Kazakhstan’s Ministry of Justice says it continues to pursue a 2.3 trillion tenge (about $5 billion) environmental fine against NCOC, operator of the Kashagan oil field. The ministry denies reports that collection of the fine in favor of the state has been terminated.
Kazakhstan’s Ministry of Justice froze property and transport assets owned by North Caspian Operating Company (NCOC), which is developing one of the country’s largest oil fields. The freeze follows NCOC’s failure to pay a massive environmental fine.
Kazakhstan escalates its dispute with the foreign investors behind the Kashagan oil field, warning the consortium’s managing director that he may face administrative and criminal liability. The warning concerns the consortium’s failure to pay an environmental fine of nearly $5 billion.
The foreign consortiums operating Kazakhstan’s Kashagan oil field face a July 20 deadline to pay a 2.3 trillion tenge ($4.9 billion) environmental fine after a court ruling. Deputy Justice Minister Daniel Vaisov announced the deadline.
