January 23, 2011
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Home / Issue Archive / 2010 / November #11 / Kazakhstan Reclaims $143 Million From Karachaganak Consortium

№ 11 (November 2010)

Kazakhstan Reclaims $143 Million From Karachaganak Consortium

Customs authorities in Kazakhstan announced on Wednesday that they reclaimed $143 million in 2010 from the consortium which runs the massive Karachaganak gas field.

By Central Asian Newswire

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The recovery of the money was the result of a five-year investigation into the consortium’s activities, the Reuters news agency reported, citing local new agencies.

Italian energy giant ENI and Britain's BG Group are the consortium’s main partners.

The nation’s customs committee announced the recovery in a statement released on Wednesday.

Committee Deputy Chairman Omirzak Beispekov said the consortium, known as the Karachaganak Petroleum Operating Group (KPO), had been receiving financial benefits over the last five years to which it was not entitled. Beispekov was not more specific, but added that all of those funds have now been recovered.

The announcement of the reclaimed funds comes as state-owned oil and gas company KazMunaiGas has been widely reported to be seeking a significant stake in the Karachaganak consortium.

ENI and BG both own 32.5 percent of the consortium, with U.S. energy major Chevron holding 20 percent and Russian-owned Lukoil with 15 percent of the shares.
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