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INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES

BIG SKY ENERGY CORPORATION

(Claimant)

v.

REPUBLIC OF KAZAKHSTAN

(Respondent)

ICSID Case No. ARB/17/22

DECISION ON REQUEST FOR BIFURCATION

December 5, 2018

Arbitral Tribunal:
Prof. Bernardo M. Cremades (President)
Prof. Stanimir A. Alexandrov (Arbitrator)
Judge Peter Tomka (Arbitrator)

Secretary of the Tribunal:
Mr. Alex Kaplan

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41. [Redacted]

42. [Redacted]

43. The Tribunal considers these criteria in reaching to its decision.

V. ANALYSIS

44. [Redacted]

45. [Redacted]

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46. [Redacted]

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49. [Redacted]

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VI. DECISION

50. For the foregoing reasons:

50.1. The Respondent's Request for Bifurcation is denied.

50.2. Costs are reserved for a later decision.

Date: December 5, 2018