Library

An archive of the key court rulings in the Tristangate dispute.

The Dutch Supreme Court Refers Kashagan Field Asset Freeze to Lower Court for Re-Examination

The Supreme Court of the Netherlands sets aside the Amsterdam Court of Appeal’s decision on the attachment of Kazakhstan’s stake in the international consortium developing the Kashagan oil field, held via Kazakhstan’s sovereign wealth fund Samruk-Kazyna, and refers the case back to a lower court (the Hague Court of Appeal) for further consideration. Meanwhile, the Kashagan shares attachment, valued at $5.2 billion, remains fully in place.

Download

Search Our Library

The Stati Parties Secure an Arbitral Award Requiring Kazakhstan to Pay Compensation of More Than US$ 500 million

Date: December 19, 2013
Jurisdiction: Sweden
Status: Closed
In favour of: Tristan Oil

The Tribunal holds that Kazakhstan has violated its obligations under the ECT and awards the Stati Parties damages of approximately US$ 500 million, plus costs and interest.

In its 414-page reasoned award the Tribunal holds that:

“[Kazakhstan’s] measures, seen cumulatively in context to each other and compared with the treatment of the Claimants’ investments before the Order of the President of the Republic [Nursultan Nazabayev] on 14/16 October 2008, constituted a string of measures of coordinated harassment by various institutions of [Kazakhstan]. These measures must be considered as a breach of the obligation to treat investors fairly and equitably, as required by Art 10(1) ECT”.

Download