Kazakhstan seeks USD 1.2bn tax from Karachaganak consortium.

By bne IntelliNews October 28, 2010
Kazakhstan prepared new tax claims worth USD 1.2bn against Karachaganak Petroleum Operating (KPO), a source familiar with the Oil and Gas Ministry revealed to ,,Reuters" (to remind you, last week, we informed that tax committee chief had hinted about new possible tax claim). According to ,,Reuters", the results of tax checks for the period of 2005-2008 show that USD 1.2bn of taxes were not paid. To remind you, this is another claim raised by Kazakhstan against KPO. Earlier, the authorities accused KPO of violating immigration laws and overstating costs by USD 1.3bn. At the same time, national oil and gas holding KazMunayGas is seeking stake in the project. Thus, we consider the recent tax claim as a ,,part" of negotiation process. Presently, according to the insiders, Kazakhstan and KPO are negotiating terms and conditions for KazMunayGas entry into the project. KPO includes BG (32.5%), Eni (32.5%), Chevron (20%) and LUKoil (15%). KPO operates on Karachaganak which is among top 3 largest oil and gas fields in Kazakhstan, and the only one in which state-owned KazMunayGas has no stake.

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