Kashagan partners take Kazakhstan to arbitration over $4.6bn fine

A consortium of major oil companies controlling the Kashagan oilfield in Kazakhstan has initiated arbitration proceedings over a $4.6bn (KZT2.31tn) fine imposed by the Kazakh Government, reported Reuters. The dispute stems from a 2023 ecological fine levied against the North Caspian Operating Company (NCOC) consortium for alleged sulphur storage violations at Kashagan's gas processing facilities. Kashagan is located in the Caspian Sea, nearly 80km off the coast of Atyrau, Kazakhstan. The Kashagan proje ...