The Government of the Republic of Kazakhstan, the National Bank of Kazakhstan and the Stati Parties, with the support and consent of Tristan Oil's leading creditors, have entered into a legally binding framework agreement to peacefully and mutually acceptable resolution of the long-standing dispute over oil and gas assets in Kazakhstan, El.kz reports.
The parties are pleased to reach an agreement on mutually beneficial terms that will result in the termination of all legal proceedings and the suspension of ongoing claims in all jurisdictions. The specific terms of the agreement are confidential.
“We support the framework agreement and welcome President Kassym-Jomart Tokayev's decision to build a Fair Kazakhstan as part of his respectable reforms. The settlement of this dispute demonstrates Kazakhstan's compliance with international treaty obligations, which opens the door to increased investment and increases its potential for economic growth. We welcome a new era for Kazakhstan," Daniel Chapman, CEO of Argentem Creek Partners.
This agreement was adopted taking into account the public interest and does not imply the expenditure of budget funds. We believe that this step will have a positive impact on attracting new investments to our country and economic growth, - Azamat Yeskarayev, Minister of Justice of the Republic of Kazakhstan.