Financial Wire

Market Chatter: Kazakhstan Court Said to Uphold Environmental Fine on Oil Majors Over Kashagan Field

-- A court in Kazakhstan upheld a 2.36 trillion-Kazakhstani-tenge environmental fine imposed on the operator of Kazakhstan's Kashagan oilfield for storing excessive amounts of sulfur at the site in an April 8 ruling, Bloomberg News reported Friday.

North Caspian Operating Co, the field's operator, is jointly owned by Kazakhstan's KazMunayGas, Eni (ENI.MI), Shell (SHEL.L, SHELL.AS), ExxonMobil (XONA.F), TotalEnergies (TTE.PA, TTE.L, TTE.BR), China National Petroleum Corp., or CNPC, and Inpex.

People familiar with the matter said the venture can still pursue a cassation appeal even if the decision has entered into legal force, the report noted.

KazMunayGas, Eni, Shell, ExxonMobil, TotalEnergies, CNPC, and Inpex did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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