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“Principal issues” over Karachaganak tax claim resolved 0

Posted on October 15, 2011 by Alex

Kazakhstan and a consortium of Western oil companies have resolved all  “principal issues”  surrounding a long-running tax dispute over the Karachaganak oil and gas field, the Kazakhstan-Novosti news agency reported on Thursday, citing Kazakhstan’s Finance Minister Bolat Zhamishev.

“In general, the principal issues  have been  resolved,” Zhamishev told journalists on the sidelines of a parliament meeting.  “But, as always, the devil is in the details. And now, we are working out these details.”

Zhamishev refused to disclose the nature of the tax claim resolution, saying the process is yet to be finalized and negotiations are still ongoing.  He did not speculate on when a final deal would be reached.

Earlier this month, Kazakhstan’s Oil and Gas Minister told the Kazenergy oil and gas summit in Astana that the government would not drop its tax claim against Karachaganak Petroleum Operating (KPO),  the consortium,  saying that there would be “no write-offs of taxes in return for a stake in Karachaganak.”

Later during the same event, Timur Kulibayev, head of the state-owned  holding company  Samruk-Kazyna, said Kazakhstan was willing to pay up to $1.1 billion for a stake in the Karachaganak project, once the tax dispute is settled.

Despite the Kazakh government’s denials, analysts see the tax claim  as a pretext  for Kazakhstan  to force its way into the Karachaganak project, the only major oil and gas venture without direct Kazakh participation.

SOURCE: SRI, Kazakhstan Daily News Brief, Issue dated October 14, 2011

Kazakhstan Daily News Roundup – January 20, 2011 0

Posted on January 20, 2011 by KazCham

HEADLINES:

Kazakhstan recovers $143 million from Karachaganak venture – customs committee
(SRI) – Kazakhstan’s customs authorities recovered KZT21 billion ($143 million) in 2010 from Karachaganak Petroleum Operating (KPO), the Western-led consortium developing the Karachaganak gas condensate field, the customs committee said in a statement on Wednesday.

Russian group buys Ablyazov’s flagship real estate project in Moscow
(SRI) – Eurasia Logistics, controlled by Mukhtar Ablyazov, the fugitive former head of Kazakh BTA Bank, has sold the Northern Domodedovo logistics center in late 2010, Russia’s RBC Daily newswire reported last week.

Unicredit dismisses talks of selling Kazakhstan subsidiary
(SRI) – Unicredit, the Italian banking group, has no plans to exit Kazakhstan or any other Eurasian markets, the head of the group’s Central and Eastern Europe division said on Wednesday.

BUSINESS AND ECONOMY:

Halyk Bank to issue 10-year Eurobonds (SRI)

National Bank of Kazakhstan: Exchange rates January 20, 2011 (Kazakhstan Today)

Indicators – January 19, 2011 (Reuters)

POLITICS:

Kazakh rights activists say Zhovtis parole denial linked to referendum (RFE/RL)

Former Kazakh officials on trial for ‘high treason’ (RFE/RL)

REGIONAL:

Gazprom to buy more Central Asian gas in 2011 (Reuters)

Shifting Afghan drug trade threatens Central Asia (Reuters)

Source: http://silkroadintelligencer.com/2011/01/20/kazakhstan-daily-news-roundup-january-20-2011/



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