing a needed source of long-term finance for projects in Kazakhstan.  Due to concerns about the country''s political risks, and access to export markets, the international financial institutions have been reluctant to meet this need.  IFC financing of this project would represent a needed alternative that would not otherwise be available.  In addition, IFCs participation in this first project would support the countrys effort to develop its oil sector and would signal that there is opportunity for smaller, independent companies to participate in its growth. The project would generate foreign currency and taxes for Kazakhstan, create local employment in a remote area of Kazakhstan, and provide funding for training and social programs.      Environmental Category and Issues    	This is a category B project according to IFCs environmental and social review procedure.  Key issues reviewed included: air emissions; noise from drilling and operations; water supply and disposal; contamination of the proposed site from current or past operations, on or offsite; occupational health and safety issues including fire protection, emergency response, and control of employee exposure to noise and dust; liquid and solid waste disposal; and resettlement of people or economic dislocation caused by land acquisition for the project.  The company has plans, including an Environmental Management Plan, to address these issues and has demonstrated that the proposed project will comply with applicable Kazakhstan and World Bank Group requirements.         The  is  from the InfoShop.   Host country location of environmental documentsCommunity of Akkystau:	   Office of the Deputy Akim,    Isatai District    JV Sazankurak JSC:			   3 Saptaev Street   Atyrau City   Tel: (31222) 33035    Environmental Protection   Administration of Atyrau Oblast:		   137 Chapayev Street   Atyrau City	   Tel: (31222) 33035         Date SPI sent to InfoShop April 14, 2000   This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors.  It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration.    For Additional Information contact:  Corporate Relations Unit -   telephone: (202) 473-7711   facsimile: (202) 974-4384  Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).