Каспинфо
декабрь 2002

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Название: Экологические нарушения ТШО (на англ. яз)
Главные Пункты:
* На основании решения суда консорциум ТШО оштрафован на 70 млн. долл. за экологические нарушения, вызванные хранением отвалов серы.
(11.12.2002)


Полный Текст
Экологические нарушения ТШО (на англ. яз)
Kazakhs fine US-led oil consortium $70m

December 4, 2002
By David Stern in Baku and Matthew Jones in London

A consortium led by ChevronTexaco of the US developing the
multi-billion dollar Tengiz field in western Kazakhstan has
been fined up to $70m by a Kazakh
court for environmental violations.

The penalty is the latest setback for Tengizchevroil (TCO),
which recently decided to halt indefinitely a $3bn
expansion that would double production to 22m tonnes a year
by 2005, citing differences over how to finance the
project.

Analysts said it appeared to mark a deterioration in
relations between western oil companies and the Kazakh
government in the oil-rich ex-Soviet republic.

"The Kazakh authorities want to show oil companies who is
the boss. But this is very sad for the country and will
undoubtably make companies more cautious before investing
in Kazakhstan in the future," said a Moscow-based analyst.

A Kazakh official in the Atyrau region where TCO is based
said a local court had upheld a decision to fine the
four-member consortium for violations in storing sulphur,
which is a by-product of the oil production.

TCO has produced around 6m tonnes of sulphur since the
consortium was created in 1993. The yellow substance is
stacked in enormous blocks on the vast Kazakh steppe, near
the Tengiz oilfield south of Atyrau. TCO says the sulphur
is a product, whereas the Kazakhs say that it is waste and
therefore requires special permission for storage.

Tengiz, with up to 9bn barrels of recoverable reserves, is
ChevronTexaco;s largest international holding. TCO
officials declined to comment on the timing of the verdict,
saying only that they would review the legal documents in
the coming days. "TCO is very disappointed with the
court;s decision," said a consortium spokesperson, who
added that TCO took part in the proceedings under
"permanent protest".

Officials have said the main stumbling block over the
expansion of Tengiz was whether to reinvest revenues from
the project to fund further expansion or to seek outside
financing. Kazakh authorities, for whom TCO is the single
largest source of tax revenue, said they could lose up to
$200m if TCOs plans were approved.

http://www.nytimes.com/financialtimes/business/FT1037872521858.html?ex=10400