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. Last Updated: 07/27/2016

Chevron Kazakh Unit Fined $307M

Chevron's Kazakh venture was fined 37 billion tenge ($307 million) on a government claim that the oil company damaged the environment by maintaining "excessive" stockpiles of sulfur from petroleum production, a Kazakh regional court official said Monday.

The court accepted the Environment Ministry's allegation and halved the penalty from the 74.4 billion tenge originally sought in July from the TengizChevroil venture, said Nursapa Primashev, chief justice of the court in the city of Atyrau.

"We will appeal to the upper court," said Maria Karazhigitova, an Atyrau-based spokeswoman for TengizChevroil. "The venture does not agree with the decision." TengizChevroil is Kazakhstan's biggest oil exporter.

Russia and Kazakhstan are pressuring foreign energy companies to benefit their national interests. Eni's Kashagan project is fending off Kazakh government claims for a greater cut of profit at a time of record-high oil prices.