GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN, NATIONAL BANK OF KAZAKHSTAN AND STATI PARTIES SIGN FRAMEWORK AGREEMENT

 

The Government of the Republic of Kazakhstan, the National Bank of Kazakhstan and the Stati parties, with the support and approval of leading Tristan Oil creditors, have entered into a binding framework agreement for an amicable and mutually agreeable resolution to the long running dispute related to certain oil and gas assets in Kazakhstan.

The parties are pleased to have reached an agreement on mutually favourable terms, which will bring an end to all legal proceedings and the termination of any ongoing claims across all jurisdictions. The terms of the agreement are confidential.

Daniel Chapman, CEO of Argentem Creek Partners*:

“We support the framework agreement and commend President Tokayev’s decision to create a Fair Kazakhstan as part of his admirable reform objectives. This settlement demonstrates that Kazakhstan is honouring its international treaty obligations and by so doing is opening its doors to increased investment and improving its economic growth potential. We welcome this new era for Kazakhstan.”

Azamat Yeskarayev, Minister of Justice of the Republic of Kazakhstan, said:

“The decision on the settlement was made in view of the public interest and the settlement does not involve any budgetary funds. We believe that the move will have a positive effect on attracting of new investments into Kazakhstan and the growth of its economy.”

 

*Argentem Creek Partners is an investment manager for certain funds which are creditors of Tristan Oil Limited, the investment vehicle of the Stati parties.