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Kazakhstan Says Karachaganak Case in Arbitration

Source: Reuters 5/28/2010, Location: Asia

Kazakhstan's $1.3 billion cost overstatement claim against the BG and ENI-led KPO consortium is being reviewed by an international arbitration court, the Kazakh prosecutor general's office said.

"The sides have taken the matter to an arbitration court," spokesman for the office, Nurdaulet Suindikov told reporters.

Kazakhstan accused KPO, in which the government wants a stake, of cost fixing in April but then closed the criminal case against it this month.

KPO, which also includes U.S. Company Chevron and Russia's LUKOIL, operates the Karachaganak gas condensate field under a production-sharing agreement (PSA) with Kazakhstan.

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