President of Kazakhstan Nursultan Nazarbayev confirmed that they would be signing 22 agreements with China on Saturday. The deals, which would include several agreements in the oil and gas sectors, would be worth USD 30 billion. Nazarbayev told reporters of the accord after he had met with President Xi Jinping of China.

"Among these (agreements) there are large-scale ones, including on cooperation in the oil and gas sector, which are essential for us," Nazarbayev said. Without going into details, he also added that an agreement had been reached for the construction of a new oil refinery in Kazakhstan.  

Chinese President Xi Jinping also confirmed that Kazakhstan had agreed for China to buy shares in the Kashagan offshore oil field. Earlier on Saturday, Kazakh officials had told Reuters that one of the agreements to be signed was the acquisition of state-controlled China National Petroleum Corp of an 8.33% stake in the Kashagan project for USD 5 billion.

Reuters also obtained a draft agreement which guaranteed loans to Kazakhstan's state holding company Baiterek from The China Development Bank and The Export-Import Bank of China.