Gulf Oil and Gas accountACCOUNT

Administrative Fine of 327.9 billion Tenge Dismissed by Court

Source: www.gulfoilandgas.com 3/19/2014, Location: Asia

Share |
JSC KazMunaiGas Exploration Production (“the Company”) is pleased to announce that the Specialized Administrative Court in Aktau of Mangistau region (“the Court”) has ruled that the Act on inspection results of the Department of Ecology of Mangistau Region (“Department of Ecology”) and the claim for environmental damage in the amount of 327.9 billion Tenge (US$ 1.8bn), which has been brought against JSC “Ozenmunaigas” (“OMG”) and referred to in the Company’s press release dated 27 February 2014 have been declared as illegitimate and have been dismissed.

There remains the possibility that the Court's ruling may be appealed by the parties and the prosecutor’s office. However, given the positive outcome of previous appeals, the Company believes that OMG will successfully appeal this claim in following court proceedings.

Financials and Investment News in Kazakhstan >>

Austria >>  11/14/2017 - OPEC crude for 2018 was also revised up by 0.4 mb/d from the previous report to stand at 33.4 mb/d, around 0.5 mb/d higher than the 2017 level.

Saudi Arabia >>  11/14/2017 - Last week, the WTI benchmark rose $2 to more than US$57 per barrel — its highest level since mid-2015. While OPEC and other contributing non-OPEC memb...

Austria >>  11/13/2017 - OPEC crude in 2017 is estimated at 33.0 mb/d, which is 0.7 mb/d higher than the 2016 level. In 2018, demand for OPEC crude is projected at 33.4 mb/d,...
Oman >>  11/13/2017 - Oman’s Duqm Refinery and Petrochemical Industries Co will approach banks in about two weeks for the debt financing it needs to back a $6 billion refin...

United Arab Emirates >>  11/13/2017 - Abu Dhabi National Oil Company (ADNOC) aims to sell at least 10 percent of its fuel distribution unit in an initial public offering in Abu Dhabi, as G...
Kenya >>  11/10/2017 - Kenya’s government has proposed in a draft bill to give 30 percent of prospective oil revenue to the community where the resource was discovered, clim...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kazakhstan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

More News

 

Oil & Gas Companies in Kazakhstan >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.