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Astana (ANTARA News/Asia Pulse) - Kazakhstan threatened on Tuesday to rewrite key Western-run energy projects to implement new tax rules, in a move likely to send jitters among foreign investors operating in the Central Asian state.

The oil-rich Caspian nation has sought to raise its weight in the strategic energy sector dominated by Western oil majors, and raise additional budget revenues through new taxes and export duties.

Addressing the lower house of parliament, Energy Minister Sauat Mynbayev said projects such as the Chevron-led Tengiz oil field, as well as Karachaganak and Kashagan would be affected as a result.

"If we abandon tax exemptions for these three or four projects ... then of course that means only annulling them because it's quite a radical review," he said, without naming the fourth project.

Under current rules, most Western energy majors working in Kazakhstan under production-sharing agreements are not liable to changes in the Central Asian country's tax legislation.


Source:
Business in Asia Today - Jan 28, 2010
published by Asia Pulse

Editor: Ricka
COPYRIGHT © 2012

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