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​KazTransGas hopes to settle investment dispute with Georgia

October 5 2015, 16:00

Image 0KazTransGas JSC hopes to settle a dispute with the government of Georgia regarding the subsidiary KazTransGas – Tbilisi within the pre-arbitral procedures, the company said in a statement on Monday.

On 21 September 2015, the international law firm Baker & McKenzie on behalf of the KazTransGas sent the Georgian side a pre-arbitral letter proposing to hold negotiations on the settlement of investment disputes around the investments of the KazTransGas in the activity of KazTransGas – Tbilisi.

KazTransGas-Tbilisi LLC was created by the KazTransGas JSC in 2006 within the memorandum on gas supply between the KazTransGas and the Ministry of Economic Development of Georgia as of December 26.

In the period of 2006-2009, the KazTransGas invested in the development of the KazTransGas – Tbilisi and the gas supply system of Tbilisi about US$ 130 million.

"In spite of a 100% ownership of the KazTransGas – Tbilisi, the Kutaisi City Court satisfied the request of the National Regulatory Commission of Georgia for Energy and Water regarding the approval of a special control over the company KazTransGas - Tbilisi. As a result, KazTransGas is unable to participate in the activities of its subsidiary company," said in a statement.

The actions of the authorized bodies of Georgia violate foreign investors' rights written in the national legislation of Georgia and international agreements on protection of investments, the company said.

“KazTransGas looks forward to a constructive position of the Georgian side and the soonest settlement of the dispute within pre-arbitral procedures. If the pre-arbitral talks will not lead to resolution of the dispute, KazTransGas will start the arbitration on investment and will demand the return of control over the company KazTransGas –Tbilisi and request damages in an amount not less than the amount of investments," said in the statement.

Source:akipress

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