Kazakhstan threats Eni with stop of production in oil field
Kazakhstan on Tuesday threatened halt production of oil by the Italian energy firm Eni in the country’s oil fields due to a breach of environmental obligations, the Interfax news agency reported.
According to Environment Minister Nurlan Iskakov in the capital Astana, it was legally obligatory to withdraw the company’s development license to the Kashagan deposits, in order to prevent irreparable damage to the environment. He said his ministry had notified the public prosecutor’s office.
Previously Kazakh Prime Minister Karim Massimov threatened to revoke Eni’s status as a licensee. Eni had postponed the oil development originally planned for 2005 several times, with project costs rising from $57 billion to 136 billion. Kazakhstan’s Economic Minister Bachyt Sultanov claimed that the postponements had cost the state “a substantial sum.” (monstersandcritics.com)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.