By San Francisco Business Times

Tengizchevroil LLP, a joint venture led by Chevron Corp. in Kazakhstan, will pay a $1.4 million fine for an environmental violation, Dow Jones reported.

Citing a company email, Dow Jones said the business is being fined for unauthorized burning off of natural gas. The company said it flared off the gas for safety reasons, but it will pay the fine.

Kazakhstanâ¿¿s financial police have been looking into the venture, too, in a move some industry watchers see as a way to squeeze more money out of it for the Central Asian nationâ¿¿s coffers.

Chevron (NYSE: CVX) owns half the venture, with Exxon Mobil (NYSE: XOM) holding a quarter.

Copyright 2010 American City Business Journals
Copyright 2010