Shell is offended by Kazakhstan and stops investing in the country — Bloomberg

The oil and gas company Shell took offense at Kazakhstan and stops investing in the country. Bloomberg writes about this

According to the agency, after losing the court in London to the Kazakh government, Shell stops investing in Kazakhstan. This was stated by the general director of the corporation Wael Savan.

The court ordered the company to pay about $ 4 billion to Kazakhstan for environmental violations committed during the development and production of oil at the Kazakh Karachaganak field.

The London Arbitration ruled that the Government of Kazakhstan had grounds to assert that the companies operating under the production sharing agreement used public funds to cover unapproved overruns and other costs that were not subject to compensation.

According to Boris Martsinkevich, an expert in the oil and gas sector, Kazakhstan's legal victory is also important because another lawsuit is pending in the same London court — $ 13.5 billion for the actions of the operator at the Kashagan field. These court events, according to him, are interesting because and Russia in the early noughties went through something similar under the PSA on our territory, step by step getting rid of its very frank dependence on the West.