Date: 6 months ago   Category: Energy

The consortium with participation of Lukoil will pay to Kazakhstan more than $1 billion within the dispute over Karachaganak — Rambler News Service


The government of Kazakhstan and consortium Karachaganak Petroleum Operating which participant is Lukoil have signed the agreement on the principles of settlement of a dispute on accounting of income from oil sale, reports the Kazakhstan edition informburo with reference to the press service of the Ministry of Energy of the country. The consortium will pay to Kazakhstan monetary compensation of $1,1 billion. "Today the government of the Republic of Kazakhstan represented by the Ministry of Energy, the Ministry of Finance and authority – PSA LLP and also shareholders of the Karachaganak project represented by the Eni, Shell, Chevron, Lukoil and KazMunaiGas companies have reached basic agreements on friendly settlement of a dispute over the index of objectivity. The parties have signed the agreement on the principles fixing the main conditions of settlement", – it is said in the statement of the Ministry of Energy. Conditions of settlement of a dispute and the obligation for both parties are stated in the agreement. In particular, the consortium will pay to Kazakhstan monetary compensation of $1,1 billion. At the same time changes will be made to the mechanism of the section of production in the final production sharing agreement that will provide to Kazakhstan additional income from the project of about $ dollars 415 million till 2037 at the price of oil of $80 for barrel. Also the consortium will grant Kazakhstan a long-term loan for a period of 10 years for construction of the infrastructure project of $1 billion or will pay the equivalent value of a loan (in case of refusal the republics from a loan) in the sum about $200 million. The Ministry of Energy has noted that the cumulative monetary value of settlement is over $1,7 billion from which in the next years the state will receive about $1,3 billion for Kazakhstan. Also the government of Kazakhstan has agreed about adoption by consortium of obligations for timely implementation of investment projects, important for future development of Karachaganak. Previously the volume of investment is estimated at the sum to $5 billion with a possible additional gain of income for Kazakhstan till 2037 about $23,5 billion. Also the parties have agreed about possible supply of hydrocarbonic raw materials (oil and gas) on commercial terms for local oil refineries and for development of a gas-chemical complex in the West Kazakhstan region. The final agreement on settlement of a dispute over Karachaganak of the party is planned to be signed until the end of 2018. The Karachaganak gas-condensate field is located in the Burlinsky Region of West Kazakhstan region of Kazakhstan. The consortium Karachaganak Petroleum Operating B.V is engaged in development and development of the field., which includes Shell (29,25%), Eni (29,25%), Chevron (18%), Lukoil (13,5%) and KazMunaiGas (10%).

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