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U.S. Ambassador to Kazakhstan commented on Karachaganak and Kashagan contracts

10 january 2012, 18:00
0
Hydrocarbons processing facility of Karachaganak Petroleum Operating. ©REUTERS
Hydrocarbons processing facility of Karachaganak Petroleum Operating. ©REUTERS
U.S. Ambassador to Kazakhstan Kenneth J. Fairfax gave his comments on Kashagan, Tengiz and Karachaganak contracts during an online-conference at Tengrinews.kz.

In particular, the diplomat answered the reader’s question on why American authorities are pressuring Kazakhstan in its attempts for a consistent course to restore the lost balance of interests on these major oil and gas projects. According to Fairfax, the reader got the U.S. policy wrong.

“Contracts have to be followed both by the countries and private companies. If countries or certain parties terminate a contract just because they find this solution comfortable or because circumstances change, such contract will have no value and the whole economic system of our world will suffer from it,” the ambassador said.

“During 20 years Kazakhstan government was signing agreements with many investors, both foreign and local, and this helped Kazakhstan gain a strong reputation of a country that duly performs its obligations under the agreements. Such reputation if very important for Kazakhstan, as it helps develop and diversify the economy. Investors have to be confident that terms of the contract will remain unamended during the whole duration of such contract,” Fairfax added.

The diplomat also noted that the United States were encouraging Kazakhstan and other countries to continue developing stable economic and legal system that would help the country in its further development. “Kazakhstan government has set the goal of becoming one of the countries with high incomes and join the Organization for Economic Cooperation and Development. Reaching such goals requires Kazakhstan government to demonstrate its adherence to the main principles leading to stable economic growth,” the ambassador stated.

On December 2011 Kazakhstan received a 10-percent stake in Karachaganak oil project. Before that the shares were held by BG Group, Eni (32.5% each), Chevron (20%) and LUKOIL (15%).

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