Baku, Azerbaijan, April 7
By Ali Mustafayev – Trend:
Negotiations on resolution of the dispute on calculation of profit shares between Kazakhstan and Karachaganak Petroleum Operating are being postponed for several months, the Vice-Minister of Energy of Kazakhstan Magzum Mirzagaliyev said at a press conference.
"Discussions on Karachaganak project remain active. We meet almost daily with the representatives of Karachaganak Petroleum Operating. Considering that the list of issues that we are discussing is big, we agreed to extend negotiations until May-June 2018. We still hope that during this time we will be able to agree on everything," said Mirzagaliyev.
The first memorandum on the settlement of the dispute over the calculation of shares of profit between Kazakhstan and the shareholders of the Karachaganak Consortium was extended until the end of the first quarter of 2018. The parties have already started to find common solutions of the issue, according to Minister of Energy Kanat Bozumbayev.
Previously Kazakhstan sued a consortium led by BG Group Plc and Eni SpA, which is developing the oil and gas condensate giant Karachaganak field, for $1.6 billion.
The dispute between Kazakh authorities and the consortium was over the calculation of profit shares.