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NAM also compensates for damage not caused by an earthquake

Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad. It is about NAM Nederlandse Aardolie Maatschappij BV., a joint venture between Royal Dutch Shell and ExxonMobil each owning a 50% share in the company responsible for the earthquake blighted Groningen Gas Field and the consequential potential bill for untold billions in damages. 

NAM also compensates for damage not caused by an earthquake

From our editor • Economics & Politics

NAM will also compensate claims of earthquake damage in the Northern Netherlands in cases where damage is not or hardly caused or exacerbated by an earthquake. Minister Eric Wiebes of Economic Affairs wrote this in a letter to the Dutch House of Representatives on Friday.

This concerns damage notifications that arose before 31 March 2017 and where the damage does not exceed € 25,000. In cases where the damage exceeds € 25,000, the energy company submits the case to the Arbiter Soil Movement and the NAM follows the ruling of this authority.

Another six thousand claims reports submitted before 31 March 2017 are awaiting settlement by NAM. The company has indicated earlier that it wants to be ready with the handling of these ‘old damages’ as of 1 July. NAM has allocated € 50 million for this.

After 1 July, the NAM withdraws entirely from the claims settlement. The State will take over the role of NAM. The State will compensate the claims for earthquake damage in Groningen and then recover the energy company.

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