PetroKazakhstan Inc. - Lukoil Dispute Update
15 April 2005 - 4:00PM
PR Newswire (US)
PetroKazakhstan Inc. - Lukoil Dispute Update CALGARY, April 15
/PRNewswire-FirstCall/ -- PetroKazakhstan Inc. (the "Company"),
would like to take this opportunity to respond to statements
attributed to Mr. Boris Zilbermints, manager of Kazakh projects at
Lukoil in a press report. The statements allege that
PetroKazakhstan's 50% stake in Turgai Petroleum was frozen by a
court in Astana. The Company would like to inform its shareholders
of the following facts: - On 14th February 2005, PetroKazakhstan
obtained from the City Court of Astana, a suspension of various
export contracts entered into by Turgai Petroleum Management
without statutory corporate approvals. - On 23rd February 2005,
Turgai Petroleum obtained from the same Court security, in the form
of PetroKazakhstan's 50% shareholding in Turgai Petroleum, pending
resolution on the merits of the legal action brought by
Petrokazakhstan. - This decision was appealed by PetroKazakhstan,
and under Kazakh Law, is suspended until the appeal is heard, which
has not taken place. - On April 6, 2005 Petrokazakhstan withdrew
its initial action which, upon confirmation by the Court, under
Kazakh Law, will terminate all further legal actions in this case.
PetroKazakhstan confirms that any security on shares must be
registered in the official register of companies to be effective,
the possibility of which in any event was suspended by appeal.
According to the official register the Company can confirm that its
shares in Turgai Petroleum are free of any encumbrance.
PetroKazakhstan Inc. is a vertically integrated, international
energy company, celebrating its eighth year of operations in the
Republic of Kazakhstan. It is engaged in the acquisition,
exploration, development and production of oil and gas, refining of
oil and the sale of oil and refined products. PetroKazakhstan
shares trade in the United States on the New York Stock Exchange,
in Canada on The Toronto Stock Exchange, in the United Kingdom on
the London Stock Exchange and in Germany on the Frankfurt Exchange
under the symbol PKZ. As of December 27, 2004, PetroKazakhstan
shares began trading on the Kazakhstan exchange under the symbol
CA_PKZ. The Company's website can be accessed at
http://www.petrokazakhstan.com/. The Toronto Stock Exchange has
neither approved nor disapproved the information contained herein.
DATASOURCE: PetroKazakhstan Inc. CONTACT: Ihor P. Wasylkiw, Vice
President Investor Relations, (403) 221-8658, (403) 383-2234
(cell); Jeffrey D. Auld, Vice President, Treasurer, + 44 (1753)
410-020, + 44 79-00-891-538 (cell)
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