Kazakhstan Accuses Big Oil of $10.7 Billion Corruption in Kashagan Oil Project

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Kazakhstan alleges $10.7 billion in corruption linked to cost inflation and bribery in contracts awarded for the development of the Kashagan oilfield. The North Caspian Project consortium, including international oil majors and Kazakhstan's KazMunayGas, is involved in the arbitration case.

Kazakhstan has alleged in a confidential arbitration case that some of the biggest international oil firms that have developed the giant Kashagan oilfield awarded $10.7 billion worth of contracts with unjustified cost increases or through bribes, the International Consortium of Investigative Journalists (ICIJ) team reported on Friday, citing multiple sources. The Kashagan oilfield was developed by the North Caspian Project consortium of international majors and Kazakhstan's state oil firm KazMunayGas. The shareholders in the consortium include…