Lukoil, claims $100 million from Canadian-Kazakh oil company PetroKazakhstan said on Thursday
Candian-Kazakh oil company PetroKazakhstan said on Thursday, that Lukoil, claiming $100-million in a fight over oilfields, responded for PetroKazakhstan's demand for $265 million.
Russian oil major Lukoil claims that PetroKazakhstan paid below-market prices for oil from the Kumkol oilfields.
On Wednesday, Lukoil subsidiary Lukoil Overseas Holding Ltd. said it has filed to have the dispute resolved by the Arbitration Institute of the Stockholm Chamber of Commerce.
PetroKazakhstan said it filed its own request for arbitration with the arbitration institute in July 2004 seeking compensation for lost profits from Turgai "for Lukoil's failure to finance the joint venture" as agreed.
PetroKazakhstan said it also filed a claim in an Amsterdam court in July 2004 for $65 million in damages "as a result of unlawful actions by the Lukoil related to the shut-in of certain wells at the border of the Kumkol
North and the Kumkol South fields."
PetroKazakhstan is due to file its final statement of claim by April 22 and Lukoil is to respond by June 30.
