KMG EP fine slashed in Kazakhstan

Kazakhstan’s KazMunaiGas Exploration Production and EmbaMunaiGas have successfully appealed a huge fine for ecological damage imposed on them in the country.

The two had appealed against the results of an inspection by the Prosecutor’s office of Atyrau province and a citation filed by the Environmental Department of the same province.

The original fine imposed was for 37.2 billion tenge ($202.74 million today).

Following the successful appeal, however, the Environmental Department has filed a new citation for 1.9 billion tenge, equating to $10.35 million.

Shares in the company slipped 5% early on Monday on the London Stock Exchange.

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