Oil Majors Close to Settling $5 Billion Dispute With Kazakhstan, Bloomberg Reports

--Oil majors Shell, Eni, Exxon Mobil and TotalEnergies have prepared a draft settlement what would stop Kazakh authorities pursuing a potential $5 billion environmental fine, Bloomberg reports, citing unnamed sources.

--The draft includes a pledge for additional investment in social projects amounting to $110 million over the next two years, Bloomberg reports.

--The settlement would follow the companies' legal victory last year, after which the government continued to pursue the fine at the appeals court, according to Bloomberg.

--Shell, Eni, Exxon Mobil and TotalEnergies weren't immediately available to comment when contacted by Dow Jones Newswires.

Full story: http://tinyurl.com/2z7wnw78

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

January 16, 2024 07:31 ET (12:31 GMT)

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