Kazakhstan Withholds Details On Claims Against Consortium Developing Kashagan Field

2024-04-17 10:08:37

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, April 17. Kazakhstanconsiders information regarding the amount of the claim against theconsortium developing the Kashagan field as confidential, saidAdviser to the Minister of Energy of Kazakhstan Shyngys Ilyasov,Trend reports.

He made the comments in connection with Bloomberg's publicationabout the increase in the amount of the claim.

"According to the terms of the provisions of the productionsharing agreement for the North Caspian project, details ofarbitration disputes and claims are not subject to disclosure. Thisis a purely commercial dispute that the parties intend to resolvethrough arbitration procedures," he said.

Earlier, Bloomberg, citing a source, reported that Kazakhstanincreased the amount of claims against the developers of theKashagan field to $150 billion. Previously, the country'sauthorities had already demanded $15 billion from the North CaspianOperating Company N.V. (NCOC), the operator of Kashagan, but nowthey have increased the demands by another $138 billion.

This amount includes the loss of profits from the potential saleof oil, which investors promised to make available to thegovernment.

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