Daniyal Akhmetov - Petroleum Law Changes

Petroleum Law Changes

Akhmetov worked to change Kazakhstan's petroleum laws despite strong opposition from foreign companies. In May 2004, he received a letter from 47 foreign oil companies, including ChevronTexaco, ExxonMobil, Shell, the BG Group, and ENI, complaining that the proposed changes would negatively affect future investment. The companies specifically took issue with local content requirements, which were described as "unnecessarily burdensome" and that a requirement for KMG to own at least 50% of any development "may not be advisable in all circumstances."