Kazakhstan Cuts TengizChevroil's Fine To $306M

Law360, New York (October 18, 2007, 12:00 AM EDT) -- A Kazakhstan court has reportedly cut a government-issued fine against a Chevron Corp.-led oil joint venture from $609 million to $306 million.

A spokesperson for TengizChevroil, the largest oil exporter in Kazakhstan, said Tuesday that the regional Kazakh court had cut the fine issued to the company for illegal sulfur storage at the Tengiz oilfield in the western part of the country, Dow Jones Newswires reported. Although the court’s ruling was favorable, TengizChevroil plans to appeal the decision.

“We will appeal to the upper court,” TengizChevroil...
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