It is reported that Kazakh authorities suspect an oil venture led by US major Chevron of extracting USD 1.4 billion worth of oil above the level agreed with the government.

Mr Murat Zhumanbai spokesman for the Agency for Fighting Corruption and Economic Crime said the suspicions related to alleged production by the TengizChevroil venture. No criminal case has been launched.

He said that the agency has received materials from the prosecutor general on the inspection of TengizChevroil activities and illegal production of oil worth KZT 212 billion. A decision will be taken in due course after an investigation.

A spokeswoman for Chevron in Moscow referred questions to a TengizChevroil official in Kazakhstan. Two officials for the joint venture were not immediately reachable for comment.

US based spokes person for Chevron was not immediately available for comment.

Chevron owns 50% of the venture. Another US major, ExxonMobil, holds 25% and Kazakh state oil and gas firm KazMunaiGaz owns 20%.

(Sourced from http://www.themoscowtimes.com)