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01/09/2010 - PetroKazakhstan and Lukoil Overseas Kumkol signed peace agreement conc

Exploration and Extraction KazMunaiGas informs that PetroKazakhstan Inc. and Lukoil Overseas Kumkol B V. signed peace agreement concerning Turgai Petroleum JSC on August 16, 2010, the agency reports citing the company's press service.
According to KMG press service, the dispute regarding the priority right of Lukoil Overseas to acquisition of a 50 percent share in
?urgai Petroleum arose between Lukoil Overseas and PetroKazakhstan in 2005. "The Chamber of Commerce of Stockholm made the final decision (case ?5 (066/2004), in which the priority right of Lukoil to acquisition of a 50 % of ?urgai Petroleum share on October 28, 2009 ... In connection, with the dispute, PetroKazakhstan has stopped consolidation of results of ?urgai Petroleum in its financial reporting since 2010. On the basis of final decision, Lukoil Overseas has confirmed the acquisition right of a 50 percent share in financial reporting and receiving of indemnification of the loss and the loss percentage."


 





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