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Kazakh President and Chevron CEO discuss expanding Oil Production

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Rachel Knox
Rachel Knox
Rachel Knox graduated from Columbia University in 2005. Rachel grew up in Canada but moved to the US after completing her school. Rachel has written for several major publications including Buzz Feed and the Huffington Post. Rachel is a community reporter, she also covers economy, business and entrepreneurial news and issues.

President Tokayev received Michael Wirth in Nur Sultan. He commended Chevron’s decision to redirect an additional 2.6 billion cubic meters of commercial gas to the domestic Kazakh market

Kazakh President Kassym-Jomart Tokayev received on Thursday, 18.08.2022, the Chairman of the Board and CEO of California-based Chevron Corporation, Michael Wirth. Kazakhstan’s further plans of collaboration with Chevron and the implementation of a number of investment projects were discussed. The two also exchanged views on the situation in the global energy market.

President Tokayev commended Tengizchevroil’s decision to redirect an additional 2.6 billion cubic meters of commercial gas to the domestic Kazakh market. Furthermore, Chevron’s involvement in the implementation of investment projects in the Kazakh petrochemical sector, and plans for further expansion of the production capacity of the Tengiz and Karachaganak fields, were also considered.

President Tokayev

President Tokayev and Wirth addressed cooperation prospects and Chevron’s investment projects as part of the Direct Investment Fund worth $248 million. The fund serves as Chevron’s investment tool to work with Kazakhstan’s economy by investing in local commercial enterprises across various industries.

According to Prime Minister Alikhan Smailov, who met with Wirth on the same day, Chevron was one of the earliest strategic partners of Kazakhstan, which over the years of collaboration has taken part in solving many economic and social challenges. The Prime Minister also talked about developing an improved model contract for investors, which implies a package of fiscal and regulatory preferences. This work aims to increase the investment attractiveness of the country’s oil and gas industry. It will apply to new offshore projects, complex onshore projects, and gas projects.

PHOT CREDIT: Akorda.kz

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