The International Arbitration Centre at the AIFC (“the IAC”) hosted management and lawyers from the Kazakhstan and UK offices of Chevron and Tengizchevroil LLP. 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.
Mr. Christopher Campbell-Holt, IAC Registrar and Chief Executive, commented:
“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. Samat Azhenov, Managing Counsel for Chevron’s Eurasia Business Unit, stated:
“It is a privilege for us to cooperate with the IAC. The restoration of the rule of law, highest international standards, flexibility, reputable arbitrators, are critical dimensions that made us choose this institution as a meaningful option for commercial disputes in Kazakhstan.”
Reference:
AIFC. The AIFC was established on the initiative of the President of the Republic of Kazakhstan Nursultan Nazarbayev. In December 2015 President Nazarbayev approved the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre for financial services. The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with the international capital markets. www.aifc.kz
The AIFC Court is an independent legal entity. It has its own procedural rules modelled on English common law procedures and leading international practice. The AIFC Court is separate and independent from the courts of the Republic of Kazakhstan. It consists of two tiers: a Court of First Instance, which includes a specialist division known as the Small Claims Court; and a Court of Appeal. It has exclusive jurisdiction over disputes arising out of the activities and operations of the AIFC and jurisdiction in the case of other disputes in which all parties agree in writing to give the AIFC Court jurisdiction. It does not have jurisdiction in relation to any disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. court.aifc.kz
The International Arbitration Centre (IAC) is an independent legal entity. It has its own procedural rules modelled on best international practice. It has its own panel of leading international arbitrators and mediators having many years of arbitration and mediation experience in commercial law, including oil and gas, trade, construction, energy, financial services, banking, Islamic finance, insurance, and intellectual property. IAC arbitration awards are recognised and enforceable in Kazakhstan and internationally. iac.aifc.kz
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