BG Group plan in �475m rapist probe

By Rowena Mason, City Reporter (Energy) 949PM GMT twenty-six March 2010

BG Group

It is the ultimate critical reversal in BG Group"s attribute with the Kazakh government, that has not done commercial operation easy for the path-finder and alternative consortium members ENI, Chevron and Russia"s Lukoil.

The partners constructed 136m barrels from Kazakhstan"s hulk Karachaganak gas margin in 2008, but progressing this month, the supervision indicted it of self-denial taxation income dating at the back of to 2004, grouping a full review of the operations.

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Environmental insurance authorities additionally have a box tentative opposite the BG and ENI-led project.

In turn, the consortium - well known as KPO - launched a $1bn legal box opposite the Kazakh state in 2008 alleging that it was forced to overpay etiquette avocation and alternative fees. However, the consortium indicated last year that this has given been dropped.

The disputes are at large attributed to Kazakhstan"s enterprise to recover a little carry out over the second-largest producing margin - the usually one in 100pc unfamiliar ownership. It has prolonged been perplexing to pressurise the corner try to sell a interest to state-run KazMunaiGas.

The supervision claims in this ultimate brawl that the companies exported 1.1m some-more barrels of oil than authorised underneath their prolongation contracts, giving climb to an "illegal" distinction of 104bn Kazakh tenge.

"A rapist box has been launched," Rustam Ibraimov, emissary head of the Kazakh monetary police, told Reuters.

Francesca Ciardiello, a orator for KPO, denied any indiscretion by the company.

"KPO has acted in suitability with Kazakh law and the conditions of the last prolongation pity agreement relating to the Karachaganak field," she said. "KPO will investigate the item of any allegations presented to it, and if necessary, benefaction a strong counterclaim of the position."

BG Group declined to criticism but it is accepted to perspective the actions as piece of an incremental debate opposite the operation at the strategically critical Karachaganak field.

The feud mirrors problems suffered in Russia over the last decade by TNK-BP, the corner try in between BP and 4 oligarchs, with the state creation steady moves on the esteem Kovytka field.

Last month, one of the oligarchs at the back of the venture, Viktor Vekselberg, indicated that it would be sole to Rosneftegaz, a state holding company, for at slightest $700m.

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