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Kazakhstan Legislation Could Mean Unilateral Cancellation Of Energy Contracts.

Publication: Mondaq Business Briefing
Publication Date: 04-OCT-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
On September 26, 2007, the lower house of the Kazakhstan Parliament voted unanimously to amend an existing law regarding subsoil use. If the amendment is approved by the Senate and signed by the President, it would grant 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 under which such action could be taken, other than to say that it could occur "in the event that a subsoil user's actions, when carrying out operations on subsoil use, lead to essential changes of the economic interests of the Republic of Kazakhstan." Apparently those definitions may be interpreted rather widely by the courts or in arbitration, especially when they relate...

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