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Kazakhstan Suspends NCOC Enforcement Proceedings as Court Reviews Appeal

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Kazakhstan has temporarily halted enforcement proceedings against Kashagan operator North Caspian Operating Company, or NCOC, as part of standard procedure while a court reviews its appeal, the Justice Ministry said Wednesday.

Enforcement proceedings against NCOC were suspended after a court requested the case materials, but the ministry said Kazakhstan will continue efforts to recover funds for the state.

"...The work to recover funds from NCOC in favor of the state will continue in accordance with the procedure established by law," the ministry said.

NCOC, a joint venture of Shell (SHEL), TotalEnergies (TTE), ExxonMobil (XOM) and China's CNPC, faces a long-running dispute with Kazakhstan over alleged environmental violations tied to sulfur storage, according to a Reuters report.

The government has ordered NCOC to pay a fine of nearly $5 billion as part of the case, the report said.

NCOC did not immediately reply to' request for comment.

Price: $95.44, Change: $+0.12, Percent Change: +0.12%

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