NOC KAZAKHOIL CJSC (Kazakhstan) insured risks associated with production activities by international standards

/IRBIS, Apr 10, 01/ - Today public relations department of NOC KAZAKHOIL CJSC (NOC KAZAKHOIL, Astana) distributed a message, where it is said that this major state oil company insured the risks associated with its production activities (oil works) by international standards with reinsuring them on international markets. NOC KAZAKHOIL informs that development and implementation of the insurance plan was preceded by the analysis of the company's risks, development of the risk management strategy, survey of the oil and gas assets of NOC KAZAKHOIL and appraisal their renovation cost. This work was done by an independent international experts, which were attracted by insurance broker Aon Kazakhstan. By the results of this survey risk quality improvement program is being implemented at NOC KAZAKHOL now. Oil transactions insurance program consists of three blocks: property damage insurance, wells control insurance and insurance of legal and contractual obligations, which can arise due to the company's activities. It is said that the insurance was conducted through KazakhInstrakh and AIG Kazakhstan with following reinsurance through Aon Limited at London insurance market, and insurance markets of Europe and Middle East. Insurance was placed among leading insurance companies "Lloyds", "New Hampshire Insurance Company" (Great Britain); "If Property&Casualty Insurance Limited" (Sweden); "Zurich Insurance Company"; "Partner Re"; "SOVAG UK" and others. Risk management and insurance of oil transactions are being implemented at the NOC KAZAKHOIL from February 2001.