June 11, 2012
ICSID Tribunal Dismisses Caratube Case Against Kazakhstan
New York, June 11, 2012 - The ICSID arbitral tribunal, in the arbitration brought by Caratube International Oil Company LLP (CIOC) against the Republic of Kazakhstan, dismissed the entire case for lack of jurisdiction and ordered CIOC to pay US$3.2 million to Kazakhstan towards its arbitration costs. Curtis Mallet-Prevost, Colt & Mosle LLP acted as counsel for Kazakhstan in the arbitration.
The dispute related to the termination of a contract for the exploration and production of hydrocarbons in the Caratube oil field, which Kazakhstan maintains was due to CIOC's breaches and non-performance of the contract. CIOC, which claimed damages in excess of US$1.2 billion, had argued that jurisdiction could be based on the US-Kazakhstan Bilateral Investment Treaty. Curtis represented Kazakhstan in the case.?
The Curtis team of lawyers representing Kazakhstan was led by partners Peter M. Wolrich, Geoffrey P. Lyonnet and Gabriela Alvarez-Avila.
Curtis, Mallet-Prevost, Colt & Mosle LLP is a leading international law firm providing a broad range of services to clients around the world. Curtis has 16 offices in the United States, Europe, Central Asia, the Middle East and Latin America. The firm’s international orientation has been a hallmark of its practice for nearly two centuries. For more information about Curtis, please visit www.curtis.com or follow Curtis on Twitter (twitter.com/curtislawfirm) and (Facebook.com/Curtis.Careers).