Chevron and Tengizchevroil LLP choose IAC for dispute resolution in Kazakhstan
The International Arbitration Centre at the AIFC hosted management and lawyers from the Kazakhstan and UK offices of Chevron and Tengizchevroil LLP, Strategy2050.kz refers to the AIFC's press service.
Chevron, the multinational energy corporation, remains the country’s largest international investor and is a partner in Tengizchevroil LLP, one of the largest producers of oil in Kazakhstan.
Following discussions with the IAC, both Chevron HQ in Kazakhstan and Tengizchevroil LLP have now taken steps to include the IAC as their preferred institution for resolution of commercial disputes in Kazakhstan. Respective arbitration clauses will be included into all model contracts of these entities for Kazakhstan. This latest development illustrates the growing confidence of large businesses operating in Kazakhstan to trust the IAC and AIFC Court as their number one choice for dispute resolution.
The IAC provides an independent, economical and expeditious alternative to court litigation, operating to the highest international standards to resolve commercial disputes.
It has its own panel of outstanding international arbitrators and mediators who are greatly experienced, independent, impartial and of the highest integrity. It offers parties maximum choice and flexibility in choosing the rules and procedures they wish to use to resolve their disputes. It is an appointment authority, offering the appointment of arbitrators and mediators from its panel, for arbitrations and mediations conducted at the IAC or elsewhere.
Arbitration awards of the IAC are enforceable in the Republic of Kazakhstan as Orders of the AIFC Court, supported by a robust enforcement system. They are also enforceable internationally under the New York Convention.
The IAC provides permanent state of the art administrative facilities, including first class IT, conference, meeting, and hearing rooms at its “Chambers” which are located at the IAC EXPO-2017 premises in Nur-Sultan.
All parties to a contract which is agreed before 31 December 2021 and includes the IAC for dispute resolution will receive free administration of any dispute resolution at the IAC under that contract before and after 31 December 2021.
"We are delighted by the decision of Chevron in Kazakhstan and Tengizchevroil LLP to include the IAC into its numerous business contracts. We hope that this latest decision by one of the largest oil corporations in Kazakhstan will send a clear signal to the wider Kazakhstan and Central Asia business markets that they can and should have complete trust and confidence in the IAC to provide commercial dispute resolution that is expeditious, cost effective, and of the highest international standards", Mr. Christopher Campbell-Holt, IAC Registrar and Chief Executive, commented.
Mr. Samat Azhenov, Managing Counsel for Chevron’s Eurasia Business Unit, stated that it was a privilege for them to cooperate with the IAC.
"The restoration of the rule of law, highest international standards, flexibility, reputable judges, are critical dimensions that made us choose this institution as a meaningful option for commercial disputes in Kazakhstan", he concluded.
