Kazakhstan Beats $1.2B Claims Over Axed Oil Contract

Law360, New York (June 15, 2012, 3:50 PM ET) -- Kazakhstan has beaten an oil company's claims for $1.2 billion in damages related to a canceled exploration contract — allegedly linked to a power struggle within the country's ruling family — after an arbitration panel ruled that Caratube International Oil Co. LLP does not have standing to bring the proceedings.

The dispute stems from a 30-year concession to explore and drill oil fields in central Kazakhstan which was terminated by the authorities in 2007. Caratube says the move was related to a political fight between the...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required