UNITED STATES SECURITIES AND EXCHANGES COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Feburary 17, 2004
PetroKazakhstan Inc.
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(Name of Registrant)
140 - 4th Avenue S.W. #1460, Calgary, Alberta, Canada T2P 3N3
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(Address of principal executive offices)
1. News Release:
February 17, 2004 - Anti-Monopoly Court Decision
Indicate by check mark whether the Registrant files annual reports under cover
Form 20F or Form 40-F.
Form 20-F [ ] Form 40-F[X]
Indicate by check mark whether the Registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under Securities Exchanges Act of 1934.
Yes [ ] No [X]
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly cause this Form 6-K to be signed on its behalf by the
undersigned, thereunto duly authorized.
PetroKazakhstan Inc. SEC File No. 0-28466
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(Registrant)
Date: February 17, 2004 By: /s/ Ihor P. Wasylkiw
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Ihor P. Wasylkiw, P.Eng.,
Vice President Investor Relations
[LOGO] PetroKazakhstan NEWS RELEASE
FOR IMMEDIATE RELEASE - February 17th , 2004
FOR: PETROKAZAKHSTAN INC.
SUBJECT: Anti-Monopoly Court Decision
CALGARY, Alberta - PetroKazakhstan Inc. ("PetroKazakhstan") has received
information that, in a decision issued by the Astana city court, a number of
group companies acting as oil products distributors were unsuccessful in their
challenge of allegations by the Agency for Regulation of Natural Monopolies and
Protection of Competition ("ARNM") that these distributors had violated
Kazakhstan competition Laws. The judgment upheld the ARNM determination that
these distributors had received unjustified revenues totaling approximately US
$91 million.
The court decision will be appealed.
In a similar case in November 2003, allegations by ARNM of unjustified revenues
of about US $31 million against one of the same distributors were overturned by
the court. The court decision is under appeal by ARNM.
It remains the Company's view that the allegations are without justification; a
highly competitive market exists for oil products within Kazakhstan and the
current level of prices merely reflects current world crude oil prices, which
are close to their historical high. Also, the prices charged by the distributors
are competitive with Russian imports and those charged by distributors of the
other two refineries in Kazakhstan. Retail prices at PetroKazakhstan branded
service stations are generally the lowest in every city where they are present.
PetroKazakhstan is also considering its recourse rights under the terms of the
Shymkent Refinery Privatization Agreement, which clearly stipulates the right to
sell any and all its products in Kazakhstan and abroad at free market prices and
Kazakhstan's commitment to maintain a free market.
PetroKazakhstan will continue to seek a dialogue with the appropriate
authorities to address the obvious concerns related to the pricing of refined
products and possible measures to promote further transparency and effective
monitoring of the competition dynamics, consistent with market economy
principles.
PetroKazakhstan Inc. is a vertically integrated, international energy company,
celebrating its seventh year of operations in the Republic of Kazakhstan. It is
engaged in the acquisition, exploration, development and production of oil and
gas, refining of oil and the sale of oil and refined products.
PetroKazakhstan shares trade in the United States on the New York Stock
Exchange, in Canada on the Toronto Stock Exchange, in the United Kingdom on the
London Stock Exchange and in Germany on the Frankfurt exchange under the symbol
PKZ. The company's website can be accessed at www.petrokazakhstan.com.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
For further information please contact:
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Ihor P. Wasylkiw Jeffrey D. Auld
Vice President Investor Relations Manager Investor Relations - Europe
+1 (403) 221-8658 + 44 (1753) 410-020
+1 (403) 383-2234 (cell) + 44 79-00-891-538 (cell)
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Suite #1460 Sun Life Plaza North Tower 140 - 4th Avenue S.W. Calgary,
Alberta, Canada T2P 3N3
Telephone (403) 221-8435 Fax: (403) 221-8425