Kazakh president, Chevron CEO discuss large investment projects
ASTANA. April 14 (Interfax) - Kazakh President Kassym-Jomart Tokayev and Chevron CEO Michael Wirth have discussed the implementation of large investment projects, the presidential press service said in a statement.
Tokayev hosted Wirth to discuss the current state and prospects of strategic cooperation on Monday, it said.
"Tokayev pointed out Chevron's key role in the sustainable development of Kazakhstan's energy sector and congratulated Michael Wirth on the successful completion of the Tengiz field expansion project. Special attention was given to further implementation of large investment projects, including gas and petrochemicals production," the statement said.
Tokayev emphasized the importance of higher involvement of Kazakh companies in the oil and gas sector, the statement said. He said he is ready to deepen cooperation with Chevron on a mutually profitable and long-term basis, it said.
Wirth said Kazakhstan remains Chevron's strategic partner, while the joint venture Tengizchevroil invested considerably in the country's economy in 1993-2024, the press service said in its statement.
The Kazakh government's press service said Wirth and Kazakh Prime Minister Olzhas Bektenov also met on Monday to discuss cooperation in the oil and gas sector, including plans to create an industrial cluster around the Tengiz field.
The parties reviewed ongoing joint projects and prospects for developing Kazakhstan's petrochemical industry, including the operation of the country's first polypropylene plant (KPI) and construction of a major polyethylene complex with an annual capacity of 1.25 million tonnes. Discussions also covered plans to build a new gas processing plant at the Karachaganak field, designed to handle 4.5 billion cubic meters of raw gas per year.
The meeting addressed the Future Growth Project (FGP) at Tengiz, with Bektenov stressing the need to further increase local content by developing an industrial cluster around Tengiz. The cluster would be focused on boosting domestic value-added production. "This will provide new momentum for small and medium-sized businesses," Bektenov said.
In addition, the prime minister and Chevron CEO discussed issues relating to diversification of oil transportation routes and establishment of new energy supply chains.
Tengizchevroil is an operator of the Tengiz large oil and gas field. The company is owned by Chevron (50%), ExxonMobil Kazakhstan Ventures Inc (25%), Kazakhstan through KazMunayGas (20%), and Lukoil (5%).
