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Kazakhstan moves to tax PSAs
THE GOVERNMENT plans to impose a new tax of $20 a tonne on crude exports, prompting worries that the state is seeking a stake in the Karachaganak project (see p24), a move that would dent investor confidence in the country. The duty will also apply to operators working under production-sharing agreements (PSAs), which were exempt from a previous export tax. For Kazakhstan, the new levy makes some sense. Many of the PSAs, including those for Karachaganak, Kashagan and Tengiz, were created at a time when the country was largely dependent on foreign investment in the hydrocarbons industry and needed to offer sweet terms to lure developers. But with oil prices significantly higher than when the PSAs were signed in the ...Click here to continue reading Corporate
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