Kazakhstan's Prime Minister Kasymzhomart Tokaev tried to assure foreign investors last week that their assets will not be nationalized under a new law.

But business fears are growing following a report that a commission may review past contracts. Concern is rising over political pressures on investors in Kazakhstan as the country pushes ahead with a series of changes in its laws. On 8 June, Prime Minister Kasymzhomart Tokaev sought to reassure foreign companies that their holdings will not be taken over as the result of a new investment statute. Tokaev's comment may calm some of the fears over the draft law, which is set to replace Kazakhstan's 1994 investment code at the start of next year. But it may also be seen as a measure of how far the worries have spread through the business community.The new law would end preferential tax breaks for foreign ventures, while making it easier to nationalize their assets. It would also make it harder to take disputes to international arbitration. The concerns were compounded in recent days when the Kazakhstan Press agency reported that a new special commission on subsurface development could review past agreements "with an eye on canceling those contracts deemed 'disadvantageous' for Kazakhstan." The report was relayed by the BISNIS commercial service of the U.S. Commerce Department last week.The outcome could have huge importance both for business and Kazakhstan, which has attracted some $13 billion in foreign investment in the past decade. The country has been a center for energy development with two of the world's biggest discoveries at the Tengiz and Kashagan oil fields. It is unclear whether any actions will be taken against foreign investors, but the new law and the commission could give President Nursultan Nazarbaev the tools to act if he chooses to do so. Industry analysts say that apprehension is running high, but foreign companies are reluctant to speak out for fear of making matters worse.