Kazakhstan Beats $1.2B Claims Over Axed Oil Contract

Law360, New York (June 15, 2012, 3:50 PM EDT) -- 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...
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