Astana Court Rules Against NCOC
Photo: Elements.envato.com, ill. purposes
A court in Astana has ruled against North Caspian Operating Company (NCOC), operator of the Kashagan oil field, reports Orda.kz.
The January 6 decision requires NCOC to pay more than 3.6 billion tenge in damages to the state.
The Western Interregional Department of the State Inspectorate in the Oil and Gas Complex, which operates under the Ministry of Energy, initiated the lawsuit. The Ministry was a third party.
The Ministry of Energy structures demanded that NCOC compensate the state for damages because the consortium regularly flares gas.
Per Kazakhstan's legislation, this is prohibited, except in emergencies.
The court agreed that NCOC's actions had harmed the country's financial interests.
The ruling breaks down into several payments:
- 2.8 billion tenge in primary compensation
- 726.9 million tenge in additional compensation
- 73.8 million tenge for state duties
NCOC has a one-month window to appeal the decision.
This case represents several ongoing legal disputes between Kazakh authorities and the Kashagan field's foreign investors.
Despite Energy Minister Almasadam Satkaliyev's hopes to resolve disagreements with NCOC by the end of 2024, conflicts remain unresolved.
Original Author: Nikita Drobny
Latest news
- Kazakhstan Refuses To Ease Access To Hazardous Work Payments
- Almaty Metro To Replace Korean-Controlled System After Technical Failures
- Fewer Kazakhstanis Work Outside Their Home Regions
- Safety Violations Cited As Possible Cause Of Kazzinc Plant Explosion
- Tenge Weakens Five Percent In May As National Bank Reports No Interventions
- New Direct Flights From Kazakhstan To Warsaw, Izmir, And Larnaca
- Kazakhstan Clarifies Position On Possible Iranian Uranium Storage
- EU Politicians Eye Kazakhstan And Uzbekistan As Possible Sites For Migrant Return Centers
- Kazakhstanis Are Leaving The Regions For Megacities
- Kazakhstan Could Store Iranian Uranium If US-Iran Nuclear Deal Is Reached
- Kazakhstan’s EV Boom Is Here. Is The Grid Ready?
- Cyprus President To Make First Official Visit To Kazakhstan
- Kazakh Investors May Gain Remote Access To Armenian Stock Market
- Call Center In Ukraine Scammed Kazakhstanis By Posing As Banks And Police
- Kazakhstan Marks Day Of Remembrance For Victims Of Political Repression And Famine
- Kazakhstan Considers Molecular Markers To Track Fuel Supply Chains
- Tengiz Oil Production Gradually Restored After Operational Failure
- Tokayev Meets Cuban Vice President To Discuss AI And Medicine
- Karaganda Zoo Shows Newborn Amur Tiger Cubs For The First Time
- Putin and Tokayev Consolidate New Format of Relations, Political Analyst Says
