Kazakhstan Supreme Court rejects NCOC appeal on 2.3 trillion tenge fine
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The Kazakhstan Supreme Court has rejected an appeal by NCOC regarding a 2.3 trillion tenge environmental fine. The consortium is delaying payment pending an international tribunal decision. This comes even as the Ministry of Ecology demands compliance.
Supreme Court Decision
The Kazakhstan Supreme Court has ruled against the North Caspian Operating Company (NCOC) in its appeal over a 2.3 trillion tenge environmental fine. The fine was imposed for violations at the Kashagan oil field, which NCOC operates. The court's decision upholds the Ministry of Ecology's initial penalty, leaving NCOC with limited domestic legal recourse. NCOC had argued procedural errors, but the court found no merit in these claims.
Consortium's Response
NCOC, a consortium managing the Kashagan oil field, is delaying the fine payment while seeking an international tribunal's intervention. Nurlan Zhumagulov, an oil and gas industry expert, highlighted this strategy on his Energy Monitor channel. The consortium's actions are seen as a bid to leverage international arbitration to potentially reduce or annul the penalty. Meanwhile, the Ministry of Ecology insists on prompt compliance with the court's ruling.
Kazakhstan Denies Gazprom Asset Seizure
Kazakhstan's Justice Minister publicly refuted reports of a court order allowing the seizure of $1.5 billion from Gazprom's assets in Kazakhstan in favor of Ukraine. The denial clarifies that no such enforcement action is underway, contrasting with earlier media claims.
NATO Chief's Call for Peace
NATO Secretary-General Jens Stoltenberg called for an end to violence in Kazakhstan following unprecedented unrest. He spoke after chairing a virtual NATO meeting in Brussels.
What's Next
The international tribunal's decision is awaited, which could influence NCOC's next steps. It remains uncertain if the consortium will comply with the fine or seek further legal avenues.
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Kazakhstan Supreme Court rejects NCOC appeal on 2.3 trillion tenge fine
