Oil Majors Saw Kazakh Sulfur Risk Years Before $5 Billion Fine

Several of the world’s largest oil companies knew for years that they were at risk of being fined for breaching sulfur-stockpiling regulations in Kazakhstan, but didn’t resolve the problem in part due to concerns about cost.

Court documents seen by Bloomberg offer fresh insights into a case that has seen Kazakhstan impose a penalty of about $5 billion on North Caspian Operating Co., a venture that runs the giant Kashagan project on behalf of Eni SpA, Shell Plc and several other big oil companies.