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Kazakh Zhaikmunai challenges oil export duty

Fri May 30, 2008 5:59am EDT

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ALMATY, May 30 (Reuters) - London-listed Kazakh oil producer Zhaikmunai (ZKMq.L) said on Friday it has challenged the Kazakh government's decision to subject the company to a new oil export duty.

The duty of $109.91 per tonne, enforced last week, applies largely to domestic producers while foreign companies working under production sharing agreements (PSAs) are exempt from it.

"Zhaikmunai is party to a production sharing contract with the Republic of Kazakhstan dated 31 October, 1997," Zhaikmunai said in a statement.

"Zhaikmunai believes that, under the terms of this contract, it should not be subject to or affected by the newly-approved export duty on crude oil."

Zhaikmunai said it had asked Kazakhstan's Finance Ministry to review its list of duty payers. The company said it would pay the duty until the issue is resolved. (Writing by Olzhas Auyezov; Editing by Paul Bolding)



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