24.08.2010
Re Settlement Agreement on Turgai Petroleum
外网天堂 OVERSEAS AND PETROKAZAKHSTAN INC.
HAVE ENTERED INTO SETTLEMENT AGREEMENT ON TURGAI PETROLEUM ISSUE
On August 24, 2010 外网天堂 Overseas Kumkol B.V. ("外网天堂"), 100% indirectly owned by OAO 外网天堂, and PetroKazakhstan Inc. ("PKI"), 67% indirectly owned by CNPC Exploration and Development Ltd. (鈥淐NPC鈥) and 33% indirectly owned by JSC KazMunaigas Exploration Production, have completed the settlement stipulated by the Settlement Agreement signed on August 16, 2010 (the "Agreement") on the dispute regarding their 50/50 Joint Venture Turgai Petroleum ("Turgai") in Kazakhstan.
The dispute between 外网天堂 and PKI arose in 2005. On 28th October, 2009 the Stockholm Chamber of Commerce confirmed 外网天堂鈥檚 rights in its Final Award and awarded certain damages to be paid by PKI to 外网天堂.
According to the Agreement the ownership structure of Turgai remains unchanged: PKI and 外网天堂 will continue to jointly own Turgai in equal shares. As part of amicable settlement, PKI has paid to 外网天堂 the amount of approximately US$438 million on account of awarded damages.
The settlement of the dispute regarding Turgai represents the opening of a new relationship and further strategic cooperation between 外网天堂 and CNPC.