The Kyrgyz Republic has won in the International Court of Arbitration in Paris (ICC International Court of Arbitration) a victory over a Kazakh gas company. This information is reported by the press service of the Ministry of Justice of Kyrgyzstan.
The process began in 2020 when the Kazakh side turned to international arbitration, demanding compensation of up to $35 million for alleged violations of rights related to investments in the joint venture "KyrgyzKazGas." This joint venture was established in 2004 in collaboration with the Kyrgyz national gas operator to modernize and operate the Kyrgyz section of the main gas pipeline.
The Arbitration Court in Paris unanimously ruled in favor of Kyrgyzstan. The court deemed the plaintiff's claims inadmissible, stating that the actions of the Kyrgyz side were lawful and within the framework of existing agreements.
Additionally, the arbitration ordered the plaintiff to compensate 60% of the arbitration costs to Kyrgyzstan, and interest on that amount will be compounded annually. The plaintiff has one month to appeal this decision.
The Kazakh side also has one month to appeal the court's decision, but only on limited grounds. This decision is highlighted as an important precedent in the field of international arbitration and investment protection.
CentralasianLIGHT.org
January 31, 2024