Politics
Kashagan Arbitration Court Invalidates $12 Billion of Cost Claim
Key Points
EXCLUSIVE Kashagan Arbitration Court Invalidates $12 Billion of Cost Claim An international court of arbitration invalidated about $12 billion of Kazakhstan’s claims against oil majors for disputed costs at the Kashagan field, according to people familiar with the matter. Kazakhstan was seeking to recoup about $20 billion of disputed costs related to the country’s second-largest oil field, which was brought into production years late and well over budget. The court of arbitration decided...
EXCLUSIVE
Kashagan Arbitration Court Invalidates $12 Billion of Cost Claim
An international court of arbitration invalidated about $12 billion of Kazakhstan’s claims against oil majors for disputed costs at the Kashagan field, according to people familiar with the matter.
Kazakhstan was seeking to recoup about $20 billion of disputed costs related to the country’s second-largest oil field, which was brought into production years late and well over budget. The court of arbitration decided that the government filed its case too late for costs incurred between 2011 and 2015, while allowing about $8 billion of other claims to proceed, the people said, asking not to be named because the information is private.