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PetroKazakhstan Inc. (PKZ) Message Board

  • rosysmile29 rosysmile29 Jun 17, 2005 8:46 AM Flag

    Information from PKZ

    I had a phone conversation today with Mr Jeffrey Auld Vice President, Treasurer,from PKZ in the UK. He was very friendly and patient and took time to answer my questions about various Turgai/Lukoil disputes.


    1. Why do PKZ shareholders learn about the latest court cases from Turgai/Lukoil press releases and why has PKZ not yet issued a PR release on the subject?

    Turgai/Lukoil are not respecting the confidentiality clauses of the Turgai JV contract, but PKZ is observing these agreements. Also by the US, Canada and UK stock exchange rules, PKZ is not aloud to speculate as to the content of judicial actions before they have actually received court documentation and been able to assess its impact on PKZ.

    PKZ has not yet received the documents of the international arbitration claim filed in Paris and the documents relating to the new lean put on PKZ shares in the Turgai JV filed in the lower court of Kaz.


    2. What does the Turgai 'lean' on PKZ's shares in the Turgai JV mean, and why is the Turgai press release refering to 'arrest'?

    This new lean on PKZ's 50% shares in the Turgai JV is a repeat of what happened earlier in 2005. A lean on the shares means that PKZ can not sell its 50% share in the Turgai JV. This lean however does not have any financial impact on PKZ as regards Turgai sales and revenues. The lean does not impact PKZ's voting rights or board membership of Turgai. PKZ is currently waiting for the documents from Kaz courts to find out why the court has granted the lean on the shares.

    3. What is the outcome of the Turgai/Lukoil court case filed in Kaz court, to invalidate the international arbitration clause of the KAM pipeline contract which was to be decided on may 27th 2005?

    Turgai/Lukoil have dropped the claim in Kaz court and have now filled a case for international arbitration in Paris. PKZ has as yet not received the documents from the Paris court and can at this time not comment on this case.

    4. Will PKZ apppeal the Kaz court decision to return the 3 MM bbls of oil to Turgai.

    Yes PKZ has appealed this decision.

    5. What is the timing of the international arbitration filed by PKZ in the Swedish court of arbitration?

    Lukoil has to file their response by 30th of june 2005 and than the Swedish arbitrators will take some time to review the claims and supporting evidence submitted by PKZ and Lukoil. This review can be quite long because their is a big volume of documents to review.
    Expectations from historic international arbitration cases is that this can take monthes, but not years (with an s).

    6. Can an international arbitration be appealed ?

    No an international arbitration decision is final and binding for both parties and can not be appealed !!!

    Rosy

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