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PatroKazakstan Intends To Avoid Paying Fines

Canadian oil producer PetroKazakhstan has been fined for law infridgement

Canadian oil producer PetroKazakhstan has been fined on $55 million for breach of Kazakhstan's anti-monopoly laws.

The company said Thursday that a lower court ruling fined it for alleged activities committed by seven of its subsidiaries.

A company spokesman Ihor Wasylkiw said Thursday that PetroKazakhstan is working on a settlement that would involve both the fines and the charges against its executives.

If a settlement can't be reached, that would be the ''trigger point'' for an appeal to the central Asian country's supreme court, he said.