The KazTransGas Company may soon reclaim its investment from the Georgian side. The information concerning the issue was released by the Kazakh media on October 6.
Government responds KazTransGas Company warnings
By Tatia Megeneishvili
Wednesday, October 7
Minister of Energy and Vice Prime Minister Kakhi Kaladze stated that KazTransGas’s decision was unexpected.
“We received a complaint letter with the demand of including the Kazakh government in the company. At the moment we are in the process of bilateral negotiations,” stated Kaladze.
He also added that the Ministry of Energy is not against the return of the Kazakh side as part of the management structure.
“There was some kind of problem, which we are negotiating to resolve. I am sure that we will regulate the problem and avoid an arbitration discussion,” stated Kaladze.
The Minister of Economics and Sustainable Development of Georgia, Dimitri Kumsishvili, confirmed that negotiations are ongoing.
“Both parties have the right to have different opinions. However, I am sure that the problem will be solved amicably,” stated Kumsishvili.
He added that the issue over the investment withdrawal has not been raised during the meetings.
According to the statement made by the KazTransGas Company, foreign investors’ rights were violated by appointing a special manager in KazTransGas -Tbilisi in 2009.
“Since the moment of appointment, the KazTransGas Company has not been able to take part in the management of its daughter company,” reads the statement.
KazTransGas also stated that if the dispute will soon not be resolved soon, the company will request not only the recovery of control over KazTransGas -Tbilisi, but also compensation for the loss that must be no less than the amount of the realized investments.
According to the company, their investment in KazTransGas-Tbilisi amounted to 130 million US dollars.