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PetroKazakhstan Fine

December 5, 2005 Bloomberg

PetroKazakhstan, which was recently bought by China National Petroleum Corp. for $4.18 billion, was ordered to pay 96.45 billion tenge ($720 million) to Kazakhstan for abusing its dominant position in the country's fuel market.

A court in Kazakhstan on Nov. 24 ordered the Calgary-based company to pay a fine of 1.47 million tenge and ruled that 96.44 billion tenge in illegally earned revenue should be confiscated, PetroKazakhstan said Friday in a statement. The ruling is due to come into force Monday. PetroKazakhstan plans to appeal.
Company — PetroKazakhstan
  • Full name
    PetroKazakhstan Inc.
  • Industry
    Oil and gas