Petrokazakhstan (NYSE:PKZ)
Historical Stock Chart
From Jun 2019 to Jun 2024
Petrokazakhstan Inc. - Update on Antimonopoly Case
CALGARY, July 14 /PRNewswire-FirstCall/ -- PetroKazakhstan Inc. (the
"Company") informs the shareholders that the City Court of Astana has rendered
a decision in a case involving alleged civil antimonopoly violations relating
to seven Kazakhstan- based companies owned by the Company and engaged in the
distribution of petroleum products on the Kazakhstan domestic market.
The Company has not received the written decision of the Court, but the judge
has verbally announced a decision adverse to the group distribution companies
for an aggregate amount of 7.48 billion Kazakhstan Tenge (approximately US
$55.4 million).
The judgment may be appealed to the Supreme Court of Kazakhstan.
This judgment is the result of a joint investigation conducted in late 2003 by
the Agency of the Republic of Kazakhstan for Regulation of Natural Monopolies
and Protection of Competition ("ARNM") and the Agency of the Republic of
Kazakhstan for the Struggle Against Economic and Corruption Crimes (the (the
"Financial Police"). The investigation resulted in a civil claim against the
seven distribution companies for an aggregate amount of 13 billion KZT
(currently approximately US $96 million). The case has been in the court system
since December, 2003 and has already been to the Supreme Court on an earlier
appeal.
The Kazakhstan press also quoted the Chairman of the Financial Police, as
stating that negotiations aimed towards a settlement of this matter and related
criminal charges against two PetroKazakhstan executives were underway. The
Company confirms that such negotiations have, in fact, been on-going and
remains hopeful that a final settlement of all issues can be achieved. The
Company does not view the judgment in this case as an obstacle to settlement of
both the civil and criminal cases.
The Company's position was described in an earlier news release dated April
4th, 2005.
PetroKazakhstan Inc. is a vertically integrated, international energy company,
celebrating its eighth year of operations in the Republic of Kazakhstan. It is
engaged in the acquisition, exploration, development and production of oil and
gas, refining of oil and the sale of oil and refined products.
PetroKazakhstan shares trade in the United States on the New York Stock
Exchange, in Canada on The Toronto Stock Exchange, in the United Kingdom on the
London Stock Exchange and in Germany on the Frankfurt Exchange under the symbol
PKZ. As of December 27, 2004, PetroKazakhstan shares began trading on the
Kazakhstan exchange under the symbol CA_PKZ. The Company's website can be
accessed at http://www.petrokazakhstan.com/.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
DATASOURCE: PetroKazakhstan Inc.
CONTACT: Ihor P. Wasylkiw, Vice President Investor Relations,
(403) 221-8658, (403) 383-2234 (cell); Jeffrey D. Auld, Vice President,
Treasurer, + 44 (1753) 410-020, + 44 79-00-891-538 (cell)