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Kazakhstan reschedules negotiations with Karachaganak consortium for 2018

25 December 2017 18:25 1626
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Kazakhstan reschedules negotiations with Karachaganak consortium for 2018

ASTANA. KAZINFORM Vice Minister of Energy of Kazakhstan Magzum Mirzagaliyev commented on the settlement of the dispute with Karachaganak consortium, Kazinform correspondent reports.

"We and the shareholders still have a clear understanding of the ‘friendly settlement', and, keeping to it, we will discuss any project the Karachaganak consortium will offer our country. We have not  agreed on this project yet, i.e. we have not assessed it, because within the framework of the ‘friendly settlement' we have to assess the base - how much the country claims, accordingly, as far as the consortium agrees. And then, after we assess a particular conditional compensation, we can discuss it in exchange for some project," Magzum Mirzagaliyev clarified.

He also added that 'the issue is unlikely to be resolved by the yearend, and, therefore, the resolution of the issue has been rescheduled for Q1 2018.

Earlier, mass media reported that Kazakhstan has filed a $1.6 billion claim against the consortium led by BG Group Plc and Eni SpA, which is developing the large Karachaganak oil and gas condensate field. The dispute between the Kazakh government and the consortium arose over the calculation of profit shares.

In July 2016, Kazakh Energy Minister Kanat Bozumbayev stated he was conducting 'friendly negotiations' with KPO shareholders. He said the information that the country intends to resort to arbitration contradicts the reality.


Keywords: Oil & Gas, Economy,
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