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Thursday, 09 October 2003
SHELL ASKS KAZAKHSTAN TO IMPROVE OIL LEGISLATION
By empty (10/9/2003 issue of the CACI Analyst)
Martin Ferstl, president of the Kazakhstan branch of Royal Dutch Shell, said on 9 October at the annual Kazakh International Oil and Gas Exposition (KIOGE) in Almaty that his company has asked Kazakh officials to clarify legislation regulating offshore oil operations. Ferstl added that vague contracts and legislation are bad for investment, and investors need strong laws that cannot be interpreted arbitrarily by state agencies. He also expressed dissatisfaction with the requirement contained in the Kazakh government program for Caspian-shelf development through 2015 that the Kazakh state oil and gas agency KazMunaiGaz should own at least 50 percent of all Caspian hydrocarbon projects.
Martin Ferstl, president of the Kazakhstan branch of Royal Dutch Shell, said on 9 October at the annual Kazakh International Oil and Gas Exposition (KIOGE) in Almaty that his company has asked Kazakh officials to clarify legislation regulating offshore oil operations. Ferstl added that vague contracts and legislation are bad for investment, and investors need strong laws that cannot be interpreted arbitrarily by state agencies. He also expressed dissatisfaction with the requirement contained in the Kazakh government program for Caspian-shelf development through 2015 that the Kazakh state oil and gas agency KazMunaiGaz should own at least 50 percent of all Caspian hydrocarbon projects. (Interfax)