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Bloomberg: Kazakhstan sues Western oil and gas companies for billions of dollars

April 5, 2023
in Daily News
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Kazakh authorities have initiated international legal proceedings against unnamed Western oil and gas giants involved in the development of the republic's largest fields. This was reported by Bloomberg, citing sources close to the parties to the conflict.

The government of the republic demands to return to the state budget about $13 billion from partners in the Kashagan field development project and about another $3.5 billion from partners in the Karachaganak project. The authorities insist that the companies deliberately inflated their development costs between 2010 and 2019. Claims also relate to the conduct of tender works - some of them were carried out at inflated prices and were not completed in full.

Lawsuits are filed in the courts of Geneva and Stockholm, one of the most popular venues for international economic litigation. The agency notes that in case of victory, Kazakhstan will be able to return to the treasury a significant part of the income from the development of deposits. Representatives of the authorities of the republic refused to comment on the court proceedings. The consortiums North Caspian Operating Company and Karachaganak Petroleum Operating BV, which are involved in field development, also did not provide any comments.

The agency does not specify whether there are claims from the authorities against certain companies within the consortia specifically or against the joint ventures themselves as a whole. In both projects, in addition to the state company KazMunayGas, the largest Western oil and gas companies are involved. Shell and Eni are developing Karachaganak, which have invested about $27 billion in the development of the project, while Shell, Exxon Mobil, Eni and TotalEnergies are participating in Kashagan, which have invested about $50 billion in development. In addition, companies developing Kashagan face a fine for environmental violations in the amount $5.1 billion

President of Kazakhstan Kassym-Zhomart Tokayev has previously announced a large-scale program to support Kazakh families. According to it, each child will have his own account in the national fund of Kazakhstan, which will be replenished from the oil and gas revenues of the state. Against this background, local authorities decided to revise the rules for holding tenders in the oil and gas industry in Kazakhstan.

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