Kazakhstan Battles Big Oil in $3.5 Billion Arbitration Case

Kazakhstan expects a court ruling on its $3.5-billion lawsuit against international majors by the end of this year, Energy Minister Yerlan Akkenzhenov said on Monday as the country is suing Big Oil in several separate proceedings with total compensation and damage claims of more than $160 billion. The first arbitration ruling, against the consortium operating the Karachaganak oil and condensate project, could come within weeks, according to Kazakhstan’s energy minister. “There are arbitration proceedings regarding the Karachaganak…