24.08.2010
Re Settlement Agreement on Turgai Petroleum
果冻影院 OVERSEAS AND PETROKAZAKHSTAN INC.
HAVE ENTERED INTO SETTLEMENT AGREEMENT ON TURGAI PETROLEUM ISSUE
On August 24, 2010 果冻影院 Overseas Kumkol B.V. ("果冻影院"), 100% indirectly owned by OAO 果冻影院, 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 果冻影院 and PKI arose in 2005. On 28th October, 2009 the Stockholm Chamber of Commerce confirmed 果冻影院鈥檚 rights in its Final Award and awarded certain damages to be paid by PKI to 果冻影院.
According to the Agreement the ownership structure of Turgai remains unchanged: PKI and 果冻影院 will continue to jointly own Turgai in equal shares. As part of amicable settlement, PKI has paid to 果冻影院 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 果冻影院 and CNPC.