Stakeholders Are Discussing the Investment Climate in oil industry in Kazakhstan
ASTANA, February 28, 2011. – Astana Law Partners and the British Embassy in Astana are hosting a round table “Improve the investment climate in Kazakhstan: understanding of the key legislative obstacles hindering investors' activities under the 2010 subsurface law” to promote discussion on current status of the subsurface legislation and ways to improve the investment regime.
In his welcoming remarks, Mr John Thurlow, the Deputy Head of Mission in the British Embassy, noted that “There are around 120 companies operating in Kazakhstan which are either fully UK owned or with UK connections including a number of large scale investors such as BG Group and Shell. One of the bases for this successful partnership between UK companies and Kazakhstan is that UK companies are here for the long term.” Mr Thurlow further commented that “investors need both long term stability and also assurance that their investments, including direct costs and technology development, are protected by transparent legislation.”
Mr Alex Verba, Managing Partner of Astana Law Partners, stated: “We encourage all stakeholders to start discussing the future of oil industry in Kazakhstan. Kazakhstan competes for oil investments with many other countries and the subsurface law is the main piece of legislature from the investor’s point of view. The current law requires improvements to make the country more competitive. We hope that such open round table discussions will result in practical recommendations and will help to implement such recommendations in the near future.”
Based in the capital of Kazakhstan, Astana Law Partners is a Kazakh and international law practice. The firm specializes in subsurface projects and transactions. Its clients include major international oil firms and NGOs.