KazTransOil announces signing final agreements with Transneft on payment of compensation to Kazakh oil companies for substandard crude oil

/KASE, December 30, 2019/ – KazTransOil (Nur-Sultan), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of December 30, 2019: quote As a part of the incident settlement related to contamination in April-May 2019 of about 699 thousand tons of crude oil shipped by 38 Kazakhstani oil companies via the "Druzhba" trunk oil pipeline system, "KazTransOil" JSC, acting on behalf of those companies, signed agreements with "Transneft" JSC to pay compensation for substandard oil to the remaining 6 Kazakhstani oil companies. Earlier, similar agreements on the compensation payment were signed in the interests of 32 Kazakhstani oil companies, of which 14 companies have already received compensation from "Transneft" PJSC. To recap, an emergency in the system of Transneft trunk oil pipelines caused by the presence of high concentrations of organochlorine compounds in the transported oil occurred in April-May 2019, which led to the shipment of substandard oil for Kazakh shippers to tankers in the port of Ust-Luga. unquote [2019-12-30]