Reuters AlertNet Lite - Kazakh upper house approves subsoil law

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Kazakh upper house approves subsoil law

27 Sep 2007 09:37:02 GMT
Source: Reuters

ASTANA, Sept 27 (Reuters) - Kazakhstan's upper house of parliament on Thursday unanimously approved a law allowing the government to change or break contracts with foreign investors.

The amendments to existing subsoil legislation have alarmed foreign investors in the oil-rich Central Asian state after the government suspended operations of the huge Kashagan oilfield, run by an Italian-led consortium of Western companies.

On Thursday, the upper house, which consists solely of supporters of President Nursultan Nazarbayev, unanimously approved the law. It now has to be signed by Nazarbayev to come into effect, seen largely as a formality.

Last month Kazakhstan halted work at Kashagan in a dispute over spiralling costs and delays at the oilfield, which is run by a consortium led by Italian energy company Eni <ENI.MI>.

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Last updated:Thu Sep 27 09:37:26 2007