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Tengizchevroil established itself as oil and gas market leader, says Kazakh President

4 April 2018 21:58

ASTANA. KAZINFORM - President of Kazakhstan Nursultan Nazarbayev took part in the ceremony dedicated to the 25th Anniversary of Tengizchevroil LLP, the press service of Akorda reports.

Making a congratulatory speech, the Head of State stressed that exactly a quarter-century has passed since the Tengizchevroil Project Agreement was signed.

"Over the past 25 years, Tengizchevroil has established itself as a leader in the oil and gas market. Since its launch, oil production has increased 30-fold and reached the epoch-making point of three billion barrels," said Nursultan Nazarbayev.

Highlighting the significant contribution of the enterprise to the country's economy, the President of Kazakhstan emphasized that more than a third of the total oil produced in the country accrues to Tengizchevroil.

"Tengizchevroil revitalized thousands of Kazakhstani enterprises in the most diverse economic sectors: mechanical engineering industry, oil and gas servicing, transport, and construction. This entails taxes, dividends, purchases of goods and services from Kazakhstani companies. As of today, over 30,000 of our citizens have been employed within the project, and the share of Kazakhstan-made goods and services exceeds 32% of all costs of the project," the Head of State pointed out.



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Nursultan Nazarbayev underlined the need for successful application of modern digital technologies to enhance the productivity and the industrial efficiency amidst the Third Modernization of the country, as well as for the introduction of the Fourth Industrial Revolution elements.

"There is a need for advanced oil and gas processing due to the volatility in oil and gas prices and the development of alternative technologies. Kazakhstan is also interested in it. The Government should, together with the company, address the issues of constructing refining facilities and report on that. Construction of a new oil refinery is the top priority in the refining sector. I am confident that Chevron, as it always has been, will support that work," said the President of Kazakhstan.



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The Head of State underscored that Tengizchevroil's current achievements reflect credit on its employees who made a great contribution by drawing on their expertise and experience.

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