Originally from the Journal of Damages in International Arbitration

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Parties

Caratube International Oil Company LLP and Mr. Devincci Salah Hourani (the “Claimants”), Republic of Kazakhstan (the Res “Respondent”)

Sector
Oil and Gas

Applicable Treaty
Bilateral Investment Treaty between the United States of America and the Republic of Kazakhstan

Members of the Tribunal
Laurent Lévy (President), Laurent Aynès (Claimants’ appointee), and Jacques Salès (Respondent’s appointee)

I.  BACKGROUND

The proceedings arose out of a concession to exploit the Caratube Field, a significant oil field in the Baiganin District of the Aktobe Oblast of the Republic of Kazakhstan. Caratube International Oil Company LLP (“CIOC”), a Kazakh oil company, took over the contract for the exploration and production of hydrocarbons in the Caratube Field (“Contract”) with the Kazakh Ministry of Energy (“MEMR”) in December 2002.