Tengizchevroil Invests $70 Billion in Kazakhstan Over Three Decades

ASTANA –  Tengizchevroil (TCO) invested $70 billion over 30 years and delivered more than $160 billion in direct financial payments to Kazakhstan, President Kassym-Jomart Tokayev said at the company’s anniversary event on April 4, the Akorda press service reported.

Kassym-Jomart Tokayev at a 30th anniversary event of Tengizchevroil. Photo credit: akorda.kz.

Established in 1993 as a joint venture between Chevron and Kazakhstan, TCO operates two major oilfields – Tengiz and Korolev. 

Tokayev described TCO as a leading international company producing one-third of the country’s total oil output and contributing to Kazakhstan’s overall economic progress. More than 95 percent of the company’s workforce are Kazakh citizens, while local suppliers account for 70 percent of the company’s procurements.

Tokayev also commended the company’s efforts to attract advanced technologies in the oil industry, taking into account Kazakhstan’s commitment to achieving carbon neutrality by 2060. 

The company has reduced emissions by 75 percent since 2000.

“The work in this direction must continue. Projects for the large-scale expansion of production at the Tengiz oilfield are almost complete. This will allow our country to increase oil production by another 12 million tonnes and become one of the world’s largest oil suppliers,” the President said.

The company also contributes to the development of small and medium-sized businesses, whose importance Tokayev emphasized at the first session of the newly elected Parliament. 

He noted that TCO’s work fostered the opening of businesses in related sectors, creating jobs.

The company demonstrates its commitment to social responsibility by investing significant funds towards constructing schools, kindergartens, and hospitals through more than 100 major social projects.

Tokayev said the 30th anniversary of TCO is a great milestone for the Kazakh oil and gas sector and presented state awards to the industry’s veterans and the company’s employees.

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