Kazakhstan to forcibly collect 2.3 trillion tenge Kashagan fine from NCOC shareholders
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Kazakhstan will forcibly collect a 2.3 trillion tenge environmental fine from shareholders of the North Caspian Operating Company (NCOC), the consortium developing the Kashagan field, if the company fails to pay by July 20. The Ministry of Ecology has initiated enforcement procedures against NCOC. The fine stems from violations at the Kashagan offshore oil field.
Key Facts
- NCOC must pay a 2.3 trillion tenge environmental fine by July 20.
- Kazakhstan will begin forced collection procedures if NCOC misses the deadline.
- The fine was imposed for violations at the Kashagan offshore oil field.
The Fine
The North Caspian Operating Company (NCOC), the consortium developing the Kashagan field, must pay an environmental fine of 2.3 trillion tenge by July 20. The fine was imposed for violations at the Kashagan offshore oil field in the Caspian Sea. Kazakhstan's Ministry of Ecology has stated that forced collection procedures will begin if NCOC fails to meet the deadline.
Enforcement
The Ministry of Ecology will initiate forced collection from NCOC shareholders if the fine is not paid by July 20. The enforcement procedure targets the shareholders of the consortium, which includes international oil companies.
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