Kazakhstan, Oil Cos. Reach $1.9B Settlement In Profit Row
Law360 (December 15, 2020, 10:09 PM EST) -- Kazakhstan has reached a settlement with subsidiaries of four major oil companies and will receive $1.9 billion, ending a multiyear dispute over the allocation of profits of a major oil and gas field, according to Curtis Mallet-Prevost Colt & Mosle LLP.
The settlement includes an upfront $1.3 billion cash payment from the companies to Kazakhstan plus an additional $600 million to be paid out to the country through the end of 2037, according to Curtis, whose lawyers represented Kazakhstan in both arbitration and negotiations stretching back to 2014.
The agreement was reached over the weekend and resolves a confidential arbitration between...
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