Tax Claims, Rebates
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The Karachaganak Petroleum Operating BV venture has been in talks on ceding a minority stake since 2009 after the government began piling up about $2.5 billion of claims for back taxes, “illegal earnings,” fines and environmental violations, two people with knowledge of the matter said in April last year. The partners had demanded about $1.4 billion in tax rebates.
Kazakhstan expects the venture to decide on the so-called third-phase expansion at a cost of $14.5 billion, KazMunaiGaz National Co., the state energy producer, said in February. KazMunaiGaz, which is controlled by Samruk-Kazyna, is the company that would get the stake in Karachaganak.
BG and Eni are the largest shareholders in Karachaganak, each holding 32.5 percent, while Chevron has 20 percent and Lukoil holds 15 percent. Karachaganak produced the equivalent of about 360,000 barrels of oil equivalent a day in 2010, according to the project’s website.