FSUOGM: Kazakhstan ramps up claims against Kashagan consortium

Kazakhstan’s claims against the international consortium developing the giant Kashagan oilfield in the Caspian Sea have risen beyond $160bn, Bloomberg reported on August 12, after the government made fresh allegations of corrupt deals by the group.

It emerged in April that Kazakhstan’s government had increased its arbitration claims against the consortium, mostly for lost revenues, to more than $150bn citing past delays, cost overruns and technical setbacks. Astana has now added a further $10bn in damages to that price tag, and the amount may rise further, sources told Bloomberg.

Arbitrations have also rejected requests by the oil companies, which include China’s CNPC, Italy’s Eni, ExxonMobil, Kazakhstan’s Kazmunaygas, Shell and TotalEnergies, that the case be divided up. 

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