KazTransOil and Transneft discuss mechanism of compensation for shipment of substandard crude oil
/KASE, June 25, 2019/ – KazTransOil (Nur-Sultan), whose shares are officially 
listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following 
press release of June 25, 2019:

quote

Dimash Dosanov, General Director of "KazTransOil" JSC, and Nikolay Tokarev, 
President of "Transneft" PJSC, during the meeting of the Board of the 
International Association of Oil Transporters held in St. Petersburg (Russia) on
June 20, 2019, reached an agreement on compensation to Kazakhstani oil shippers 
for substandard crude oil shipped from the port of Ust-Luga.

"KazTransOil" JSC being the National Operator for Oil Pipelines has to ensure 
the interests of the Republic of Kazakhstan and oil shippers of Kazakhstan 
when transporting oil by the Company's oil pipeline system," - noted Dimash 
Dosanov. "The operators of oil pipelines for the first time faced the problem of
oil pollution by organochlorine. I believe that Transneft responded professionally, 
did everything possible to eliminate the consequences. We have reached an 
agreement with Russian partners on compensation for the shipment of substandard 
crude oil in the port of Ust-Luga".

The General Director of "KazTransOil" JSC noted that "Transneft" PJSC offered 
a compensation mechanism that would significantly simplify calculations and 
payments of compensation for substandard oil. "Transneft" PJSC will present 
the details of the proposed mechanism and the amount of compensation to the 
interested parties in the prescribed manner.

unquote

This information is available on – 
http://kase.kz/files/emitters/KZTO/kzto_reliz_250619_1.pdf

[2019-06-25]