(Alliance News) - Caspian Sunrise PLC announced it will suspend oil drilling and production activities in Kazakhstan, due to civil unrest in the country sparked by rising fuel prices.
Russian paratroopers have been sent to quell a country-wide uprising, as deadly violence has spread across the nation. Police in Kazakhstan's main city, Almaty, have reported shooting dozens of rioters, as buildings and vehicles have been set on fire, dpa reports.
With reports of the internet in the country being shut down, the extent of the disruption is hard to confirm.
Caspian Sunrise has said further announcements will be made 'as the position becomes clearer'.
The London-based oil-and gas exploration and production company's share price dropped by 12% to 3.66 each on Thursday afternoon in London.
Separately, Ferro-Alloy Resources Ltd said it will continue operations as normal in its vanadium mine in the south of the country. The mining company maintained the unrest currently is causing "no impact to the safety and security" of its employees, but it will provide further updates as the situation evolves.
The company, with all its operations based in Kazakhstan, saw its share price drop by 14% to 25.70p.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Caspian Sunrise (CASP)
Ferro-alloy Re. (FAR)