Amendment Affects Energy Contracts In Kazakhstan

Law360, New York (November 13, 2007, 12:00 AM EST) -- On Oct. 24, 2007, the President of Kazakhstan signed new legislation which amends an existing law regarding subsoil use. The amendment took effect upon official publication early in Nov. 2007, and gives the government the unilateral right to modify or cancel production sharing agreements and contracts for underground resources (“Energy Contracts”) in order to “protect the national interests…and safeguard the economic security of the Republic of Kazakhstan.”

The amendment to Article 45-2 of the Law “On Subsoil and Subsoil Use” does not spell out the conditions...
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